Firering Strategic Minerals: From explorer to producer. Watch the video here.
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It would appear (to me anyway) from the pod cast today that we will be getting more news soon re Bushranger. That was my interpretation from some of CBs comments.
Could it be re Ascot MRE?
Just three weeks ago in an RNS.....
"The Company anticipates that the Ascot Mineral Resource estimate will be completed before the end of 2022"
AND
"We are working on the maiden Mineral Resource for the Ascot Prospect, which we expect will significantly increase the overall mineral inventory on the Bushranger Project. "
Most likely date for this announcement will be in next four days before xmas break imho. Maybe tomorrow?
If so, next question is how to interpret "Significant" re significant increase. That must be at least 0.2mt increase - circa 20%. Lower than that is not significant, just an increase.
I would happily dismiss the above if it was stated in a CB interview, but as it was all in an RNS it would seem possible, probable even, that we will get Ascot MRE in next few days at min 0.2mt increase on current 1.1mt
Well, that's my decoding of it all :)
A4444
Similar thoughts on the other channel
"What's needed from Ascot to move the needle on the SP ?"
> 0.3mt and greater than 0.22 CuEq at 0.1 CuEq cut off ?
The optimist reads the statement from Ascot RNS " we are working on the maiden Mineral Resource for the Ascot Prospect, which we expect will
***significantly increase***
the overall mineral inventory on the Bushranger Project."
Is significant 20% or 30% of 1.1mt ? I would hope so but I've been disappointed before....
The volume and grade from Ascot will of course need to be factored into the overall economic model.
RNS for Ascot MRE of course can only be assessed on the mass and grade it presents
but even 0.2 if at good grade, similar to higher grade crown at RC, would extend the life of high grade processing and would likely be very beneficial to NPV. Next RNS will only be part of that overall picture.
If we have 200kt+ at Ascot after so few holes it will be great. I've said it before and will say it again... 369 drill holes were completed at Cadia Hill in order to quantify the resource, optimise the pit design and begin mining. Ascot has absolutely massive potential.
I am also really hoping (I know I should know better!) that CB has learned his lesson and, during those post-MRE interview, set low expectations for Ascot in order to over-delivery when they are finally released. No 7am RNS today, so Monday maybe?
As for the latest purchase... I was totally dismayed when CB said they were in 'acquisition mode' but this appears ready to go, may quickly start delivering profit and has potential to expand. As others have said, two years ago this news would have been well received by the market but XTR currently has a bit of a 'getting things over the line' reputational issue to address.
Income from Zambia would of course be welcome but anyone have a clue what happened to Eureka income stream ?
Last update from Chairman statement in y/e 31 Dec 2021 report published on 30 June 2022 stated:
"In Zambia we have identified and modelled a potentially mineable resource at Eureka and are carrying out trial mining.
The initial trial mining produced a very high-grade ore, but metallurgical testing proved to be very refractory. Further
drilling and test mining has shown this to be a local phenomenon and we intend to commence operations during the
3rd quarter 2022."
"but anyone have a clue what happened to Eureka income stream ?"
I don't believe we will be getting any income from Eureka. I think it needs too much work and money and it is playing out same way as kalengwa. Less and less mention of it so it slowly drifts into the ether. Then a quick one liner on it by CB saying its not now being progressed. At the same time, as cover, some good news is announced re FB or Bushranger project.
"If we have 200kt+ at Ascot after so few holes it will be great"
If it is less than 200K then I think the RNS was misleading, at best, by using the phrase "significant increase". 10% increase is not significant, just an increase. CB can shoot from the hip with loose comments in interviews, but not in an RNS
Andrew - Eureka looks to have been mothballed at the vey least. Maybe they will revisit once there are some coffers in the bank and regular income. I would certainly favour that for now.
Yes, below 200kt for the first MRE at Ascot would feel like coming up short again. We can only hope that CB had the sense, after the disappointment of Racecourse, to set the bar low so they can clear it easily.
I'm not even bothering to learn the name of the new acquisition. I'm assuming Eureka has gone the way of Kalengwa too. Does Colin seriously think that shareholders are to be excited about something which in all probability will be thrown on the rubbish dump pile in a few months ? It seems Colin is still driven by the excitement of acquiring opportunities regardless of whether or not that translates into shareholder delivery. XTR is the mining licence equivalent of the garden rubbish removal outfits at the mo where Zambia is concerned. I still hope Bushranger is not a branching out of that operation.
Colin said in that last interview that website pictures would paint the picture of Fairbride operations.
I would also suest the website is tidied up to to remove Kalengwa and perhaps outline the narrative on Eureka. That one has been kicked down the road too often.... at least we need to see if it is still a can ....