Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Large trades going through on the 3rd?
Buys, sells??
Agreed gixxer it’s not as though it’s an off the cuff comment either. He has repeated the claim on other occasions so he must be very certain or simply already knew. He also mentioned it the day before on the 8th nov in a Galileo interview. That’s when he said the model will show how much rock there is but won’t be able to confirm the copper content until assays later. Suggesting a model update anytime now. I honestly don’t think it really matters if they have changed the plan, be good to know but we are still drilling anyway. Whatever numbers are crunched now will not be the same next year or the year after that if this a multi system like cadia
I'd stopped putting any value in what Bird tells Zack many moons ago as....it's, almost always, over exuberance, rarely anywhere near what actually happens or even just plain BS.
In terms of what he says in the interview posted today, the big 2MT target being reached, I sincerely hope he not BS'ing us.
The statements made in that interview, and others, are far more wide reaching than the ones we got regarding income from Alluvials or HR operational timelines. Quite frankly it would be unforgivable.
I'm fully expecting an official statement shortly stating XTR has a 2MT+ Tier 1 mine up for sale....
While it's in my mind, can anyone recall what was the outcome of NEXUS suing us a few years back? - I's assume XTR would have to release a statement regarding this? (think it was for £150k?!)
Last time cb mentioned the new model was in interview on 9th november. He said, “ We are working on a rock mass calculation that I believe very sincerely it is to be 500 million tons. I think we’ll be in a position to announce that in the not too distant future, Will apply various grade scenarios and cut offs to that 500 million tons and we will be able to tell you how many tons we think of contained copper.”
Worth a listen again or any members that missed it.
Brimming with confidence
The Traders Cafe podcast with Zak Mir / Traders Cafe with Zak Mir: Colin Bird, Executive Chairman, Xtract Resources
I am hoping the slowing down of RNSs (and we are now 2 weeks since the last assay release), is due to the focus on the updated model. Why process information coming in for piecemeal release to market, when you can incorporate it into something more meaningful.
Seems plausible to me.... but aware im putting a rose tinted lens on it.
"No need for people to start quoting me back AM rules btw.. as we've been through that plenty more than once before here.. and CB does what CB does".
Agreed NtM. As many LTHs know !
I think that one was put to bed when we stated to get alluvial income declared later and later. Started 2 weeks after the end of period then 4 weeks then 6 weeks then 3 months ! That was our only source of income so price sensitive to the SP.
Are we supposed to believe that info was released as soon as available to CB !
Funnily enough, the last quarterly income was released very early - just 2 weeks after the period. It was the best quarter ever.
Re Assays. I think CB may be trying a different approach and rather than the drip drip approach we may get a “blitzkrieg” assay attack . Maybe CB thinks the market cant ignore this? Or he may just go for the nuclear option and release the 3d resource model?
Either way, the drip drip approach of good assay results isn’t impressing the market. So he may have decided to change the approach?
As if we would quote AIM rules ntm ! can’t guarantee that after dark tho ;))
I’m of the opinion now they may as well wait until all assays are in, within conceptual pit at very least and release the resource model in the new year. Be black and white, no guesstimates no misinterpretation. The fickle market cannot ignore it, the clever ones anyway.
I think we established that if the company are collating results toward a resource model that is ok??
If the latest assay results back were the very side of good, we'd have them already is my guess... but they could be decent/solid/ good even and CB now knows that might easily have little effect on s/p .. and with the volumes of them to come CB thinks that stage managing the reveal(s) into an order and/or togetherness and /or apartness that he believes is presentationally best is the way to go....
(ps: No need for people to start quoting me back AM rules btw.. as we've been through that plenty more than once before here.. and CB does what CB does.. and his answer to whatever questioning might be that there are that many that it's overkill to be releasing them one by one immediately they're received back/in house processed etc..)
Generally, I don't expect the assay results will be bad, I think a lot of solid, a few good, a few very good, hopefully and a few average and a few poor/bad.. and we're in the optimisation of presentation zone around now.. and for a fair while to come, perhaps... imho..
Thanks Steve
That's the "Blue dot" map I was remembering.
Nice posts and some nice reading for a Sunday
Now the share price has just dipped under my average, I almost feel obliged to buy some more......
Andrew - The pads that have been approved for drill holes into the SE anomalies can bee seen on this map...
https://www.rns-pdf.londonstockexchange.com/rns/8164R_1-2021-11-9.pdf
Doesn't tell us where they'll be pointing the drill but it does confirm that the SE anomalies are the prioritised target for the remaining holes of Phase 2.
I think we are close to XTR announcing they have 2+mt of contain Cu Eq within the conceptual open pit (just waiting on the assay result that will tip the scales) and that the AA buyback clause being triggered. That will kick the SP north and seal in the value whilst they then look to add to the prize with whatever sits within those massive anomalies to the SE.
