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It may be apparent now we are not seeing the significant lab delays in returning assays. Hole 35 turnaround was about 10 weeks. There has been a 3 month period in between some of the earliest holes completed we are waiting for, up to the completion of hole 35, so could not have prioritised 35 as18 holes roughly including 17, 18 and 22 would have been send for analysis before 35 had even been sent.
What does it all mean?
Could they be building the resource quietly with the assays that have arguably been returned from labs are being collated into the interp model?
If the 10 week turnaround of hole 35 is anything to go by then it looks promising.

George, the intention was to drill some more holes into Ascot anyway. They are doing some more geophysical surveying to Ascot, the south west of racecourse and the 1.5k bit in between. The plan as far as I can work out has not changed because of this hole. He mentions “we are not going to play around with it” when you listen to it in context it suggests all is as was regarding the target set out previously.
It may change if a third porphry is identified as Colin suggested in the mid week takeaway interview. “If we get another bonanza, we may have to have a re think.”
One thing is clear though, phase 2 programme has certainly been extended.

https://podcasts.google.com/?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNTExMzMucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wMS0xOTovcG9zdHMvODAxNTU3Nw%3D%3D

The grades are the highest from the whole bushranger project so far. It was predicted that the higher grade mineralisation would be found further south at Ascot. Theiceberg was certainly not wrong in that respect, great results Ella will be pleased

Well put Steve, it had many a little unsure.

One thought on his timescales suggests to me they are receiving and collating assays into the interp model, unless he has had some sound assurance from lab his timeframe will be met. Up to Almost 25k metres drilled now and still going. Even holes completed with next holes commencing updates have ceased, also adding some weight to a now clandestine approach to building the resource.

Two very good interviews today with Colin on xtract. From the midweek takeaway a few hours after the Zak interview. Being very clear of their target to get this wrapped up and sold with Colin suggesting once again, the target is end of April for the conceptual pit with 25mt mined for 20 years, and with some definition on Ascot. If we miss, it won’t be by quarters it will be by a month or so. Goes on to say, he is setting more aggressive internal targets with April /may the target to talk to Anglo.
Any confusion over the decision to mine option that has been asked about on here, Colin has cleared up as well saying, that if you have both the 2mt and have outlined a mine, then you are in a much better position when you go to the table.
So after all that, I enjoyed this other comment , “If we hit yet another bonanza, that might affect our thinking.”
All to play for still then if that 3rd suspected porphry turns out to be significant.
If you didn’t catch it earlier.

https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNjQ0MzcucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wMS0xODovcG9zdHMvODAxNDc1Mg%3D%3D

Also, to add to joemans good post. Where Footrot is concerned, If I recall correctly, some EM surveying was done and their drilling was directed into the shiny bright colours of the EM signature which is the pyrite, not what they wanted. The decent grade chalcopyrite is found of to the side and when in association with pirotyte Is where the higher grade mineralisation is found. Our geo team knew this with great effect in exploration at racecourse and identifying Ascot. If AA’s explo team knew that too, things may have been different.

Just a bit more on the delays to maybe reassure jittery holders. Incidentally, this is what Colin had said after the similar very long spell of no news back in phase 1,
“We have to manage expectations, it’s a fine balance keeping shareholders fully abreast of what’s happening.” “The optimism has had to be tempered because peoples hard and money is at stake, we can’t talk about what we are doing just for the sake of it.”

There is certainly more at stake now as the anticipation of a sale gets closer to realising, with a huge amount of data to be input from over four times the amount of holes drilled this phase, and with the lab having received them twice as frequently from extract having two rigs running. It’s not surprising if there are lab delays,compounded by the Xmas break and staffing issues due to the pandemic. So it’s no different this time round I’m sure, news will follow when there is news to report.

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

Andrew, the way I see it, outlining of Ascot with a a dip and strike length determined, would still give an estimated resource, for example of 500mt, dependant on grading, then an estimation of copper content of say 2mt could still be estimated. The difference between measured down to inferred is the level of geological confidence in that resource. Ascot will be ‘very’ loosely inferred and discounted accordingly just as racecourse will be discounted taking into account its new inferred/indicated JORC over a measured resource.

