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I believe the one obvious, apparent reason is that due to targeting issues with initial RC southern extension drilling (West lobe). The new drill pads were applied for after interim IP evaluation so potentially exploration shifted to understanding no man’s land and subsequently now Ascot while waiting for the approvals.
Excerpts from previous RNS’s indicate clear intent.

See howezap post Thu @. 17.23

They will certainly return as there is the need to close off to south to work into the model to complete conceptual pit.

After a quick check, 6 lines at 200m intervals, with total of 17 linear Km’s = average of 2.8km lines across both anomaly.
Very extensive will have covered all RC southern ext and Ascot

From 28/02 RNS

The latest IP extends from the previous done in phase 1, covering a couple of lines that were unable to be done due to forestry work at the time, and extend south across both lobes southernly approx 1.2km if I recall as were at 200m intervals.
Sure that is about right without checking.

With the steps Xtract are taking to put a saleable asset together, it far better IMO to have significant gold to support a healthy financial evaluation than identify another porphyry.

If we go back to the original conceptual pit webinar, Jeremy Read is referring to the Boda discovery and commented on their high grade gold, long intersection breccia zone that he believes will make Boda economical. Bushranger modelling will ‘hopefully’ show anyway, that RC will be economical, Ascot gold if big, will make Bushranger ‘very’ economical and desirable.

I think we got a hint of the greater potential of Ascot over racecourse when Colin quoted , “if we had found Ascot first, maybe things would’ve been different.”

The Ascot gold could well prove to be project changing, the system would require tighter drilling intervals but if proven is extensive, would no doubt add to value but more importantly, what would make the project as a whole significantly more economical on start up as can be mined early to return CapEx quicker. Intersections are relatively shallow and will only get shallower the further they extend south east.( thanks to theiceberg summary)

To me the bonanza are the gold systems and other accessory metals that will cement bushranger as a serious proposition for any major.

Can you believe Mrs S had the cheek to suggest I take her food shopping! I told her straight, no way, I was in middle of a serious discussion.
Anyway ……I’m back now!

I get you now Andrew, we are on a similar page then, although me in terms of returning to RC to close off as per my post @17.23.
Just seems too tall an order to have closed off RC to north and all southern extension, have assays returned at minimum 6 week turnaround per hole, resource modelling and conceptual pit with studies including financials to support decision to mine for ‘RC alone’ all by June latest. Considering they don’t appear to have gone back to it yet from RNS’s.
Just a reminder of the southern extension anomaly of RC from historical (old) geophys

https://www.rns-pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf

He said it would be by a month and not by quarters

Seems to be a reliance on what CB has most recently said.
Nothing wrong with that I have done so many times myself but bear in mind in early jan he stated that once Anglo see that RC is enveloped with 2mt, they will be happy. And with Ascot drill 4 or 5 boreholes, 3 if we’re lucky, to say, there is your other porphyry gentlemen.
CB will say what suits at the time to stir the market to sit up and take notice.

It has been stated in RNS that RC needs to be closed off all sides to model the pit. But with no apparent drilling as yet to southern extension maybe that will be finite for drilling if or now that they can model a resource with conceptual pit of just 2mt without the requirement now of more rock from the southern extension, and a decision to mine if it shows it can be mined economically with financial model.
This is why the focus is on drilling Ascot with potential end of drilling as soon as they are satisfied there will be adequate value added to the whole package.
Is this your thinking Andrew, particularly regards to RC?

You could consider 2 significant gold intersections pinpointed from first few assays from Ascot as quite a bonanza!

