Member Info for howezap

Just to back up my previous comment re Colin on theiceberg
Here is repost originally from Caveatemptor for credibility

>>>>>15 Mar 2021 15:02
Hello Ice,

Just thought I would let you know that Colin called me for a chat quite recently ( spooky, because I had only just mentioned on here that I hadn't spoken to him for quite some time!) and, as it turns out, he is the number 1 member of your fan club- of all the posters on public BBs he repeatedly picked you out as being somebody that knows what you are talking about and stated that he really rates you.

I just thought that I would share that with you as you might like to point it out if anybody doubts the general content of your posts, more power to your elbow!

For added insight into the project itself, this blog by theiceberg is very informative.
Very well respected member, name checked personally by Colin bird

http://icebergshares.blogspot.com/

Just proving 2mtCuEq will not necessarily be reflected in the share price. It will gain when or if one of the buy-back options are triggered with AA and the market is informed. As to the direction this will go is still an unknown as we are still in the early stages of the discovery. There are many numbers that have been quoted , I tend not to get false expectations up although steve4077 reasoning is very credible. One comment from Colin when asked the same question was ‘its looking to give Jubilee (at 400m mc) a run for its money!

https://youtu.be/2WFUFdHX62Q

Listen to end

There does appear now to be more significance in comments made by Jeremy Reed regarding getting to the threshold of 2mtCuEq “to see what AA want to do”. With the growing enthusiasm now shown by Colin in interviews with the evidence so far that lean toward ‘sunshine mining’ open pit. And the desirability this type of mine holds with major mining companies. As racecourse prospect has developed Colin has gone from the single mindedness of proving up 2mt and selling back to AA and at the time, clearly stating then, a joint venture was ‘not’ something he would consider. Now however, with the project far exceeding expectations twice now, first when phase 1 drilling could not determine how far it extended to then see the IP survey results showing further extensions in every other direction. It seems a open pit scenario is clearly favoured now. So, potentially having to self fund the continuing extensive drilling campaigns that will be required beyond phase 2 to prove up a massive bulk resource may not be needed. Of course they will still be intensively drilled, but is it now more likely to be through JV?
Thus severing the intrinsic link, relieving the requirement of the African assets revenue streams to fund drilling in oz, as the JV would potentially be with prospect ore. (Subsidiary of xtract)
I welcome all comments and criticisms but be gentle as my head still hurts

I think a better picture can be had of the prospect if you first consider the average copper grades at cadia .26Cu Which is of relatively low average grade. Then look at Boda, .20Cu again of a low average. However, Boda is a deeper system and only lends itself to be mined by block caving. Without the optionality of an open pit. (Please correct me if that is not accurate)
In comparison, what we have at Racecourse is the potential for a very large open pit mine. There is already the existing resource at .46Cu with mineralisation at shallower depths and the results from IP surveying to date show the target increases beyond initial expectations from phase 1 drilling which was to try to delineate the porphyry, which proved inconclusive. IP shows similarly shallow responses that extend in most directions.
There is the understanding that the grades in general across the Lachlan belt are of a consistent average, let alone within the very same system. So it seems more likely than not that phase 2 drilling to establish the threshold of 2mtCu and exploratory holes to test the shallower targeted areas that extend have every chance of returning descent grades and at depths that make the potential for open pit mine very tempting and above all, economical. There was the 2011 scoping study for an open pit that was favourable.
Now, with the latest feasibility study expected soon, hopefully confirming a direction this project will go, further IP to south west to follow and results of aero survey will land and be reported when ready. I tend now to ignore shorter term predictions and just consider the bigger picture.

Most miners in my watchlist are down, Bezant, cobra, arc, Eurasia Greatland are all down similar amounts so is not necessarily company specific.
There are possible contributing factors and the market can be very fickle at times but generally LTH’s and the well researched see the huge potential. Very good value at this price now.

Support level forming here for now that has stopped it going lower lower. With some patience and positive news to follow should see this go higher higher again. With exploration success you should all get a big Brucey bonus when the price is right if you play your cards right :/

Thanks Ella I was not fully aware of his other commitments if that is the case. Certainly not uncommon for managers to oversee various projects and as we know not uncommon for a director to have similar :)
Is the project director Jeremy Reid’s a permanent position solely with xtract?

Me >>> Still trying to understand the necessary intensity or proximity of drill locations required to establish a probable average of contained copper in our case.

One of things the JORC does not regulate are >>the procedures used by Competent Persons to estimate and classify Mineral Resources and Ore Reserves (methodology)
Was not expecting any requirements from JORC as is merely the standard set for the reporting of mineral and ore reserves. So it may just come down to the integrity of the geologist (competent person)
to effectively plan the drilling once they have ‘geological confidence’ from previous surveying and exploratory drilling.
Safe hands in that respect then with Hills and Reid onboard dedicated to the project

Very quiet end to the weekend on the bb. Had way too much after the game to even start a discussion with one of my 2am drunken rambles. Super weekend, let’s just hope for some stability in the share price this week. Im sure the tide will turn soon. Overall, the feeling is very positive for the project going forward, so many positives already.

Best of luck everyone

By Q4 most, if not all COVID restrictions will be done with and if it doesn’t p1ss down that would help too
Possibly maybe…

Think Colin has managed to add a little spin on news considering the ‘expected’ poor 1st quarter. Being positive that “we anticipate improving operations in line with the final quarter of 2020".

>>> The scoping study results clearly Indicates that the project is potentially economic and that any additional mineralisation located through further exploration would enhance these results further.

Certainly bodes well
Thanks for sharing

Many thanks leprechaun. Is very helpful.

Thank you Ella do we know the source of the mapping? Is it all the historical holes drilled or just an interpretation.
Not seen this before.

With the original estimate of between 16-22k metres of infill drilling from phase 2 to establish the threshold of 2mtCuEq has not changed regardless of the further potential extensions to the porphyry. The variables are of course dependant on established depth of mineralisation and the average core grades within to get to that target.

Still trying to understand the necessary intensity of drill locations required to establish a probable average of contained copper in our case.
With the project looking to also test the further extensions within the 2nd phase, it would be good to have a little understanding of how the drilling is plotted to potentially maximise value to achieve target, then having more metres of drilling available for further exploratory holes.
As could only surmise that there would be a point where the ‘probable’ averages would become unreliable to be JORC compliant if infill drilling was not efficiently planned.
Is there an industry standard to follow, or maybe just down to the integrity of the geologist reporting.
Any pointers?

Yes the FOMO is always something you have to wrestle with, each have there own levels of patience or strategy.

Is a difficult call to put a firm valuation on current assets, but, potentially now with what we know about the existing JORC regarding the shallower, higher grades. it’s difficult, not to be confident the resource will be increased considerably looking at the signature from the IP stacks. Now with the added optionality that these shallower grades will increase potential for a very large open pit. It’s gearing up to be a very interesting phase in that respect, let alone any of other anomalous targets to explore.

Which is why I am confident of doubling my holding As my average is high in 5 it’s a great opportunity to average down to high 4’s. Quantity is king when it is potentially multiples of what it is at present when the compounding ‘effect’ kicks in.

Knowing when to sell is the hard part.

A sound strategy there ntm. I’m waiting for a transfer into my SIPP that has been delayed due to me forgetting to cancel contributions into it. This oversight has been a stroke of luck as I’m sure I would have already had some trenches as price as been dropping. Until it lands in my account I would prefer to see a support level found before buying. Hope Lady Luck holds out on me.

Prior to your post I had considered that this drop was just inline with what most other mining stocks are doing in my watchlist. And not necessarily company news related. Would tend agree with your reasoning behind mm’s activity to prize shares from ‘holders’

Hope you are right Ntm at this valuation I am considering doubling my position shortly.