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This share reminds me of SOLG and I was going to post this a few months ago but then I couldn't quite see what was going to happen to send the share price spiralling downwards to justify the comparison.
Back in 2013
Sorry that got posted prematurely.
Back in 2013 SOLG took on the Cascabel project and after some initial drilling success over a period of about a year the share price rose from around 2p to a peak of around 13p/14p.
Then when it became clear that the project was going to take time to get drilled and developed the share price started to fall back and over the next couple of years fell all the way back to 2p and even as low as 1p. All of the early buyers got ****ed off and sold at a loss as the drilling continued but the share price was glued to the floor.
Then suddenly out of nowhere a couple of majors took an interest in the project - and not in the way that Newcrest farmed in to GGP - but just a minor shareholders and the share price suddenly started to rise again and over the subsequent year or so rose back up way past 13p/14p and as high as 30p/40p.
I suspect that much the same will happen here and after all of the early birds have sold off and disappeared off to the next big thing this will stagnate for a while until a large player shows some interest and then the share price will start to rise up towards the 25p/30p level.
That was all a bit long-winded. In a nutshell, in a couple of years I can easily see this being 20p/25p and even 30p.
What's the rush.
In the meantime I am still holding a nominal amount of shares at just over 5p, having sold most when I realised that this was going to drag on for some time.
I think the problem many have here is that they bought far too many shares and expected far too much far too quickly. These big porphyry projects take time to be drilled and explored properly. Personally, I will be disappointed if XTR do not drill more - Ascot, the bit in between Racecourse and Ascot and any other interesting prospects.
I think that it is obvious that the trouble here is Anglo-American and that quite ridiculous buy-back in clause that they left open to the previous holders.
Mr Bird wants to offer this back to them - with a shortfall from the 2 Mton target and make sure that they say 'No. its not for them'.
Then perhaps he wants to get a major or mini-major involved to pay for some further drilling to properly
Then perhaps he wants to get a major or mini-major involved to farm-in and to pay for some further drilling to properly JORC up the whole prospect. By rights, this is what XTR should have done all along rather than do it themselves but the confusion was caused by the AA clause.
And the other trouble here is that this board has been full of know-it-all posters who long ago decided that they are far better at running this company than the management. They got it into their heads that this was all going to be sold, even before it had even been drilled properly, and even kept giving the share price at which it would be sold. They didn't want XTR to raise any more cash to continue drilling, even though that is the way every other company goes about their business. And now they have decided that the whole asset is uncommercial and no doubt valueless. It is quite farcical.
Let the management run the company.
Agree with ART, let the managment run the company.
Like CB says let's wait for the paid independent experts to FORMALISE the official report.
I'm done reading guesswork and fairytale... back in a month or so. Have fun. ?? bye.
Well CB's comments have not reversed the damage done. I have no issue with what Steve wrote and CB said little to dispute any of the content. We all understand Steve doesn't have all the data to accurately model the economics, but sometimes a "back of a *** packet" approach can be good enough. CB saying "even I don't know at this point whether it is economic of not" is hardly comforting. Plus like I said earlier, talking about the area between RC and Ascot is desperately clutching at straws. He has already said previously that it was clear don't join up following the disappointing assay results. Does anybody really think this area will be further explored by XTR?
Maybe just too many podcasts.
If you stick to what has been officially released in RNS's then it is a very different picture. Nothing has been said even about selling the company or the asset rather.
Look at this, yet hopes still being pinned on them joining up?
7 July 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results and Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received for drill holes BRDD-22-040, BRDD-21-041 & BRDD-22-042 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.
Highlights
-- Assay results for holes drilled between the Racecourse and Ascot deposits have defined the southern limit of the Racecourse Mineral Resource and the northern margin of Ascot
-- Hole BRDD-22-042 cut a lengthy interval of low-grade copper mineralisation to the south of the Racecourse deposit which is considered to be below viable mining grade and will thus be valuable in defining the southern limit of the conceptual open pit
-- At Ascot, mineralisation in hole BRDD-22-040 returned modest assay grades over a wide interval at relatively shallow depths to the northwest of previous drilling; this latest Ascot hole again shows relative gold enhancement compared to Racecourse
-- Drilling is continuing for now at Ascot to test copper and gold distribution at depth beneath previous drill intersections
-- Two exploratory drillholes completed at the Footrot prospect 7km to the southeast of Racecourse (FTDD-22-001 and FTDD-22-002) encountered weak copper mineralisation along with much disseminated to semi-massive pyrite and pyrrhotite within porphyritic intrusives, providing encouragement that the Bushranger project area contains potential for multiple porphyry copper-gold targets
Colin Bird, Executive Chairman said: "Hole BRDD-22-042 is the most southern hole we've drilled in the Racecourse resource area and, while considerable lengths of mineralisation are present, it is evident that we've reached the southern end of the Racecourse mineral deposit. We will now advance planning to define the conceptual open pit on the back of the drilling results, updated resource modelling and metallurgical test work completed."
ART 13:58
So many what if's, but lets say, overall there is well over 2MT, (I personally believe there is) but we want AA out of the equation, lets declare decision to mine on a much smaller, economically viable pit, to get them out of the way.
All allowed our own view
Never really had much hope for XTR, all though I was invested for a short while. I've met too many Cecil Rhodes wannabee's wandering round the Zambian Copperbelt telling anyone who'd listen how rich they'd be this time next year. Kalengwa was the final nail in the coffin.
For those interested the RSI is now sitting at a 5 year low point, the shares are materially and I mean materially oversold on a technical basis.
Oh you mean on a totally meaningless basis
What you still here posting for then?