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2 Mines in Chongwe up for sale with the following minerals:- Cobalt,Copper,Gold,Nickel & Silver.We have 5 more within Zambia,contact us if you are interested to either buy or partner as an investor. Asking Price: US$1 million.

Really slim pickings when you’re trying to research something you haven’t a clue what you are looking for. But it is good to see that others are trying to do their research too. Stonewoods real estate web page traffic counter clocked 10 views today after my query this morning. That’s 1000% up on last 10 day average of 1 view per day.
Own up, who else’s has been surreptitiously scouring the chongwe classifieds?

One other thing I found out about chongwe is that the weather was rather pleasant today.

Still none the wiser, and am never ever going to get them 3 minutes of my life back!

Thanks for that captainbob I have always felt the independent valuation would form a baseline for further negotiations. But just recently can appreciate that the buy back agreement is legally binding in that it gives Anglo first option and not a right to buy. It would be weighted so heavily in their favour if that were to be. A fair price should be negotiated between both parties, and not to be forced to accept a valuation from a separate body that does not have a vested interest in an asset so valuable.

CB did also comment that to be free from the agreement, the only way we can be free from it, is if Anglo have the decency to let us know they don’t want it.
He may well have been referring to prior to the buy back mechanism being triggered.

I shared your opinion strongly for a long time chaps, but I believe more now that any deal would and should always be driven by supply and demand.

With fairbride start up looming, the plan is to do some drilling to test the big feeder once they start getting some cash back.
So what are the chances of commencement of drilling in Zambia once the rainy season passes and production there starts up again? Even just for extension of open pit as deep drilling could potentially find a big system that would command some attention that would need to be taken away from the much needed on bushranger at this time.
Does anyone actually know what or where this chongwe mine is in Zambia and what its output is likely to contribute?
Must be one of the small JV’s the company have gone into.

Without reading too much into what it states in RNS, but is it not a confirmation that they have received the ‘successful’ approvals and they will report soon.

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."

Its just missing a wink emoji on the end.

Maybe received some and are waiting for others and will report all in one go?

Solid results, commercial and will add nicely to resource

You would know generally not to rely too much on what a ceo says, but Colin’s insistence that he’s, “not going to miss my targets,” comment end of last interview, was convincing enough for me to get the idea Anglo will be approached as soon as there’s confirmation the 2mt target has breached. There was the comment about if target runs over it will be by a month and not quarters. But the latest insistence would imply that April-may target will be met to just see if they want it or not.
Doesn’t necessarily mean the mechanism to buy back will be triggered yet. The conceptual pit and completion of their studies is likely then to follow on, as will the additional resource at Ascot
The only other scenario that would see his 12 stocks for Xmas target of, resource estimate, conceptual pit and some definition at Ascot come good, is if the current exploration is far in advance of what is being reported. Is that likely? Maybe, but more likely not, as the extra rig would have had to have been bought back to progress. Assay lab workloads to consider and fairbride revenue not yet incoming it may have been decided running both rigs again was a tall order ‘at this point’ to be economic.

So, spart from the geo political risk, overall the project has de risked substantially from the first 5 boreholes. It started with a defined resource and with each and every single hole thereafter, which have all hit mineralisation, has increased massively and all holes have had commercial grade. Quite incredible!
Will be worth the wait however it plays out.

Caveat emptor
>> Could it be that forest needs clearing for the new drill pad locations and this takes longer to process, due to the environmental impact?

Been looking into environmental impact for a while now and the Vulcan state is a plantation forest. Although is quite mature so therefore would be some degree of regional plant and animal biodiversity as you would expect in the sub tropics of NSW. So yes, is feasible to believe an ecologist could have been sent to do a ecological survey of the site prior to granting permissions. Australia has very stringent environmental legislation.
During my own research looking for something else completely, I stumbled across this old post from theiceberg that is quite relative and very interesting.
(If you’re a tree hugger like me)

Theiceberg>>> ?Firstly On the licnese there is an native Aust. Graveyard, also rare species of trees and rare animal habitats. This is all well documented on reports that have been submitted over the last 16 years.?However NONE of these are within the racecourse prospect, or any of the key prospects on the license. None of these are within an area that would be used for mining.?The forests around racecourse are designated under the 1916 Forestry Act. Again however, The Forests around racecourse, are plantation forests. Over 7 permits that I can find, have received permission to operate at Racecourse. There is a general principle of land swop wrt to this ACT and NSW. In that if we need 5sq km of plantation to be cut down, then land must be given and replanted to replace it. That would be easy for a simple plantation and would be far far less than 5sq km anyway. land in that area of NSW is incredibly cheap.?There is nothing that would prevent or discourage Racecourse from being progressed. This isn't my opinion but the opinion of the Environmental companies working for AA……

