Member Info for Andrew4444

If the news is what is hoped / expected re drilling I would think the sp would be above 6p.

If not then we may be just below, or at, the placing price.

AIMHO

Great Link. That link was referenced before by Dave85.

At the time, I said the interesting part was that the contained copper amount increased by circa 50% when cut-off point of 0.2% was used rather than 0.3% (See table 2 and 3 and compare contained Cu amounts.) Gold amount increased by more than 50%.

So against JORC 2012 71Mt @ 0.44% Cu at a 0.3% Cu cut-off = 310K tonnes Contained Cu. Note 0.3% cut-off was used. So resource amount should increase to nearly 0.5Mt (50% more) when 0.2% cut-off is used. As POC is higher than $7500 it could be used.

So already 25% there (of 2Mt target)

Scoping study used 0.2% at $7500 and 0.15% at $10K POC

So that would mean at $8750 POC a cut off of 0.175% could be used which would further increase resource. Getting to $8750 POC does not seem that impossible over the next 12 months. Infact $10K POC is predicted by some analysts over next 2 years.

That is speculation though.

It looks highly likely that we are , probably circa 25% at the 2mt target already against previous drilling and JORC 2012 when 0.2% is used. And I dont see why AA wont use that at current POC. They just want to make money !

NaughtG

Summary of tonight:

Iceberg caught News with a great combination in round 7 but News fought back and through his sheer persistence and ‘never say die’ attitude he came back in later rounds and it was declared a draw.

Both received a Gold medal but there was disagreement whether it was 0.2g/t or 0.3g/t

Re match is on Sky Sports 1 PPV £19.95

....It sounds to me like the 'missing' 430m are at 0.2%...

You could be right Steve. Seemed a bit strange why they were not reported though.

Thanks

Gixxer

I said last night I wasn’t sure of what to make of the RNS. Grades seemed disappointing against expectations but the higher Gold content was obviously good news. I didn’t think the RNS was bad, but could not see why some many were saying it was ‘fantastic’. It seemed OK to me and the market seems to broadly agree today.

Maybe it was down to unrealistic expectations as some were talking about 0.6% and 0.8%Cu and higher. I never thought that was likely and to be fair to CB I don’t think he implied that (IMHO)

Interesting comment made by NEWS
‘My Observation:
The XRF copper grades given in the above RNS said 40m from 110m, 148m from 171m and 287m from 474m which DOES NOT = 905m of mineralisation as above, so the lower part is still to come?’

It could be still to come as NEWS says, or the alternative view is they were below the 0.2% cut-off so were not reported?

Hopefully next set of drilling results will lift the SP.

For the record, I still think racecourse will be proven-up to 2Mt eventually and that AA will go for the buy-out and we will therefore get a significant sp rerate.

Iceberg

Thanks for your thoughts.

I dont know what to make of the results tbh.

I thought Cu grades seemed lower then previous drill results (Prospect Ore) and a bit disappointing against expectations, but the higher Gold content could increase the Cu equivalent.

I note that out cut-off point is as low as 0.2% sometimes.

The general consensus seems to be that this is a good RNS and many expect the sp to rise tomorrow.

I hope they are correct.

Thanks again for your view.

Iceberg

Saw your report on Twitter. Thanks for your view and all the work. Very interesting.

What’s your view on this RNS? Is it what you expected?

Better? Worse than expected?

Anglo Buy-Back Option To Monetise Project Value
Racecourse Deposit - EL 5574

1. EL5574 was purchased 100% by ProspectOre from Anglo American (“AA”) via a Sale and Purchase
Agreement

2. AA have a “buy-back” opportunity, giving ProspectOre a mechanism to monetise exploration success:

a) If a deposit of greater than 2M tons of contained CuEq (i.e. 450Mt @ 0.45% CuEq) is ultimately identified. AA
may buy-back 80% of the deposit at fair market value as determined by an independent expert in accordance
with the JORC and Valmin Code. Parties are to then pro-rata fund to maintain 80/20 or ProspectOre may dilute
which ultimately ends with ProspectOre retaining a 0.75% NSR

b) If a “Decision to Mine” is taken by ProspectOre prior to the identification of a 2M ton contained CuEq resource,
AA also have an opportunity to exercise the buy-back

c) AA have a once only opportunity (before it falls away) to exercise the 80% buy-back whether the opportunity
comes through the discovery of 2M tons of contained CuEq or a decision to mine.

d) If AA does not exercise the buy-back and ProspectOre ultimately develops a mine, ProspectOre would have a
100% project interest less 3.5% NSR royalties and a $7.5M development payment to historic holders (which
includes AA)

I found this link about Porphyry deposits and their impact in copper mining.

