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On Wednesdays share talk interview, Colin commented that phase two drilling campaign will be “much bigger than phase 1.”
I anticipate anywhere between 10-20 holes to test the areas and other anomalies he also mentions in same interview.
Thoughts?

Would agree News,
his comments do appear to indicate that, any other prospects within the Bushranger licence that show positively from the IP and subsequent 3D modelling will be drilled and analysed to prove as much of the potential of the whole resource as necessary.

These areas include Footrot and other anomalies that have previously been identified. Not forgetting, realising the full depth and width of Racecource. Further IP surveying will no doubt give them a better understanding of these potential targets too in leu of programming the 2nd drill phase.

Is certainly more pleasing knowing we have something a bit special we are heading toward and now is falling more into medium to long term investor territory from here. The share price trajectory should hopefully stabilise with a steadier rise north.

Just my opinion I don’t profess to be an expert on the market but just say what I see

What I took from the interview that has not been touched on already is, ”we haven’t hit the bottom yet, or established the width.” No doubts that initial drilling of 2nd phase in June- July will continue to establish the size of this porphyry
Next month or so will certainly be interesting up to that point.
Very positive RNS and once again, a very honest, sincere interview
Good stuff Colin!

Good point papaduke and I agree Andrew.
The only other option then I’m hoping someone can quickly debunk, could they be contractually or morally obliged to stop work with it being a Christian holiday. Certainly just the Friday and Monday.
As I say hope is not the case but worth considering just so where expectations are concerned for an ‘imminent’ RNS

We know the drilling crew have worked through previous weekends but as this being a public holiday, they may paused for the break. Rigs with crew are no doubt not cheap to be sitting idle, so am hoping is not the case and we will expect the news soon. Colin may have compiled the RNS but waiting for it to be verified this morning maybe??

Jrlomax, you are of course correct in that yes we do need to get to 2mt. But, we will not know if we have until the whole area is explored and proven with JORC.
Could be in excess of 2mtCu Eq... maybe 3 who knows. It’s a big system, just how big is the question.
As has been said before, if say, 3Mt Cu Eq is found then that is what AA or any other major will buy at fair market value

Steve,
I can see where you are coming from, regarding inviting AA to have their own geologist work along side ours, to assist planning phase 2. I like the idea in principal, but, would they not have their own agenda, also I cannot see two lead geologists working along side one another.
This was just my initial thought, without knowing anything about this kind of process.
Could you elaborate any more?

“a ball park figure of say, 4-5 holes drilled per month”

Correction-
More like 2-3 per month, I know the drilling crew have been efficient but.....

Take a listen to the latest interview with Colin bird from last week. If not already heard.

https://www.share-talk.com/colin-bird-executive-chairman-xtract-resources-plc-xtr-l-exclusive-interview-3/#gs.xbl680

3D modelling will by completed by June- July. From which, the 2nd drilling phase ( much bigger than the first phase ) will be planned.
So the second phase will not commence until July I would say

Not possible to give a definitive answer as to whether will get JORC by end of year.

Will have a better understanding of the size of the potential resource after the IP survey has been completed roughly by end of may into April. The data collated with what we already know. Then, the next drilling phase will be planned, so depending on how many holes are planned will give us a ball park figure of say, 4-5 holes drilled per month then another month or so after that to get back last of assay results.
It may of course be that further drilling is required beyond the 2nd phase if a 3rd phase is necessary!
My guess is no we won’t get the whole licence area classified JORC by end of year as am hoping it is even bigger than we could possibly hope.
I think there is a certain naivety of some that believe that the buy-back option will be triggered as soon as we hit the estimated 2mt Cu. This will not be the case.
Is just my opinion I’m sure there are differing ones available lol
DYOR including understanding a resource and mineral resource classification (JORC)

Thank you CE for the clarity on that one.
I had read your earlier post wrong
Call it a ‘senior moment’
Enjoy the holiday all

Thank you CE is intriguing. So if they managed to get hold of 20-30% shares would they then have a controlling interest. And subsequently, any influence as to how far the ongoing programme continues to get the resource classification?

Agree Steve, regarding references now comparing to cadia rather than boda.
I posted google map links earlier to location of racecourse. If you zoom out from it, the enormous cadia hill gold mine is at bout 10 o’clock you can’t miss it. A resource of that size would be just fine hmmmmm.. found myself overlaying racecourse with the cadia mine just to see if it would fit!
Well it does!... Just

Don’t believe an early offer will arrive as they have first refusal, so no need to take the risk of another major getting in there first with an offer.
Ultimately Colin is a businessman, this discovery is that once in a lifetime career opportunity, I’m certain he will want to optimise the value of it, wrap a bow around it, and only the, let it go.
If an offer comes in early, can the board can reject it without shareholder consultation.

The buy-back summary on web site just states that AA have a one time opportunity (before it falls away). Would surmise by that there is a time limit attached

Captainbob. Replying to your comments regarding negotiating a royalty on the deal. Firstly thank you for doing the math. Is interesting, and something hopefully someone more knowing than me can give a view on it.
Personally I believe a straight deal will be made as no major will want to be giving anything away.
Certainly worth discussion

You could not hope for a better endorsement than having a major heavily invested.

Suppose they could CE, but W ould have to wonder at what point would they be willing to invest a large sum in as yet an unproven resource. I don’t know if they would or could, but if so, once the intent was known the share price would rocket. What leverage would it give them if and when the buy-back option triggers?

Did mean to add, the bigger this is, the longer will take, the bigger the prize....simple

After the IP survey and remodelling of all the prospects within the licence areas are analysed , a more comprehensive drilling programme will be planned and executed to get us hopefully over the 2mt and beyond. This could be a further 10, 20+ holes before all of the prospects are explored and realised.
It will take some time and money, phase 2 drilling is fully funded, and with revenue coming online from other assets later in the year, any further funding should not be a problem.
I for one am willing to wait for a sale, however long it takes. Will be adding along the way as and when I can.
This is just my take of course and will stand corrected

The buy back option states, if a deposit of greater than 2mt of contained copper is ultimately identified. AA may buy back 80% at fair market value......
My take is that the entire license area will be explored and realised prior to an independent valuation taking place. . 2mt just triggers their intent.