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I would certainly not disagree there lucky, the more they do to build the resource the more value it will add.
I would only point out though that the extended drilling in phase 2 that Colin apologised to the market for that saw the extra couple of months delay…(Mmmm) was so we wouldn’t have to see the project sold and in 6 months another Cadia is found!
So potentially from that it could well mean that already there is enough supporting evidence. So it certainly not a given that they will need to do further exploratory drilling to show ‘Cadia like’ potential.
But maybe don’t count on it though, it all hinges on the outcome of phase 2 evaluation so will see.
Yes howzap, It's a maybe but I suspect it will happen. I understand the value added by having a proven resource over inferred is substantial. Therefore it makes sense to drill the high grade zone. It also makes sense to fully drill ascot to a good standing. It also makes sense to drill anomalies so we don't give away a cadia.
All it pointing towards a continued drilling programme. We also have the funds to continue so why wouldn't they? I bet Jeremy Reed has been begging Colin to continue.
I suspect Colin has agreed to give the team more time and more money to make sure they don't give away a cadia.
Hi lucky
>> a Phase Three drilling programme which will focus on in-fill and upgrade drilling of the current known resources; resource extension drilling; and testing of further IP/geochemical anomalies outside the Ascot and Racecourse prospects.<<
Hole 33 tested an outlying anomaly from IP survey to the east above the discovery hole of ascot, the assays were the very high grades (15.5 g/t Au ) this is for further drilling. Also the deep gold intersections south of the discovery hole too, was for further drilling, and potentially at shallower depths too. One of the last holes drilled (49) was to the east and very southern part of Ascot, this will be an isolated hole that tested the southern extent so I would guess that the extension drilling will be to join up strike to extend the current 750metres.
Where it states ‘infill and upgrade of the current ‘known’ resources’ implies phase 3 will be further upgrading the initial ‘expected’ inferred resource at Ascot to part indicated potentially where there are the shallower mineralised zones.
However in the bulleted points earlier in the RNS it states-
>> A Phase Three drilling programme is under consideration, with aims to;
* define the shallow, high-grade crown in the centre of the Racecourse Prospect;
* identify the extents of the Ascot Prospect;
* target the higher-grade gold intersections at both prospects, especially at shallower depths;
* drill test satellite IP/geochemical anomalies
So is a bit unclear exactly. But resource planning at Ascot will ultimately follow the same path as RC to a conceptual pit study for whoever and whenever the project gets taken over.
Need to remember phase 3 is only under consideration. Once the resource models with tonnages are released the decision could then be with Anglo one way or another.
A rse
down with that sort of Kriging thing Ted..
...that said, whatever kriging research Dougal and yourself might or might not do of a weekend is entirely your own business..
Yeah people were typing the word wrong earlier on, so I was just being a Karen.
Kriging is a geostatistical interpolation technique used in mining industry for interpolation of input point data and estimation of a block model (mineral resource model). The name “kriging” was given by Prof. Georges Matheron in honor of the South African mining engineer Danie Krige.
I don't understand why they would not test it as they have found differences in racecourse itself let alone ascot and anywhere that may have slightly different mineralisation...... anyway I'm off, we can discuss it over the next year.
I had to Google that one. Is this what you meant provenireal?
In statistics, originally in geostatistics, kriging or Kriging, also known as Gaussian process regression, is a method of interpolation based on Gaussian process governed by prior covariances. Under suitable assumptions of the prior, kriging gives the best linear unbiased prediction (BLUP) at unsampled locations.[
Kriging.
Haha metallurgical! I can't blame spell check. That was all me!!
meteorological testing ? what on earth has the weather got to do with it ? ;)
That's infill drilling, extension drilling and new anomaly drilling. All will need planning, planning permission, drilling, slitting assaying and modelling and even if we find some new stuff outside of RC and ascot..... that will need meteorological testing too.
Following the successful completion of the Phase Two drilling Programme at Bushranger, the Company will now take some time to reflect on the results of the programme as the upgraded resource model for Racecourse is completed and a maiden resource model for Ascot achieved.
Given the discovery of significant intervals of copper and gold mineralisation both at the new Ascot discovery and Racecourse, the company intend to plan a Phase Three drilling programme which will focus on in-fill and upgrade drilling of the current known resources; resource extension drilling; and testing of further IP/geochemical anomalies outside the Ascot and Racecourse prospects.
