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Another point that came out from Eureka was fact about 85% of the ore can easily be recovered, but that a lot was cooked, as if already smelted, that being less easy to extract.
It was very clear from what Colin has said recently, and at AGM, that combining the IP data with magnetics, and knowing what has been found, the predictions of what is to be found, is proving to be accurate, and all holes have found what is expected regarding mineralisation, so it is fairly safe to say it is a geologists 2+2=4 scenario.
XRF samples can be misleading, ignoring weaker and concentrating on higher readings, however visual inspetion by geologist can use their knowledge to make a more reasonable estimate, and to date they have compared well to assay results once received.
Hi Ella, thanks yes, I confused myself there, as the holes are not numbered and the ones to SE missing from the plan.
It would appear the actual drilling of phase two in on last two holes 24 and 25? I guess thus is where we take our step back to see just what we have got, exciting times.
Wonder what will happen with drill rigs once they are finished?
Good day for an RNS 10/11:00 am
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.
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.
Aussies do things differently, commenting on fossil fuel use Scott Morrison, Aussie PM seems to like mining.
"We want our heavy industries, like mining, to stay open, remain competitive and adapt, so they remain viable for as long as global demand allows,"
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.
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
Passed the time on train, at least it was quiet, and possible to get a cup of coffee with snack.
Lose their jobs, the ones who brokered
Hi Ella, no, basically once a done deal and sold, those involved directly stand to lose the ones that brokered it, getting an agents fee, that bit gets percentage of that bit, it is a system to give reward to those that generate value for shareholders, nothing sinister, all open and transparent..
Takeaways.
1. The Incentive is to incentivise the guys on the ground in case, as said below, there is a sale, and they lose their jobs, hard graft deserves a reward, it is now on table, and approved, so no bickering down the line.
2. The placing in April was to ensure we have enough funds for phase 2, and a sweetner, that may bring 4m into our coffers, with unliked but necessary dilution, to turn round and vote them down would be to break a promise, again these people need to see value for their investment.
3. Chinese are hoping for 10kg gold a month from Boa esporansza.
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.
5. Following logic, system runs all the wsy to footrot 7 km SE.
6. More drilling to be done in Manica
7. Possible buy into fairbride to increase from 23 to 30%.
8. If loose change we will likely rework alluvials, which should completed by chinese next year.
9. Lots of small projects in Zambia require funding, buy ins 50/50 or 60/40 are being looked into, not going to commit big sums only from income.
10 it takes 22 minutes to walk to Euston from the pub next door, which left me 5 minutes to have a pee and find my seat.
It was good meeting those that were there, charles prickly et al
Will take a stroll round covent garden, anyone else around and about?
Chester station now
Who else is intending to go to AGM on Monday, I guess we can seek some further clarifications on a few matters, I would expect, hope we will get an update of sorts between now and then.
When did prospect ore buy it off AA, surely the 3 years is from then, not from when XTR bought prospect ore?
https://www.mining.com/charts-chinese-investment-in-overseas-copper-projects-just-beginning/