Member Info for Gixxer-600

yea, it's not bad and no expectations set this time!

"The combined resource of 225Mt @ 0.33% copper equivalent mineralisation in the shallower parts of Racecourse and Ascot deposits is comparable with many operating deposits around the world, providing the basis for real impetus for the recently commissioned Open Pit Mining Study. These resources could potentially be scheduled for production during the important early years of production, supporting a 9-year mining operation at a projected rate of 25Mtpa"

Pretty much in line with Iceberg's comments...

Now that the maiden Ascot Prospect Mineral Resource has been estimated and the Racecourse Prospect Mineral Resource updated with all the Phase 2 drilling data, Xtract has again contracted independent consultants Optimal Mining Solutions (Pty) Ltd to update the Bushranger Project open pit mining study. The update to the open pit mining study will examine the economics of a 25Mtpa open pit mining operation extracting both the Ascot and Racecourse Mineral Resources. Xtract estimates that the update to the open pit mining study will be completed early in 2023. Following the updating of the open pit mining study, Xtract will determine the optimum way to further advance the Bushranger Project and advise shareholders and the market early in 2023 of the Company's plans for the Project.

Colin Bird, Executive Chairman said: "A 17% increase in the total copper equivalent tonnes to 1.3Mt CuEq with the addition of Ascot is a significant increase in the Bushranger Mineral Resource, particularly when dealing with large tonnage, moderate grade deposits of this nature. The combined resource of 225Mt @ 0.33% copper equivalent mineralisation in the shallower parts of Racecourse and Ascot deposits is comparable with many operating deposits around the world, providing the basis for real impetus for the recently commissioned Open Pit Mining Study. These resources could potentially be scheduled for production during the important early years of production, supporting a 9-year mining operation at a projected rate of 25Mtpa. When we acquired the Project, we had a resource of approximately 300kt copper metal and we have now increased the resource to approximately 1.3Mt of copper equivalent metal. Racecourse remains open to further extension whilst Ascot remains open ended down-dip and to the south, which bodes well for further resource expansion."

'Hoisted by your own Petard ' - line of the week! :)

Personally, where we are with BR after P2 I think it would be better for AA to pass.

Rio Tinto reluctantly hunts for deals as mining industry consolidates
Anglo-Australian group looking for critical mineral assets but says it needs to be disciplined

Rio Tinto discussed its own strategy at the investor day, following its $3.3bn buyout of Canada’s Turquoise Hill last week, which gave it greater control of the Mongolian copper mine Oyu Tolgoi.

Jakob Stausholm, chief executive of the Anglo-Australian mining group, said he remained “a bit reluctant” to expand its business through big-ticket deals in markets such as copper. He said that miners could end up paying a “very full price” for assets that struggle to create value.

Stausholm also argued that no other miner could match Rio Tinto, with its critical minerals assets in countries including Canada, Mongolia and Argentina, where it acquired the Rincon lithium mine for $825mn in March.

Mining companies have been increasing their exposure to minerals such as copper, lithium and nickel, which countries need to decarbonise and open up alternative supply chains to China. Rio Tinto signed a memorandum of understanding with Ford this year that could result in the US carmaker becoming a foundation customer for the miner’s Argentine lithium supply.

“Critical minerals is clearly important from a policy perspective for many governments for security of supply,” said Cunningham.

https://www.ft.com/content/fb0ef893-da01-4fe9-906a-36ff272cce78

Looks like a world class T1 asset to me......

I get the impression Steve cares about no one but Steve or Steve's opinions.

He's lost money here and is salty about it, **** happens. I'm sure he made a statement on the roast boys about salty posters and I'm sure he said when he's lost money he just got over it and moved on...Seems he can't take heed to his own statements.

I get the impression, probably overly reading between the lines, that he feels the company/CB has wronged him somehow and he wants revenge. Did he have a chat with CB at the AGM? - Has CB told him some porkies that made him invest more?

For me I'm not underwater so still invested and I still see potential here. There's a lot already uncovered after P2 and I believe more drilling will only increase that potential. No, it's nowhere near what CB had led the market to believe but I still think it's sale worthy even where we are now, purely on the potential to uncover more.

Ideally, the high grade near surface volume will show viability but not enough to tempt AA, we could then either just sell or partner up to get a bit more $$ for P3.

New tech to lower costs of rock breaking.

https://www.ft.com/content/bdedd7de-94fe-409b-adf3-43c6e201c86f

Good point BM, would it be more efficient to go through that 'uneconomic' region between RC/AC even if you just break even?

That region could have the plant close by and be the the entry/exit slope for plant? Left AC - Right BR

CB touched on this topic a few times as I recall, it was not just to see if the two connected. And you sort of answered your own question.

Firstly, they sort of were looking to see to what extent the two systems connected.