Butlerman
I always thought that a JORC was only sought at the end of exploration and that you would only seek an interim JORC to understand what to do next geologically so it may well be that the approach to Anglo with the data to support 2mtCuEq may or may not be on a informal basis without the need for a JORC resource. I think iceberg suggested JORC in May/June if I recollect so I’m happy to go with that. If this is actually what’s occurring then could very well add anywhere from 10- 25% with southern extension later. I don’t fully understand the agreement in full, who does? so I can’t comment realistically on how and when they will ‘trigger the mechanism’ in the agreement. Wether it be at 2 million ton from RC now, or when conceptual pit is concluded with the southern extension and closed off to the north as well. Then with Ascot to consider could well add a further 2mt+ but will be discounted more as will likely be proven to inferred resource as suggested. But again there is clear intent to further test the gold intersections particularly and increase Ascot south.
Could all be twaddle but you can only make assumptions on what in front of you at any given time in times of lean news

Great work once again Andmillsy very much appreciate your efforts in quality research shared

From RNS 7th mar.
>> On completion of the geophysics survey, and the granting of permission for the new drill pads, we will be better able to continue drilling the inferred extension of the Racecourse system to the south."<<

From RBS 21st mar.
>> Modelling of new MIMDAS survey data will be used to guide additional drilling in this area.<<
—After disappointment of sub optimal targeting of hole 27 which skimmed over top of porphyry testing RC southern extension.

From RNS 31st mar
>> The MIMDAS survey is on-going and we hope to report soon the successful approval of new drill pad locations to explore the extension of the Racecourse porphyry further towards the south."<<

From RNS 17th may
>> Modelling continues at the project, with the Racecourse prospect indicating that it has grades and tonnes justifying a rework of the conceptual open pit. <<

The above comments certainly indicate a clear intent to test southern extension of RC. If so, up to this point of reported holes from map, drilling has focused on Ascot and no man’s land.
My conclusion is that they are confident that at the very least, there is a 2mt resource already to model to satisfy the agreement if last comment from 17th is understood. Which suits CB’s timeframe and earlier comments suggesting there is adequate treasury to get us to the 2mt , adds some weight to my thought. The 2mtCuEq was always the target I believe, to see what Anglos intent was.
Once they get an answer or an indication of intent then maybe or maybe not continue to increase the conceptual pit with southern drilling dependant on any outcome.

Otherwise, where is the southern RC drilling to conclude pit boundaries?
A JORC update for 2mt is a possibility.
There is also where the decision to mine will factor , and the studies they are working toward including financial will conclude after initial resource estimate What say?

CB podcast for Galileo resources released. However, he talks in the second half of the interview about general market conditions too.

https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNTExMzMucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wNS0xOTovcG9zdHMvODA4NjQ5NQ%3D%3D

I do not hold any GLR shares.

Also Steve, I’m sure there is something to be said on the increase in the economic viability of new and current resources, based on historical copper prices and when current mines operating now, were first shown to be viable pre production.

Copper prices back in the late 90’s when Newcrest opened its initial open cut mine at Cadia hill, were sub $1. Well over 400% increase since then. Even taking into account inflation adjustment of about 75% increase it shows how rising copper prices will typically drive new exploration on new and or existing resources in general. Making the economic evaluation of Bushranger a lot more favourable to be very profitable now in the current or preferably, a more stable economic climate compared to when cadia was first financially modelled.
I know cadia is primarily a gold producer so not exactly a good comparison and did also not consider what the dollar was worth back then, but the metrics to compare then and now remain the same I would have thought.

Thanks for sharing that Andy very simple to understand. This comment at end epitomises how the potential economic viability will be shown through the financial model in light of RC’s orientation, sheer scale and being shallow to surface.

>>its the VALUE not the resource that really counts.<<

I know the title doesn’t sound very awe-inspiring or grandiose, but simply with the inclined orientation of both RC and now Ascot deposits, muck shifting is exactly what CB has said they will become if and when they go to production in the foreseeable.

Do wonder if in 20-30 years what the landscape will look like after the open pit mines have carved out two (at least) almighty long scars into it. Although, at present I think I may have an obsessive disorder, or just really bored! I am able to scroll out of my current location on Google earth and zoom straight to RC in NSW. Don’t worry if you can’t do it too! or have a life, just wait a few or 30 years and then try again. Got a feeling it will be a bit easier to spot.

