Reflections22 Mar 2021 13:04
Just reflecting on the happenings of the last couple of weeks and what we have at Bushranger.
Firstly, to get it out of the way, I'm really disappointed at how Colin has managed expectations and gone about comms. One of the main reason for such a bad SP reaction to drill 1 (lets face it we are all mighty peed off about it) was the sharetalk of 0.4% plus grades, and previously, that there could be a lot of gold.
The average rate of .33% is decent and good enough to be commercial over a big find (which we do have) but expectations had definitely been raised above that from some of the *gasp* reactions to what the geos were seeing in the ore and then the .4% quoted - I for one was hoping there might even be surprise on the upside from that, maybe .45% equivalent.
Next time Colin says something we are back to reaching for the saltiest of salt unfortunately.
Really makes me think its time to hire a CEO designate to gradually take over in the next few months. If this find is that good Colin will know a lot of very qualified people who would jump at the chance for 30 million 8p options.
This is big boy sh*t now and he needs to toddle upstairs and get some very senior executive support. The day to day running effort of this project will surely be growing exponentially with the full proving off this asset. Colin runs at least 2 other listed companies I believe.
Hiring a "name" will give a great boost to credibility for the medium n longer term (maybe an Aussie to go with that ASX flotaton, great strategy).
Having said all that, this still looks like an excellent copper discovery that is growing in size by the day. there has been a lot of excellent posts here on the last few days that have helped me understand a couple of things better.
A .7% copper deposit of 2mt ? sounds great until you realise its at 500m. In a way an AVERAGE deposit grade should be used that takes into account the barren rock that must be moved to get to the % stuff! even discounting that barren volume by 50% these amazing copper finds soon look very average. might even do the sums on one of them at some point :)
That's forgeting that the find might be in the middle of nowhere (doubling the capex and transport costs?) in a politically unstable region.
The other thing that seems very logical to me is that future drills could well get higher grades. Drill 1 opened the can up and actually provided a nice average. The more targeted drills already done and upcoming are very likely to produce some very nice runs of copper. Imagine a drill going straight down one of the porphyry fingers once we establish where it is? (might have already).
Be prepared for the price to drift as .4% became .3%, because the markets are about headlines. I'm still convinced that we will have multiples of the current price as the story unfolds.
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