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I reckon more to the point.
He is too busy managing the drilling, so decided to copy and paste as a time saving exercise. Fine by me.
Yes he did say that yesterday, sounded like some new regulations may be coming into place requiring it, so they hammered it out as template for all.
The AGM RNS for Bezant and Galileo are out today and they have exactly the same incentive text. Looks like CB is implementing this in general, rather than just for XTR.
The model is a work in progress and is updated with every drill and assay report - so is likely to be out of date as soon as it is published.
Having said that, I did get the impression that a snapshot of the model might be included with the next comprehensive drilling update.
Did anyone at the AGM ask Colin about the revised model and when it is likely to appear (imminently obviously, but anything more precise?)
Xtr ship is anchored, will soon sail again. Hope those who jumped off this North bound ship can swim. Ahem
First move in morning is a call to Aussie, to see if holes are finished, Assay results received, he too very keen to receive and let us know. Patience is key, they will finish, they will be revealed.
Captain, thanks for your updates here.
@schlemiel,
I agree this incentive is all about keeping folks focused with an end game / exit in mind.
Some things you can keep initially confidential like early discussions on Bushranger with Majors, some things like this requiring board approval you can't keep confidential BUT is a clear indicator of intention...
IMO ATB Shorn
When I say "Colin said", I mean my understanding of what he was saying on topic generally.
Hi Andrew, it would seem phase 2 should prove up the 2MT, inferred open pittable, and make a few pin pricks into otherwise unknown areas.
Colin said that each hole is being added into the model, with estimations from geologists and as assay results come in these will be adjusted.
One thing I did not ask was wheter stripping ratio is now decreased, I imagine it must be.
He also made a point of correcting term ore body to porfery, and learning what is down there.
He again commented on the need to step back, and take a look at exactly what we have, how much ore can we reasonably expect to have now, saying 500 MT at .3% is 1.5 MT contained copper, but at 0.5 % is 2.5 MT contained copper. Again talked the holes showing mineralisation very near surface up to 11m.
Also mentioned PO thickness was 140m whereas our drills have found it much thicker, and areas with very nice grades.
Also regarding Eureka, it sounded as if we are now in better position to dilute KPZ in Eureka, retainining 75% rather than current 50%. Basis from RNS 5th march 2019, "Should KPZ wish to fund their 50% share of the scoping study costs then they will be required to confirm this by 1 February 2020 and each party will equally fund the Project. If KPZ do not wish to further fund the Project, they will be diluted to 25% in Newco with the Company's interest increasing from 50% to 75%."
Seems they want to fund out of proceeds, their income from project but we are in position not to accept that route, that would be quite a nice outcome.
"Hopefully ph 2 will demonstrate 2mt without need for a phase 3, with the outlying drill holes teasing AA as to what there might be"
I assume this means that phase 3 wont be required wrt proving up the 2mt . Not that more drilling wont happen after the 2mt has been confirmed.
I wonder if Colin is in regular contact with people at AA on reported progress and indeed unreported developments during drilling? Moreover as AA indicated to Colin what they intend to do regarding the option. I say that based on today's RNS and the newly configured incentive scheme directly referencing a sale, JV or asset sale...
Maybe we agree a price with aa on the 2 million and we carry on proving up the south east and footrot then the original 2 million deal will be scaled up to what ever the new total. Everyones a winner.
What if, it a a call of bluff for AA, they only like surface stuff, might not want as there is mineralisation down to 1100m, hole 7 was in mineralisation 0.7% cueq when stopped, the other holes if finding long runs of mineralisation will put meat on the indicated ore mass.
Soon will have all assays coming in, each as received will go into the model.
I got feeling they want to get the AA process over and done wiyh then aim otherbplayers that like deep ore projects
They spoke before about getting to the threshold of 2mt “to see what AA wanted to do.” The sooner CB can get them to show their intent to buy and can report it to the market then that would be significant news, they may then decide a more progressive approach to later exploration phases for example
I would doubt that Steve. The idea behind taking on a couple of small projects in Africa is to pay toward the drilling efforts in oz. why would this be considered if there was no intention of taking the project further.
the phase 2 objective was always to prove up 2mt.
It really would not surprise me but it goes against all what has been said and done so far
>> 4. Hopefully ph 2 will demonstrate 2mt without need for a phase 3, with the outlying drill holes teasing AA as to what there might be.
This one concerns me a little. Is CB saying that they will sell as soon as they hit 2mt, without drilling to see if they can double or triple that before selling?
Passed the time on train, at least it was quiet, and possible to get a cup of coffee with snack.
Captainbob - appreciate the detail thanks.
captainbob - thanks appreciate the write up.
Thank you Bob for the update. You deserve the pint and maybe at some stage we can celebrate with one! Cheers
Point 10 was certainly of value but I suppose depends on ones bladder limitations etc. :)
Many thanks for giving quick and detailed feedback Capt Bob.
captainbob @18:57, Mon, 25 Oct 2021
Quote with thanks:
"4: Hopefully, Phase 2 will demonstrate 2 MT without need for a Phase 3, with the outlying drill holes teasing AA as to what they might be."
7km Footrot to SE.
Comment:
Like Tandayama, 18 holes produced an MRE of some 224Mt and from this I got the idea
that Racecourse will also need just Phase 2. So, at the XTR AGM today, it seems that way?
c-bob
thanks for your efforts