Member Info for CaveatEmptor

Result of the first hole was so good they immediately decided to extend phase 1 by up to 3 additional holes.

At 3 tonnes of rock per cube that would make it a 3 billion tonne porphyry, but even at $9,000 a tonne some of it will be uneconomical to mine.

Hello Isomer,

Colin did say in his interview that average grades are known to range between 0.25% and 0.4% - to be perfectly honest, I would be over the moon with anything within that range, as that would give over 2 million tonnes of Cu equivalent.

He also said that he knows we have well over 1million tonnes of contained copper - we just need to find out how much over and what the gold/zinc takes it up to...

Dangerous to speculate too much on size, but given there is 3 tonnes of rock to 1sqm, we know the length is 1000m, the depth is 900m and now the width varies between 150m and 735m ( so an average of 442m?) with an average grade of just 0.2% Cu equivalent that would give:
3 x1000 x 900 x 442 x 0.002 = 2,386,800 tonnes of contained Cu equivalent!
- Sounds too good to be true?

Several mentions of sphalerite this time - with Zinc price also on the rise and currently testing $2,900 - maybe that will be a third string to our bow?

The best bit was near the end:

598 - 825m Central volcanic (potassic) alteration zone with pyrite-pyrrhotite and stronger chalcopyrite mineralisation, both disseminated and hosted in veinlets/stringers

825 - 890m Intermediate to outer volcanic alteration zone with continuing pyrite-pyrrhotite-chalcopyrite, similar in style to the earlier zones

890 - 975.5m Outer porphyry alteration zone. Continuing pyrite-pyrrhotite-chalcopyrite, both disseminated and hosted in veinlets/stringers. Sphalerite-galena occurs in places, also hosted in veinlets/stringers. Mineralisation diminishes towards the base of the hole

735m of porphyry mineralisation..."The copper-bearing interval in this hole was considerably longer than anticipated, suggesting the possibility that the deposit may be significantly larger than first thought"

-Sounds like a monster to me...

Well, the POC has just passed $9,200 - so that's a bit of good news!

Does make you laugh, though - we were 10% up yesterday because we didn't get an RNS - now we're a similar amount down and back where we started for the same reason!

GLA.

In some ways, unless you are trading the share, the small daily fluctuations really don't matter as the SP will be whatever it will be once the drill results are known. Same with the assay results.
Those of us that have decided, based on what we consider to be solid research, that the current SP and more is justified by information already in the public domain, will not be worrying.
But I can fully understand those that have taken a punt may be getting nervous - particularly if they have paid above the current SP. Que sera, sera!

Hello MrZ,

Yes, that is the tailings dump from the historic open cast mine -but of course the new 'mirror' area has not been mined yet - so will not have the tailings dump that that RNS refers to.

The upside is that with the present POC there will be a lot more money to be made from the mirror mine itself...

Hello Thefierce1:

"There is an old saying in the Police that if something doesn’t SEEM right, then it isn’t right."
_ so it is still common practice for them to infer facts from hunches? - Is that not the definition of institutional prejudice - I thought they had got over that hurdle some time ago?

I would hope that our police force are better than that...

Hello Cyber,

For those of us LTHs that have been around since Chepica was the jewel in the XTR crown, it almost feels like a privilege to find ourselves in the position where we know that there is good news coming and the longer we have to wait the better it will be.
Trust me, after waiting 7 years, a few more days, weeks or even months for the re-rate to happen are nothing...

Hello Docit,

In that case don't hold your breath, because you will have to wait until after the 12th drill to get definitive Cu figures (unless they decide that more drills are needed) - and by that time it will be late summer/ early autumn and the SP will be nothing like the current price...

So, POC now testing $9,200, POG has broken $1,800 and drill three has been turning through mineralisation for 11 days.

Is it just me, or is XTR really heading for a major re-rate from the current level?

I think it is just that CB gets regular morning updates from site, he then has to write the RNS and have it signed off by a competent person - so lunchtime is probably the earliest he can manage to get the RNS published.

Copper is testing $9,100, Gold is testing $1,800 and this third drill is testing BC's self-control! LOL

Spare a thought or two for poor old CB - this radio silence must be killing him - I bet he would much rather be shouting from the roof-tops...

I can wait until tomorrow for that news, Bitcoin.

Maybe by then we will be looking at closer to 8p than 7?

Only if they haven't published an RNS to the contrary.

No RNS - so, yes!