Secondly, it was necessary to carry out the work in order support where the plant could go. He stated in an interview that 'you don't want to sit your plant on top of pay dirt' so it was part of the process of finding the extent of the open pit area.

Nice jump:
https://www.ifcmarkets.com/en/market-data/commodities-prices/copper?_ga=2.111885252.1971373996.1668337472-132894802.1667921726&_gl=1*lm7u39*_ga*MTMyODk0ODAyLjE2Njc5MjE3MjY.*_ga_BHWDNT84P5*MTY2ODM2NjU0Mi4xNy4xLjE2NjgzNjY1NDIuMC4wLjA.

http://angrygeologist.blogspot.com/

Actually great source if info from this chap, although he's not posted in some time. I msg'd him BR, be interesting to get his take on it...

Shorter overview of how efficient the extraction process is at the bolden mine:

https://www.youtube.com/watch?v=pTgaUu6_kXA&ab_channel=ABB

The lowest grade mines in the world - Copper
I've received a lot of requests from people to look at different projects and verify their quality. Some projects are easy (North Bullfrog, San Diego, Cerro Las Minas), they are very low grade, but carefully created equivalents grades calculated from basically any metal content in the rock and assuming 100% recovery.

While I was working on these projects I started to build up a database from actual operations is to try and find the lowest grade mines by:
Commodity
Mine type (open pit vs underground)
This will allow you to quickly check the grade from drill-holes and 43-101 resource calculations from your favorite projects to see how they stack up. However, many of these mines have been in operation for a very long time and originally the operations commenced by mining high grade or leachable ores before transitioning to lower grade ores that they are mining now.

This list will be dynamic and send me some info on other project that you feel should be on this list, please send me some information and I'll update it.

I've also compiled a small list of 'development projects' that include mines currently under construction or being presented a project that could go into production in the not to distant future (i.e. we have a PEA or feasibility study).

Found by Howezap: http://angrygeologist.blogspot.com/2016/09/the-lowest-grade-mines-in-world-copper.html

Open Pit
Mount Milligan, Canada - Thompson Creek Mining (porphyry deposit operated at 54,000 tpd)
Grade* - total mineral reserves from Dec 2015 (link)
Cu = 0.196% (note - grade mined in 2015 was 0.38% Cu)
Au = 0.349 g/t
* - reserves were calculated at $2.95/lb Cu and $1250/oz Au.
Basically this is a gold mine with copper credits.
Aitik, Sweden - Boliden (Porphyry, operating at 36,500 tpd)
Grade - 2015 production grades from 2015 annual report (link)
Cu = 0.23%;
Au = 0.15 g/t
Ag = 0.13 g/t
Mo = 0.002%
Easily accessible ore (low strip ratio), highly automated and uses large mining equipment that makes the mine most productive open pit copper mine in the world (tonnes of ore produced per employee). Low treatment charges - concentrate sent to Boliden smelter in Ronnskar (link). Gold an important by-product
Sierrita, AZ, USA - Freeport (porphyry, operated at 102,000 tpd)
Grade - reserves (Freeport 2015 10K (link).
Cu = 0.24%
Ag = 1.42 g/t
Mo = 0.03%
Operating at reduced capacity (link)
Mount Polley, Canada - Imperial Metals (porphyry deposit operated at 20,000 tpd)
Grade* - total mineral reserves from Jan 2014 (link)
Cu = 0.295%
Au = 0.302 g/t
Ag = 0.615 g/t
Mine restarted in Aug 2015 after tailings dam failure in Aug 2014.
Constancia, Peru - HudBay (porphyry operated at 81900 tpd)
Grade - Jan 2015 reserves (link)
Cu = 0.30%
Au = 0.054 g/t
Ag* = 2.97 g/t
Mo = 0.009%
*Silver Wheaton acquired life of mine silver production from Constancia in April 2012 (link)
Pinto Valley, AZ, USA - Capstone (porphyry deposit operated at 54,000 tpd)
Grade - total mineral reserves from Jan 2016 (link)
Cu = 0.31% (note - grade mined in 2015 was 0.38% Cu)
Mo = 0.009%
Capstone purchased this as an operating mine from BHP for US$650M (link)

Iceberg, if you're still around, do you still feel Ascot has the potential of better grades further south of current drills?

So out of the top 5 copper mines in Australia, only the top 2 have a life beyond 2039.

https://www.mining-technology.com/marketdata/five-largest-copper-mines-australia-2021/

Another copper/gold deal struck.

https://www.mining.com/cordoba-sells-50-stake-in-alacran-project-in-colombia-to-jchx-for-100m/

I think it's about £3e9 in copper

Not just China chasing copper:

Chennai: India’s copper imports, which have gone up from $2. ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/91773922.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst