Member Info for howezap

Bump to the top…
Short vid originally posted courtesy of caveatemptor if folk missed before on block cave.

https://youtu.be/PFVUqy3a6WQ

Xeiger your post in reply to me Sunday at 21.40. Sorry my friend I didn’t notice it until earlier.

Really hope we get to see the modelling of the open pit soon and as you say, with the scope of works and economics to access the deeper porphyry below, once the pit has been mined to its potential should add value.
The economics must make sense and show racecourse deposit has a viable, desirable mine and with some of them decent gold zones realised too, will cement it firmly on the shopping list of any major looking for best value for its very own shareholders.

Our billion dollar neighbours at boda with their multi porphyry system had to hit a high grade breccia zone of 1158m@.75cueq to potentially make their discovery economical.
What xtract is finding with the shallower mineralisation that will, if the grades are in line with the IP data and extent to the outer margins will increase what we already have and will be very cheap to mine compared to Boda that will require vast sums to tap into its deeper reserves by underground block cave mining alone. That must attribute to its overall value over and above minerals in the ground.

Come on Colin spit it out soon what you waiting for.

Sq52, Ella and xeiger Think the market generally considers racecourse a copper play as not much attention has been paid to the potential gold to be found. The drilling plots certainly the first from map/photo evidence ,as you say would indicate they want to hit some decent gold to make the market stand up and take note and get the project some attention. With ‘the dream’ of anything up to a 400mt reserve, the more decent gold found will make this so much more desirable and go further to being of significant economic value.

Now they appear, refreshed page half a dozen times last 6 posts weren’t there.
Honestly…

Some later posts have disappeared?
Or am I having a senior moment?

Oh haha that was called a ‘senior moment’ who am I kidding…..
And thank you

Aye less of the old me bud ;) altho felt have aged a bit prematurely last few months! has been twitchy but maybe see a decent last quarter with some updates due. Still getting back up to speed with dd at moment
Many thanks for the welcome

Have waited patiently for price to get back down here, missed out last month so happy to get onboard. Got me toe well and truly in.
Good value.

Screenlearner >>>> I thought I was investing in a mining exploration company with good prospects, not joing a poker game in which I don't even understand the rules!

When I first invested, I thought I was joining a game of supermarket sweep.

Its very unlikely the company will exercise the decision to mine option early, with a low revised JORC that will trigger the option to get them to buy in. Colin had stated previously they would need to show a genuine intent by showing all the modelling, provide the hard numbers, they would need to start developing the porphyry partially, and sink a shaft partially, so they get the benefit of the depth with the pit created.
He also said In a earlier sharetalk interview “With what we’ve got, we already have a viable mine, we are not just looking to sell this, we are doing the responsible engineering concurrently as we look for more and more.”
So is likely once the ore body for open pit has been realised with a revised ore reserve JORC. The additional mineralisation from porphyry’s below 450-500m and anything else at racecourse that can add to the tonnage will be added as a mineral reserve on the JORC to get us over the 2mtCuEq needed. Hopefully well over, if the extensions to the south west and east prove decent.
From that point then on, it is down to Colin to broker the best deal for the company and for its shareholders. Wether with AA or as likely with Newcrest.

I think ultimately we are at a disadvantage being tied to the buyback agreement. In terms of exploiting the full potential of the tenement area that includes footrot and any other porphyry’s found within the corridor leading back to racecourse or indeed elsewhere within the 500k odd square kilometres. AA or any other major will not want to spend money on what is potentially in the ground. And I, as an investor do not want to see it given away! They will simply only buy what has JORC classification. No ifs or buts!
So, to be able to sell the mine independently, xtract are then free to embark on the ongoing exploration of the other targets including the other tenements that are not included in the buy back agreement. Without being tied into a joint-venture which I believe may come if we enter into a deal with Anglo-American. Still a fantastic opportunity if is a good deal but AA will play hard ball for sure so any deal is at what cost to Xtract?

Looking ahead, and assuming that the initial scoping of open pit is favourable. Which we have a good degree of certainty it will be.
Could an updated JORC be sooner than we think?
My take-
I can see its more likely than not, the first JORC update will be to convert the existing from mineral to an increased ore reserve, that will support an open pit mine. That could potentially be JORC compliant, if all the supporting evidence is in place to show it is economically and technically viable.
We will see at least, another block of 13 drill holes, to add to the 8000m just started to further define the ore body. Could this be enough to give the geological confidence needed? We were all hoping for a drilling plan but with RNS stating, “The Company will provide more details of its drilling ‘aims’ and progress as the programme advances” I doubt we will see one to feed off.
So, once the drilling results are returned, assessed and collated, then potentially should have all the supporting evidence ‘if’ feasibility study is done by then.

Is It wishful thinking, likely or even a possibility that an updated JORC could be in place ‘before’ year end?

As it goes steve I have a awesome dog called Brecciasaurus Rex……..He rocks.

Comedy timing was never my strong point, bit like my investment timing

Brilliant guys my questions both answered before supper. What topic next for the weekend?

Is FATHERTEDFECK really a man of the cloth?

I agree Sq52 what I had thought

Well that was a very positive week leading into this next exploration phase. A decent rise was well overdue with the suffer of seeing the share price fall over the last 3 months. Here’s hoping the following weeks are supportive of the uptrend we have seen so far.
Be quietly confident and keep expectations rational….It doesn’t sting so much!!
Couple of questions that need to be asked. Where is 1DAYMAYBE and does steveosaurus really have a dog called Rex?
Maybe of topic over the weekend.

Enjoy

google map in satellite view my guess

Dropped pin
https://goo.gl/maps/anCHBtqDYGLS4Zo66

Doesn’t show the pin I dropped and opens it for me already upside down.

Good indication of drill location from google earth

Google Earth Link

https://earth.app.goo.gl/pqkaLJ
#googleearth

Turn google earth map upside down, the view in photo is looking south. You can clearly see the tall spindly tree to the right ( centre of the 3) in photo. On google earth zoom in shows the tall tree shadow. Is two rows of 3 trees in on sat view but one row is just out of shot to right in photo. Then look behind guy with yellow high viz coat at end of tree line there is a cluster of trees that stick out. You can see this on sat view too. Then way beyond that too a further cluster…. You get my point I have way too much time on my hands.

Looks very waterlogged there. Thankfully the rig is tracked so will have no issues to get it from pad to pad. And support vehicles will have track mats available.
There’s a stack of them in the first picture by looks of them (grey) just an observation from a plant operator/investor

Notable shift in priorities for sure.
The necessity to get to that threshold of 2mt does not appear to be prevalent now.

The Phase Two programme is designed primarily to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd ("Anglo") in 2014 and 2015 and to define further the shallower part of the Resource with a view to possible development of a large open pit.

I can only see this as a ‘massive’ positive, believing that they are confident of an ore body exceeding target with what is already known. Maybe an intent to put the project into the best possible position before any of the options are triggered. Colin has already stated they do not have to accept the independent valuation. And so could be manoeuvring us into a position where offers from other majors can be considered. Business is business.
Food for thought or pie in the sky?