It’s actually quite reassuring that the constant news and interviews we have had through phase 1 and early part of phase 2 have dropped off. There is a air of confidence about now and maybe they do not feel the need to plug it to death anymore. Does appear to be an obvious belief now in what they have and hopefully there is very strong chance it will be saleable.
And likewise with the targets and timeframe that have been set out and reiterated many times, it’s wiped out a lot of the speculation on the board and members are more assured now to be confident in their investment. I know I’m a lot more relaxed now. The lack of chat I certainly don’t believe it’s due to nerves. The one possible doubt i suppose is wether there is 2mt. If you listen to Colin he cannot be much clearer without actually saying. They know they have the copper eq, they just don’t know yet wether that will come from 5,6 or 700mt of rock. How do they know?
I’m sure they have a damn good idea with up to date modelling to forecast the tonnages.
As for Ascot it is good to know they will be drilling to determine a resource that will contribute significantly to the value and not just outlining it as at first thought.
Roll on ISA reset day, it may kick off from there on.

That’s a good question Cygnus. The budget left if any, is certainly not adequate to go hunting. The last placing was to get the project to 2mt and has been quoted by CB many times that further exploration will be funded by the satellite mines. So as long as meaningfull income from fairbride start up comes soon, all will be well.
The timeframe overrun is a real bitter sweet predicament. The longer it takes, the more value will be added. If CB’s target to approach Anglo with 2mt happens, and the process is triggered, the options become more limited as a potential sale could come sooner wether from Anglo or other if the saleable viability of bushranger is as good as our research and DD suggests.

The very last quote on footrot as far as can recall was in July podcast
CB> “we have not yet quite completed our analysis on Footrot, we are very very close, and that will be announced to the market. “
Priority certainly shifted to the then newly found geophys that was to become Ascot so have doubts they would have plans to investigate further.
@ 3min 20
From July 13th

https://www.vo x mar kets.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-xtract-resources-ac8863c/

Remove spaces

The other potential news that may follow could also be confirmation of a third porphyry in the cluster.

CB >> “If we get another bonanza, we may have to have a re think.”

Hoping to identify another? Of course they are, why mention it!
It was the only time it’s been suggested that the target of open pit at racecourse and some kind of resource at Ascot could maybe extend further.
I now think it has always been the intent, and as was very first mentioned by Jeremy Reid in the 1st webinar, “get to 2 million tonnes and see what Anglo want to do.” Once there is enough data to confirm just a resource of at least that, then Colin’s target of approaching Anglo will be on for sure. To do it, with racecourse closed off in all directions with a new pit model once assay data is compiled, more comprehensive studies to support, including financial study is still a while away yet. Maybe I’m wrong but It does appears to be the plan to approach with that minimum resource of 2mt, going by latest interview, and not with a big as resource as possible as was previously talked of.
What has caused this change of tact that will now keep the target of approaching anglo?
-Assay or permit delays.
-That rethink is because there is greater resource potential that would cause an overrun of target with short term negative impact on market.
-BOD are aware of Anglo’s lack of intent to buy back and so are triggering the mechanism at earliest opportunity to fulfil legal process.
-fairbride start of production delay that would have seen rerate.
-Plan was never anything other.

Who knows what the eventual MRE could go on to be before a hopeful sale late in the year?

I would tend to agree in part with you Steve where if there would be any geological benefit against cost, to return back to previously used pad’s. You would hope that pads would have been utilised to their potential locations for best orientation of holes to gain the most data as possible from each hole drilled in that location anyway. This would be the case for new proposed or previously drilled holes, so is it likely they would go back to previous pads for the sake of cracking on as whitts suggested at 09.23?

We know drilling is not cheap, and as all holes have been diamond drilled and not RC which would have been a lot cheaper. Diamond is much better for more the precise analysis required by the geo team.

As we know cb’s previous target was interpreted to build the biggest resource at racecourse with conceptual pit model and get an inferred resource at Ascot. That may have changed, or certainly the interpretation of what was planned. We know Colin will use any flexibility in his strategy to suit the current and will no doubt get to the same end game.
He was quite specific in latest interview regarding the 2milliion tonnes. There would be nothing stopping them approaching anglo with the raw data, but incomplete model, as soon as the 2mt threshold is met to see what Anglo wanted to do. A simple yes or no, which ever way would give huge exposure and would certainly rerate. Positive that they want it, also positive if not as will be free from the agreement and can offer to open market. The work will still continue to build both resource to put the final package together that will be offered to whoever.

Maybe with Manica stalling which would have no doubts led to a rerate by now, it has always been considered the other key fundamentals along with the 2mt threshold and or, a major in discussion that would jump start the share price to propel the market cap from these range bound levels.
There is still plenty of optionality in cb’s arsenal and he will do whatever he can for shareholders.