Porv, in xtracts hands bushranger may not get any where near full feasibility level. CB has stated that even PFS is not actually a prerequisite to a sale. (Can’t see that myself but…) The long lasting legacy of Bushranger will be with whoever takes it on, xtract need to just show the minimum requirements of the buy back agreement to trigger the mechanism that establishes wether it will be Anglo that will take it on, or if not, to then be free of the binding agreement to go to open market.

Go back to when cadia and boda were discovered and look at early results, there is nothing dissimilar, we are seeing long consistent runs of copper mineralisation that will be give large bulk. With higher grade parcels shallow to surface in both RC and Ascot to return CapEx, just what is needed to show the potential for a major to be satisfied. The gold intersections at Ascot are shallow and confirm now with the extra moly that bushranger is similar in geology to cadia.

You’ll be touting the rise in diesel prices next as you scrape the barrel in suggesting wages play a significant factor in OpEx. The single most biggest factor will be the eventual rise in copper prices over a sustained very long period and a low economic cut off around 0.15

Assays now from just the first few holes into Ascot, confirming a further intersection of gold!
Are these results testament to the success that the how the drone mounted em is being used to overlay the IP giving the geo’s more confidence in their targeting?

Steered clear this time of using the term ‘satisfactorily,’ to refer to how modelling is coming along. This time with a much more positive and reassuring comment from CB

>> Modelling continues at the project, with the Racecourse prospect indicating that it has grades and tonnes justifying a rework of the conceptual open pit."<<

Unless the plan to just loosely infer with some joined up strike and dip etc for Ascot was just smoke for the impatient fickle market which does seem more likely, then you can see the dilemma there must be, or may have been. But, with plans now to further test the strike and dip of the gold intersection as well as drilling further south would suggest more comprehensive exploration than previously touted. What if strong indicators are found at ascot of further intersections of high grade gold or other accessory metals?

Can understand working toward a loosely inferred copper dominant resource, but not so much one that has more gold etc.

The is so much potential to increase overall value and return that to shareholders. I can’t see that the company could have had a definitive drilling plan and not be open to re-evaluating if would lead to a greater model for Ascot.

Or is it simply the job of a junior miner to show a level of geological confidence for a major to take it to the next level drilling as they then work toward full feasibility?

Very good, relevant find andmillsy thank you and flipper for sharing and to iceberg , for the extra summary has given me more of an understanding re the veining.

The high intersection of gold in Hole 33 really was a big find, it’s only just struck me how hugely lucky too, considering the limited number of holes into Ascot so far. So to hit this big intersection so early is quite incredible. To briefly go back and compare with the highest grade intersection found at Boda, which has only come at the ‘very end’ of many thousands of metres of drilling and geophysics since 2019 as they now work toward their initial resource estimate.

>>The gold in Ascot Is geologically significant.<<

Looking at similar high grade gold, from large low grade porphyry deposits regionally.
Boda’s molong project recently announced assays from a 19 hole diamond and rc hole programme over its 5 deposits, testing included any internal high grade zones. Boda’s are a gold dominant system as has been suggested of Ascot.
Alkane reported best gold grades at boda as high as
18.6g/t over 1m, 11m @ 2.88g/t and one from kaiser of 4.94g/t over 2m.

Just saying…15.5g/t over 2m we are only just scratching the surface at Ascot.

Maddogpete I would say any geologist would be impressed by the speed and efficiency of exploration so far by this ‘junior’ mining company. 30k+ metres drilled most of that with two rigs going. Envious not to be involved themselves in what is a new discovery (Ascot) in a ‘very’ well known fertile region.
With the current main resource (RC) grades are very much in line with this type of mass volume low grade porphry deposit.
Cadia, discovered-92, Start up-99 with Copper at .32 and gold at .75g/t.
It will be in that ball park, as of yet the southern extension to RC is yet to be confirmed with more drills. with only a couple of previous holes drilled, from historical IP that was determined by latest IP were sub-optimally sited. So when fully delineated 5,6 or 700mt+ is very achievable and considering as the deposit extends south it should remain shallow to surface.
The gold in Ascot Is geologically significant.