The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Isn't Ascot over and done for this year? Surely it is Newmarket that is the hot thing in the papers now! Colin, anything to tell us?
Yes thanks to iceberg... but it shouldn't be up to iceberg to explain what is happening should it. There is a duty to be had in supporting the weak SP imho.
Deeper Ascot holes has kept me going, following the spires down into the cathedral. Really glad these are underway.
Suspect we’ll then get a wrap it up and sell or carry on with funding from Manica coming easily on board - Sept/Oct time.
Forgot to mention about the deeper Ascot holes they are drilling (These are the key holes imo). If they get it right then BOOM!
It won't be long before we hear about this now!
I wish I'd held off my early morning buy until now though....
and yes I am buying currently.
There is nothing - absoutely nothing that wasn't known about this.
We have the a few more holes drilled in the middle of Racecourse (53-54 etc) to produce good quality infill drills.
We knew that 42 was pretty much the end of the open pit and RC - We already knew that the gap between RC and Ascot was exactly where the gap was shown to be today.
We have the position of the two main intrusions that make up Ascot, The deeper western one and that shallower eastern one. (The western one is higher mineralised). We know where the northern extent of Ascot was and is.
***To stress, the whole point of infill drilling is to find the edge of the alteration***
We know that Ascot is much stronger mineralised in it's main body a bit further south.
Good gold grades, for the outer edges of ascot, which reinforces belief that the gold will be conisderably higher as we go south...(we have been saying south for months now)
Lastly Footrot.
We have confirmation in two shallow drills that they are finding the intrusions - they now need to find the alteration zones. I do wonder whether it will be very gold heavy (which seems to be the thing as we move away from the time zone of the RC intrusion formation). The pyrrhotite would be an indicator of this. I am glad at how quickly they have drilled them.
Racecourse should be ready to build the model now to give us the overall mineralisation.
Because Colin has stated they are shallow drilling to firm up early production targets im not expecting updated NPV numbers or a decision to mine for a little while.
But loads of holes in the plan that can be filled in with an interview..... so I'm hoping we get one of those..... today.
Do we think we will get a Vox market interview with Colin? He could do with steadying the ship!
Again a hint at a stage 3?
"Drilling of what is expected to be the final Phase 2 deep drillhole has commenced at the Ascot prospect and results will be delivered in due course." So what are we expecting at the end of phase 2 ? An updated model of at least RC? And when? Drilling of last hole started so say 2 weeks to complete, 8 weeks for assay results then 2 weeks to assess ending up about mid October for a round up of stage 2 and the stage 3 drilling plan to be announced maybe?
"This is why CB has been so quiet IMO. Nothing at RC, nothing at Ascot, nothing at Footrot. Expect market to punish severely. Very frustrating." - is why there is so much volatility here. Rather than reading about the purpose of the drill, some people just leap to the fact that there isn't anything there. We have mineralisation and we are now been able to colour in some of the lines around what the pit model could look like. All of this helps to give confidence that there is long term value in the resource.
Fully agree IWTO. Surely now means we are closer to closing out the open pit and potential sale?
johnswan1
I disagree, the Ascot drills were to test the extremities of the area and have found them, are you counting all the other Ascot drills in your summation ?
Now we know footrot won't come to much we are so much closer to a decision to mine and an offer from AA as we have a much better understanding of what we have and have less of a chance of "giving away a Cadia"
Why would the market “punish severely”? At RC the boundary has now been established and the modelling can be finalised. Ascot drilling continues - we knew that. Footrot news is ambiguous - modest mineralisation noted but then an allusion to multiple porphyries. A low key RNS for me, a shame Footrot hasn’t blown the doors off right away but otherwise nothing to be depressed about.
Not looking great... 8% fall
This is why CB has been so quiet IMO. Nothing at RC, nothing at Ascot, nothing at Footrot. Expect market to punish severely. Very frustrating.
vox markets
without the space
https://www.**********.co.uk/rns/announcement/cb9ebfbc-f00e-4a0c-b6b0-3cb62c6db8c3/
now
Phase 3 drilling program will indeed be announced here in due course, i'd expect .. unsurprising to me as witnessed by me saying such for a long while now.. and fine by me too..
Also doubt pretty strongly he's got to 2mt yet; but expect he'll get there in the end.
Also excited to find out more about Ascot , Footrot and more besides as we go in BR
If/when CB had very good news he'll share it quickly as a general rule.. as he's not sharing any on BR recently.. So I'll go with him sitting on average and slowly progressive but not bad news re more recent drilling and other activity - modelling etc - progression in recent months.
Generally, including macro environment , I'd now be thrilled if a BR sales event happened by mid 2023 ...
Re Africa :
I have good hopes for Fairbride 'ard revenue being decent soonish and progressive from there forward too, and Africa assets altogether can readily still be worth at least 4p to the s/p here by end 2022 ...and that should protect the s/p to a reasoanble degree in at least the 3 to 4p range in q3, even if these rotten markets continue thru this q and good news on BR is minimally forthcoming thru this Q too.. (and CB could have some good news to give us on BR in some shape or form in this q too.. and that would hopefully get the s/p back in the 5's p or higher)
Havnt been able to get a quote to sell many shares at all the last couple of days. Like I said, I have have to soon.
It's the latter for me Andrew, purely based on past experience with Bird.
Screenlearner
In a recent discussion re sale date the views were Q1 to Q3 2023, with mid 2023 most common.
I'm sure most of that time frame would have been made up of more drilling and modeling, not negotiations. So I would think that many think there will be more work to do - more work than CB has implied or even stated?
I really dont have a problem with that. However. my slight concern is why?
Is it to exploit more value from the area before sale ie exploit the Golden Bonanza at Ascot etc and really not to give away a cadia as CB said. Or is it because CB has not been able to get to 2mt and needs Ascot / Footrot to help get over the line or even just nearer the line?
Thats more of my concern. I'm more inclined to believe the former. I hope so anyway!
Also the delay might also be intentional because Colin fears that if he announces a phase 3 drillling programme before we have more firm data on income from Africa that might really hit the SP.
Screenlearner,
It would explain the lack of info and delays but as I have said before, I'm happy to wait if it means a bigger jam sandwich some time down the road.