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Hi Andrew
MMP already get 35% of the GF & BE income due to XTR from the contracts with the Chinese.
Cheers
James
Woodyer said there are three additional deposits. Seems more than a coincidence that there is three satellites near: DL BE and GF
Would it not be likely that the FB processing plant could be used for these other three deposits? The Chinese could still mine the Gold at BE and GF but its then processed at FB?? MMP, Chinese and Xtract all benefit?
Just guessing so we need clarification from CB.
We really could do with an INDEPTH DETAILED update on assets before the AGM!
Not sure TBH but the 'other deposits' comment is intriguing - I know CB has made the odd comment regarding the Geo down there, perhaps they already have areas of potential interest?
Thanks for the link.
I would assume the other deposit would include Dots Luck??
9mins in if you don't want to watch it all
https://www.youtube.com/watch?v=iQ5XWhIe2gU&t=5s&ab_channel=RedCloudFinancialServicesInc.
A new interview mentioning FB coming online shortly. Interesting to note that they discuss 'satellite' deposits.
'The plan at the moment is based on one deposit (I assume that is FB) next is three additional deposits. We were actually in Mozambique 10 days ago looking at the project. We walked the ground and saw where all the other deposits are that they plan on going after also. so we think this one is going to have a lot longer life. (not verbatim).
For newbies it should be mentioned that the Manica site is quite large and there's a lot of potential for further exploration when funds allow.
Interesting they are discussing other deposits. Cannot be GF et al as that deal is with another company, unless they plan to process?
It's really crap that we get this info from a 3rd party and not from Xtract! - Comms/pr is extremely poor considering what can be achieved with small effort through social media.
i think it was either something to do jan nelson getting involved or possibly the north sea thing
-'i do remember quite a few years ago these rising 175% one day ,can't remember what for.''..
Probably the one time CB met a deliverable....
I vaguely remember that too Gixer, but would go with the s/p rise cause probably being some speil about something bottom line big going live imminently far more than achieving a deliverable :-)
I'll get my coat too..
I agree with you joeman.
Why publish a detailed model of RC maybe + ascot that takes us over 2mt until cb is sure he’s leaving nothing major out of the deal?
Publishing that puts us straight into a negotiation with AA
No harm playing a bit hard to get - I think he wants to sell to AA
He’s getting them interested , if every month goes by we are adding resource value and we have plenty of cash-flow to continue drilling with Fairbride, it may be in AAs interest to make a decent offer sooner rather wait 6 months until we might declare 4 or 5mt equivalent.
We are effectively in the negotiating or pre negotiation stage so it’s cat and mouse.
With Fair bride income any potential buyer knows we have all the time in the world should we need it - so Colin is right to flag up that possibility of exploring Footrot etc - it would just encourage a buyer to give a solid price for a 2mt figure now , which I’m sure most of us in reality would be v happy with
For me that’s 20-25p for bushranger , leaving 5 to 6p as value of the rump of xtr
Would that require a separate RNS !
Come on Fairbride, bring us the gold.
-'i do remember quite a few years ago these rising 175% one day ,can't remember what for.'-
Probably the one time CB met a deliverable....
(I'll get my coat :P )
i do remember quite a few years ago these rising 175% one day ,can't remember what for.
Mattyashy - not sure if this helps. It's from the acquisition documentation.
"Globally, porphyry-related copper-gold deposits commonly occur in clusters. The Bushranger licence package remains under-explored, with several further adjacent porphyry targets, most of which have not yet been drill tested. Geophysical surveying, which originally identified the Racecourse deposit, has highlighted another target southeast of Racecourse, as well as the nearby Footrot and White Springs prospects.
The western portions of the Bushranger Project, on Exploration Licences EL's 8305 and 8585, are prospective for structurally controlled high-grade gold mineralisation".
I took note of CB mentioning not showing your poker hand too soon. That to me is he is already/about to negotiate a sale. Patience will be very well rewarded here at multiples this price.
As of 31st may RNS
To date, 8,526m of diamond drilling has been completed at the Ascot prospect, with assays still awaited for drill holes BRDD-22-040, BRDD-22-045, BRDD-22-046, BRDD-22-049, BRDD-22-050, BRDD-22-051 and BRDD-22-052.
By time this was released, the last, hole 52 had already been logged and sent for analysis, so by the time the RNS was complied potentially up to a further two more could have been drilled, certainly one as I would guess at a week for analysis and logging?? Plus a further hole since so maybe 3 more in total. Potentially ‘more’ if longer to get sent and then there is when it was sent prior to RNS
No indications as yet to where hole 52 is located as is omitted from the accompanying drill location plan.
Not a bad head start to get the remaining ‘additional’ holes drilled. Maybe Colin’s couple of months likely 3, doesn’t look too overly optimistic after all.
Could be the case Joeman.
One assay result I'm waiting on for Racecourse is hole 36. Sounded positive on the geo observations back in Dec. It would also add quite a bit to RC in the South.
If it was poor I think it would have been released with the rag tag waifs and strays assays RNS we had recently.