That is how I understand it too, there will be a heavy reliance on the comparative geo data to show its viability as a mineralised system and the results from the minimal drilling will show potential strike length, dip, width and is a copper, copper/gold 2nd porphry, as a sweetener on the deal for racecourse. Look forward to seeing the kind of value it could add.
We will get our 15 minutes, but when you think about it, unfortunately all the accolades will be with the new owners when Ascot and any other porphry targets are extensively drilled for their own resource estimates and feasibility of 4-6-8mt if confirmed and compared to cadia in type and size. A happy sad thought!

Ella, thanks for looking into that, as we would have no way of knowing the contractual obligations of the drilling crews, my thoughts on the bonus incentive were to see if any potential wording in it may have give any indication other than what you would expect to find, that drilling crews could be secured beyond the 6 month contractual period, on a conditional basis on the conclusion of the programme.

Was a shot in the dark and if I’m honest, a lame one, that I am not particularly concerned about anyway.
We scratch around looking for any morsels we can find, in times of lean news :))

That was it xeiger! I thought I recalled a bonus insentive, could not find it RNS’d.

As frustrating it is, as Steve says, there has only ever been positivity coming from the team. With the lack of news at present from oz on all counts it really doesn’t make sense there has been bad news they are holding back. Maybe some duff assays but generally the grades will be of a consistent average. Any holes that have tested strike extension may have pushed the margins and would naturally have less runs of mineralisation. Can’t see ‘potential’ duff assays stopping the reporting.
Negotiations causing news blackout? Is it likely with only months off a resource estimate and incomplete scoping/PFS.
The conceptual pit would not be updated yet either.
Still the most likely I think are lab delays and maybe batching too.
We had exactly the same situation in phase 1!
No reasons whatsoever at the moment to be anything but positive whatever is occurring.

Must have dreamed it :( oh well, by coincidence the six month drill programme expires round about now

· The Phase Two drilling programme at Racecourse is on track for commencement around 15 July 2021 as the necessary approvals have now been received from the NSW authorities

Their commitments would have no doubt started prior to the 15th with planning logistics and sharpening the drill bits ;)

Were the drilling crews on some sort of bonus?

Whatever happened to ‘super’ September?
I’m still waiting!

Would tend to agree with you meepmeep, if the plan to approach AA with a resource model when this round of drilling concludes, I would go as far as to say, that will be it for exploration and a revised JORC will be done. Doubt it would get classified if they needed to do it again later., so that could at least be one hint of their intent if it’s not revised.
But, I don’t believe they will continue drilling wether Anglo take the option to buy or not. With the resource packaged to sell, they would literally be taking it out the shop window until any further rounds of exploration conclude.
I can understand Ascot just being outlined with 4-6 drill points along with the supporting geophys but cannot see a major would be willing to attribute the same value as Ascot (yet to be determined) for further targets that are just outlined the same way. I believe the BOD expect a very good price for racecourse and Ascot that will not disappoint.
There are certainly more indications that this will happen sooner rather than later after further exploration, so in that case, it will be a certainty no further raises will follow even if Manica stutters again. I would expect funds to be available for scoping/PFS too.
I respectfully accept others opinions differ on further exploration though.

Spot an obvious agenda here, do wonder if Ronald missed the boat as expected the share price would fall back to sub 5p
Overdue results could be down to many reasons, likely lab delays, holding back to release in batches, the company collating results into the interp model to be released when resource model is fully updated, to not give Anglo any indication of size of resource if 2mt is looking to be breached too early. Could also be because they are bad to be fair.
But, holding back bad results because they are poor would mean results from approx 8 holes would all be bad if your speculation is credible.
Any members that have even a minimal understanding of a porphyritic system will ignore these posts as I’m sure you all already have.

Bullish on copper
https://www.youtube.com/watch?v=Yurv1dranfM&t=459s

Really good point you make Cygnus, also, with the lack of market reaction to news so far, albeit along with other market influences that have kept stocks down. Would guess the company will have a strategy to as and how the resource is made up and when the market is informed to maximise impact. As credible a reason as the delays, both could well be concurrent.

As Gwynwin said , ust as we are being fed timescales on assay reporting that are now considered to have been overly optimistic. It could very easily have been the labs that had given xtract the timescales that were expecting to turn around results. It is they who are suffering with staff coming down with covid compounding any delays. Too easy to shoot down the messenger.
Just for balance on assay reporting. Other news is available of course ;)