So I read this again and am trying to think where the extended drilling is going. Obviously phase 3 will be for racecourse and ascot, then it says testing ip/geochemical targets...... as fare as I am aware we have only test around racecourse/ascot and footrot. They didn't say footrot, so where has this extra surveying come from or do they mean the outskirts of rc/ascot?
Either way, it sounds great for the size of the resource...... but my god I think it means longer than even i expected!!!!
I agree that SP will at some point be higher by xmas even if it is a manufactured spike and fall back. Should be some sort of an opportunity to get out if thats what some want.
"Another 8 months is too much in my opinion"
Unfortunately, I think that is a realistic timescale for a buy-out. That said, I don't think the sp will still be sitting at 4p then. I would expect the sp to start to rise after we have had RNS with official first FB income, say in September / October, and hopefully keep rising as production is ramped up at FB and better income results are released right through to December.
By Q4 we will have more info re RC and Ascot and obviously closer to a buy-out and if all is going well, with no unexpected bad news, then sp should be nearer to 10p than 5p by end of year and having upward momentum.
So it probably wont be a case of sitting here at 4p for 8months with nothing happen to sp.
Do all the research you want but, altogether, there's clearly much chance involved in the commodity exploration game.... therefore I think peoples expectations of MR CB's - or his peers in other AIM Commodity plays - opinions are often too high.
In case of confusion, I have little towards no doubt that CB gives broadly genuine opinions.... but drilling 'oles looking for commodities is a plenty inexact science, even these days.. and they're his opinions only, that of course change at least somewhat, perhaps a lot, as the exploration program progresses.
Altogether, I'm reasonably happy with CB's progress and opinions so far on Bushranger.. and while I think the s/p could easily be higher now, I'm not shocked at where it is either.. and that's only valuing Bushranger at max. 2p out of the approx 4p current s/p btw.. I especially say this in the context of an understandings I've developed over the years in this game, that, year on year, the AIM Market is more and more focused on the 'in play' betting and less and less focused on longterm buy and hold.
Finally, generally, I think 'the market' is more savvy than the punters like to entertain, and equally punters - and anyone who plays AIM commodities is a punter imho - are less savvy than they'd like to entertain.. and I absolutely include myself in that last bit too
It suits the BOD getting paid their salaries though.
Another 8 months is too much in my opinion.It goes against everything CB said about this project.
Yes I know about the discovery expanding and the " giving away a Cadia" argument and I agree to a point.
I do think we are sweeping around for crumbs now and that can sometimes cost you more than it's worth.
I was happy with 3-6 months slippage but I don't want to be sat here in a year's time still at 4p.
Let's see what the AGM brings......
Looks like the rise was from the pump crew having knowledge before the rns came out again!!
Don't think we are getting the model soon and the next drill campaign will take another 4 weeks for drill approvals, one week per hole? Maybe 10 weeks for drilling. Then there's 8 weeks for the assays and don't forget the months for creating another model. These are all minimum time scales!! So minimum another 8 months??
Look on the bright side, we can get some more into the isa in April!
'A pinch of salt' doesn't mean don't believe anything they say. I'm not sure how you could infer that.
It means remember they have their motivations and incentives and you have yours and they may not always align exactly
Take your point. I've enjoyed the exchange. It was interesting to think it through and hear you too.
" So as investors where do we get our trusted information from on which to base our investments? "
I'd say a RNS.
I believe all the figures and statements there.
"Andrew 4444, the logical inference from what you are saying is that you now don't trust what the company says"
I'm not sure how you came to that conclusion tbh.
The logical conclusion is that there is no guarantee that everything that has been said will happen. So we may not get the 20P+ buy-out he implied or anything like the 2mt.
But that doesnt mean it wont happen, as I've said many times before. The fact that I'm still invested shows that my bet it that it is more likely that it will be OK in the end.
As I've said before, its not that you can't believe anything CB says, its that you cant believe everything he says.
Andrew 4444, the logical inference from what you are saying is that you now don't trust what the company says (ie your last 5 'insights' following the supposedly discredited first 5). I think Uscita was suggesting you can't trust anything a company says. So as investors where do we get our trusted information from on which to base our investments? You have to believe something as a truth, otherwise everything you invest in is a complete punt. We can't turn up with a rig and drill our own core samples.