****Colin if you're reading this can you ask Quinton to see if it's dropped down the back of his desk***,*
"Drill hole BRDD-21-036 tested the southern end of the Racecourse Inferred Mineral Resource, intersecting zones of alteration and variable strength visible copper mineralisation from 11m depth to end of hole at 618m, with stronger mineralisation from 11m-216m depth"
"Drill hole BRDD-21-036 confirmed the southern continuity of the Racecourse mineralisation, again with a significant interval of stronger mineralisation, which supports our prognosis that the southern extension progresses well beyond the southern end of the conceptual open pit."
My opinion is (and a lot is speculation) that the 2 extra Racecourse holes aren't 100% required. They will add definition im sure but I think the underlying usefulness of them is to give us a reason to delay the decision to mine by a few months. That allows us time to probe the rest of the area as well as improve understanding of Ascot. Remember as soon as that buyback is triggered, the clock is ticking so they want the story straight before negotiations start.
On the shallow drilling to pinpoint the higher grades near surface, that is to better define the CAPEX payback period, shorten it as much as possible (reducing risk) making the project as attractive as possible. It will be easier to sell a project with a lower cutoff if the buyer is sure they can payoff the the CAPEX early while PoC is high....
Just a thought.
The selling going on-
Do wonder how many investors actually go the extra mile beyond the obvious website and presentations for research and news releases. Not everyone I guess reads public forums, and subsequently gets to hear the podcasts that can be helpful. (Most of the time)
Xtract would have been of the many AIM stocks that was being pumped, occasionally sitting at the top of the risers leaderboard, I’m sure many of the new influx of so called lockdown traders at that time were drawn in. For all the right reasons, but seeing this not making them the quick buck, there’s one probability.
Many investors just simply can’t be bothered and don’t take research seriously it’s madness.
Many other reasons on any given day of course.
I think that’s realistic Andrew, you just cannot see it being a couple of months, with drilling required. Also I’m not certain what he means.
In Zak’s podcast he seemed clearer that the high grade component will have an infill programme to increase the higher recoveries to 5,6 or 7years done before the resource model is finished.
With kev and Phil he mentions the high grade component at 4-6 years recovery, but then I get an impression that it will be extended further to 8 years ‘after’ the model has been done, saying that might send us into an infill programme that will extend recoveries from 4-6years to 8 years.
It may have been due to editing, not sure. What do others make of the comments?
High grade component with Zak @3min40
https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNTExMzMucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wNS0zMTovcG9zdHMvODA5MjcxNg%3D%3D
High grade component with kev and Phil @1min40
https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNjQ0MzcucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wNi0wNzovcG9zdHMvODA5Njk4NA%3D%3D
Colin was clear about a couple of holes being needed to fill in a hole in the model that will be drilled before the conceptual pit will be finished, which is not to be confused with the high grade drilling.
At Ascot he mentions finding out what’s below the gold and also what’s above it so no doubts a very minimum of two holes there, which I think he suggested. Then of course, not forgetting Footrot
I'm also happy for CB to explore other anomalies . But as CB says, its a big system so I'm also not too sure how we will be doing a lot more drilling + assay at the other anomalies in just an extra 2 months?
Ben's comment about "year" is probably more accurate . Be it early next year or 12 months from now.
Maybe CB is so sure FB income will be available by July, or Aug latest, that he wants to make good use of it? I would be amazed if we get a buy out this year now. Q1 earliest now IMHO.
On a separate but related matter. I just dont understand why some are selling, just before FB will go into production. RNS could land tomorrow or end of month (latest?). SP will surely be up to 6p minimum, on that news?? Possible over 7p?? circa 10p on first income confirmed?
I guess we'll know soon - very soon probably.
As you say very much guesswork with timelines. We've been saying for 2 years on here about the potential of footrot though and I'm very excited to see what it has. Is it more like Racecourse or more like Ascot. Very intriguing. There's lots to come of the next year or so in Oz, Zambia and Mozambique.
CB said we were not 'late' but there may be a delay of a couple of months. Not sure I understand the logic: being late with a good reason is still late. That said I was trying to work out whether 2 months would be long enough for what needs to be done. I suggest some timescales for certain tasks below. This is real finger in the air stuff with the intention of getting people with more knowledge to comment and give us a better timeline.
So I think we should estimate 8 weeks after drilling is completed to get the last assay results.
The approvals for the drill locations might be handled concurrently but may take still take 8 weeks say minus 3 weeks because they have probably put the requests in a few weeks ago. (I wonder whether this is actually true for Footrot.)
I assume we only have two drilling rigs and we can only do half of the ascot frilling and probably none of the Footrot drilling before getting the new approvals, so as a guess we might need say four weeks of drilling at Ascot after approvals, then four weeks more at Footrot. (I suspect two holes in Footrot will not be enough because they may well miss at mineralisation on the first go.)
So that suggests to me a probable earliest timescale we could complete the planned tasks is:
Approvals of new drilling sites at Ascot and Footrot: 5 weeks
Drilling Ascot say 4 weeks drilling after approvals.
Drilling footrot 4 weeks more (need the drills)
Complete assay results 8 weeks after the last Footrot drilling.
So in total 5+4+4+8 weeks = (approx) 5 months.
Any improvements on this or better way of calculating the probable timescale? Thanks!
Lucky and James
You both obviously have a better accountant than me:)
More than happy if we do get a brucie bonus tax reduction!
I'm expecting an RNS today or tomorrow to confirm that our money printing machine has been switched on. Any conflicting expectations?
Best,
Mr T