I thought it was very informative. Until we bought Bushranger, I thought a Porphyry was a starter at a fancy restaurant.

https://investingnews.com/innspired/copper-porphyry-one-of-the-worlds-most-valuable-deposit-types/

Of particular note:
The increased opportunity for the discovery of other deposits within the mineralized system has the potential to improve the economics of any copper porphyry project.

These polymetallic powerhouses also account for nearly all of global molybdenum production as well as significant amounts of rhenium, silver, lead, tellurium, selenium, bismuth and zinc.

Grades for copper porphyry deposits typically range from 0.2 percent copper to greater than 1 percent, with a median grade of 0.44 percent copper.

'I'm concerned that if we build up the grade potential too much, then a reasonable grade would be treated as a failure and perhaps result in a sell-off'

I believe some posters said that happened in GGP some time ago? Never been in their so I could be wrong.

I would be surprised if average Cu is much more than current 0.44% already discovered.

I may be wrong and hope I am..in the right way !

Looking at the link in Dave85's post (very informative), it shows the significant effect the % cut-of Cu point is.

It says:

'The resource tonnage and contained copper increases rapidly as the cut-off grade is reduced. The economic cut-off grade derived from the Scoping Study is 0.20% copper and 0.15% copper at copper prices of US$7,500/t and US$10,000/t, respectively. '

Looking at the table in the link, there is a 50% increase in contained copper when the cut-off point is reduced from 0.3 to 0.2%

The current 310,000 tonnes of contained copper that we have already identified from Prospect Ore drilling (71Mt x 0.44%) is at 0.3% cut off. So if that is increased by 50% we already have 0.5Mt (using 0.2% cut-off).

In the scoping study 0.2% was used IF POC was at $7500. It seems reasonable to use this figure as POC is $8000 now.

I think it reasonable to assume that the extra depth we have drilled (and possible greater width identified tbc), should give us a very good chance of meeting 2Mt if AA use 0.2% cut-off .

And at current POC I dont see why they wont.

:-)

Ntm

No. He's come back as the Bot :)

He actually talked more sense as the bot

I'm far from an expert on this issue but my understanding is that the MMs will bring the price down fleetingly, if they want to trigger stop losses.

I've heard many say that MMs can see stop loses (so know when you will sell) so best not to use them. No idea if this is true as I've never used them.

My strategy here over the past 6 years was to buy more if it went down. And keep buying if it kept going down :)

CE

That's spooky !

I as just in the process of posting that we only have two variables!

As the strike length went well. as long as the width and grades are at least decent, I think we should have a significant discovery on our hands.

I feel CB has given us a nudge that grades are, at least decent, so the only real potential issue imho is the width.

Fingers crossed, but the odds are looking good that we have a real discovery.

James

I think he said 0.5 to 0.6

Dibs

Thanks. CB does seem to be giving us enough clues in the words he has been using.

Having been here a very long time, I have learnt to hope for the best and prepare for the worst !

As foot rot is in same area then that may well be as good!

Interesting times ahead....

....-110m - 138m and indicate an intersection of 28m @ 0.3% Cu

-Copper mineralisation commenced in drill hole BRDD-20-001 at a depth of 110m and has become stronger as the hole has continued to the current depth of 804m...

>>>>>>>>>>>>>>>>>>>>

Maybe I'm reading too much into that but that seems to tell me the Cu grades will be better than 0.3%?

Even if its just a bit more at 0.35% the size of it should mean we have a substantial find even at slightly better grades than 0.3%?

Unless I'm coming to the the wrong conclusion or misunderstanding it ?!

James

Fair point. That's why I said I'm trying not to get my hopes up.

As we both know too well, this co has a habit of kicking you in the @*%! when you least expect it!

Ha Ha

Hopefully not !