I have been assuming that the noticeable radio silence from CB and tardiness in assay results was down to one of two reasons: either more recent results are not as good as the team had hoped for or because he is trying not to attract attention until he's ready to reveal all to the market.
My thinking too Cygnus, also, the radio silence is not likely to be because of not hitting initial expectations, could just be not wanting to give anything away before the updated model is ready. Colin has difficulty in curbing his excitement and with one slick question from Zak…….
Considering your last two sentences, I also have been thinking that CB has been quiet lately. Just wondering if he's keeping a low profile on purpose as he doesn't want to attract too much publicity until he's ready for the 'big reveal'?
I would certainly love to know what is in the SE anomaly. I suspect our geos already have a fair idea from some of the existing drills. .
I have reread the hole 29 info in the RNS numerous times and still can't figure out how to interpret it. The core is going for assay so surely this means there is a good chance of something worthwhile in it. The pyrrhotite-pyrite mineralisation was stronger, not necessarily the chalcopyrite. I am hoping we have some gold associated with this siliceous alteration and it is not just a barren silica cap. I cannot figure out how to read it.
Does 'slightly to the east of the southern extension of the Racecourse mineralised porphyry' mean we have hit another area or we are outside the mineralised zone? I think high silica zones can also be associated with epithermal gold.
'Based on preliminary logging, and subject to laboratory assays, the hole intersected zones of very siliceous alteration with traces of chalcopyrite from 66m to 525m downhole. A zone of stronger pyrrhotite-pyrite mineralisation with associated chalcopyrite was intersected across a 40m interval between 225m and 266.4m downhole. The main Racecourse porphyry body dips towards the west, and with the promising signs of porphyry-style alteration and mineralisation, it is interpreted that this hole drilled slightly to the east of the southern extension of the Racecourse mineralised porphyry.'
I also wonder why we haven't had an interview with the man himself lately. Normally I am pretty sceptical but I am finding it difficult to read the current situation.
Ella
I think you're right.
That said the intention, I think, was to target the SE extension. I still think that will be the next area we drill - wherever the exact drill holes will be in that area.
The different coloured dots were, I believe, approved drill locations rather than necessarily planned drill locations - happy to be corrected. It may be some of these locatiins don't get drilled due to updated thoughts on best drill locations. We had approval for these locations but I'm not sure if all land access permissions had been agreed.
I am happy for a phase 3 or 4 and it take 2 years but I can't wait that long anymore. If this goes to 15p I will have to sell 30% of my Holding and then I could wait another couple of years.
I hope AA come in with an offer of around 15p and we turn it down to carry on exploration. I think there is much more to come from bushranger.
In a previous map it showed future targets as blue dots. There were about 5 or 6 of these and these were in addition to the 32 holes. These were all in the SE extension so I would think the next area targeted would be the SE extension with a phase 3 campaign. As others have said, we may or may not need a raise depending on timing of FB income.
From the last few RNSs, the "problem" we may have is that we may now have an additional SW extension to investigate :)
Phase 4 drill programme?? !!
I'm happy to wait until all areas investigated and full potential realised - even if that does take another 12 to 18months. And by the look of things that may well be the case.
I dont think it's likely that an updated model now won't achieve 500mt..... Remember Colin has already gone too far in alluding to us being there already.....
I think an early model of this now would be just what the doctor ordered.
No chance of us drilling Footrot with the last metres of this phase im afraid..... it wasn't on the approved drill plan. But it is far enough away to not complicate a BR sale if we wanted to hold back on it for later exploration.
Would definitely like to know we have plans for phase 3 early in 2022..... I feel that this type of news would definitely be well received in a Colin Bird interview.
Once the pit is confirmed at over 2MT (hopefully) I'd rather see resources spent in the SE corner. Considering what has been found this year Footrot is becoming, for the near future anyway, irrelevant.
I'm interested to see what's in hole 17 assays.
If it shows good grades, we will need a few more holes in the east.
I don't think we will even go near footrot yet.
We also still haven't found the SE ore body yet.
Good analysis Lucky. Even if we wanted to go straight into a phase 3 drilling campaign, I doubt we’d be able to - rigs/ contractors are booked up many months in advance in Australia. I think Colin referred to this when raising the money for Phase 2. So I think we will be in for an enforced ‘quiet’ period for drilling for a while. Maybe sufficient time to get money out of African operations, to avoid another raise? Or, in parallel, to open negotiations with AA?
Wasn’t at the AGM, but pause to see what we’ve got would make a lot of sense and allow for the model to be made with assay results.
Would hopefully avoid need for raise as well, given if there’s 2mt confirmed with model, then it should finally get past 8.5p and trigger warrants.
From your calcs on drilling, sounds like there’s enough meters left to stick a couple of holes into Footrot?