>> I see what you did there . . . clever

Not quite sure what way to take that comment folderboy. Are we seeing a new posters own fantastic interpretation of the resource model, hours of hard work kindly shared with us for which we are very gratefull, or an elaborate and rather complicated attempt to draw a alligator that looks perturbed as he’s found himself on the wrong continent!
I really hope it’s the former

Generally a good strategy would include an exit strategy. With the project portfolio that xtract have at present there is a good incentive to extend this investment opportunity beyond the potential sale of Bushranger hopefully sometime later this year. Take your divi by all means but why not let your capital run?
With full production revenue from fairbride that will form the majority of all the revenue streams from other hard rock and alluvials to underpin a baseline market cap and most important above all, without any future threat of dilution from placings. Xtract have a lot going on, and for it, particularly, on the exploration side, drilling for extension of open pit at Eureka and deep drilling for IOCG that already has a number of majors interested. All funded in house. A potential mid cap company maker on its own!
At manica fairbride project there is the multi mineralied big feeder zone that has huge potential for the project dynamics as a great further development opportunity.

Incidentally, load up and wait is my strategy too :-)

That’s just brilliant Andy you are awesome chap, to manage to find that really positive spin on what to me was a seemingly mundane general housekeeping RNS. Keep up the good work you do

Beginning to think with with the total lack of news on further exploration at eureka, the company are waiting for bushranger to be sold, to be funded for a comprehensive drilling programme there. But still it’s good to know Manica will be tested further in the mean time.
I suppose one of the projects had to give way and suspect a deep drilling campaign on the potential scale that eureka could become, would require larger more readily available funds to see the project through if for 1, IOCG occurrence confirmed and 2, it’s big!!

Was a 2nd drilling crew deployed again?
CB hasn’t give any indication they have since he suggested they might, and new pad permissions are still not granted it seems anyway so potentially would have maybe been less likely to have brought them back prior getting permits.
Since CB made that comment, Fairbride has stalled again, so again, maybe less likely to deploy the 2nd rig until they are sure of extra revenues.

The, “treasury is adequate for what we ‘need’ to do.” Was certainly aimed at, the original objective of proving up the 2mt. Is it likely to stretch to the extra, extra extensions to racecourse and no man’s land along with getting some kind of inferred resource at Ascot? Doubt it would, as it was only 600k . CB on a couple of times I can recall, has said incoming revenue will pay for the drilling efforts in oz so there is no need for further dilution! This I would say is to fund all the extra exploration ‘above and beyond’ the 2mt , conceptual pit model and work carried out to support the decision to mine and studies for model which the treasury will cover.
How much driling at Ascot? Remember this comment after phase 1? “Nobody found an orebody with five holes.”

So this is where I’m at now, if anyone sees this as in any way as negative then you clearly have not got your head around it yet. Likewise if anyone thinks that bushranger will only be valued at 25p, again, you haven’t got your head around this yet.
It is just my opinion, so I cannot possibly be wrong ;-))

This comment from the midweek podcast on 51 mins got me thinking. Will they release an RNS when fairbride is finally operational?
It suggests just some pics up on the website. Maybe only RNS’d when initial results are published from first quarters gold revenues.

CB, “We’ll have the pictures out soon to show that fairbride is working.”

It is very important news for any number of reasons, but will it be deemed price sensitive information enough to warrant an RNS without some proof of actual cash flow.
Possibly not, but I would certainly hope the initial and somewhat overdue production start up warrants one!

A good point DrAim, let’s hope 6p+holds up through next week.
Pleasant end to the week.

CE I have for a while now thought Colin has been in touch with Anglo. He has been generally open about what they are trying to do and has often gave potential hints here and there on the buy back. Although subtle and sometimes contradictory, wether that is down to over enthusiasm and then throwing us off the scent with a further comment.
He would surely already know of Anglos intent to wether they want to move into this completely new area.
With the evidence now of a more district system with multi type mineralisation. I’m sure Anglo are not just waiting to see wether we show 1.9, 2 or whatever million tonnes to then decide.
This episode has to play out whatever their intent is, to quietly build on the resource it seems before releasing confirmation of 2mt at least. I’ll suggest again that the disparity in the share price over potential asset valuation could be of their concern as any potential bids would have to be taken seriously and put to shareholders who would generally not turn down good money, that would likely be less than what would be achievable if the programme were to complete.
Just a suggestion.

Joeman also near the end he once again reiterates, “ I ain’t gonna miss my targets! “ so with that in mind and the previous comment that if they do run over, “it will be by a month and not quarters.” No doubts there could be some slack and cb could be forgiven. TBH I don’t think cb would have suggested it running over a month if he didn’t think it was likely.

What I want to understand more, is how much significance the geophysics will contribute toward an inferred resource at Ascot for purpose of valuation. They have proved in association with racecourse that the geophys works. Particularly when IP is overlayed with drone mounted EM for accurate targeting of the Chalcopyhorite And, so the level at which they will need to join up some strike, dip and plunge through assayed data in correlation with the geophys will be interesting, to achieve a similar level of geological confidence as the inferred parts of racecourse maybe, although with potentially less assayed data. So in that respect I would say the drone mounted EM is still being used with great effect too.
Im assuming the objective remains that they will not be delineating Ascot’s boundaries as they are having to do with racecourse. Ascot, if it is still the plan will be left open ended in all directions, IMO I don’t think that objective is in too much doubt still, as they build some kind of resource model there.