The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Just thought I'd repost some of my old research notes as we're currently awaiting news on income streams from Manica and many won't have a clue what's around the corner:
----------------------
“Highlights
Excellent gold intercepts at Dot’s Luck include:
- 11m at 6.53g/T Au including 6m at 10.41g/T (DLD18)
-13m at 3.88g/T Au including 2m at 14.26g/T (DLD19)
Excellent gold intercepts at Guy Fawkes include:
-2m at 11.15g/T Au including 1m at 21.96g/T (GFR03)
-3m at 2.35g/T (GFR04)”
Reference: https://www.asx.com.au/asxpdf/20131127/pdf/42l5b7g6bfykxh.pdf
Note that these are only a small amount of drill results from a small amount of our (non Fairbride) hard rock targets, there’s much more information out there obtained by previous companies drilling campaigns, especially on the other resources (targets) on 3990C
----------------------
If you wanted a general feel for average grade / T for the targets we’re discussing then you could, for instance look at this sort of info (although NB this is from 2013/14)
Indicated:
Guy Fawkes @ cut off of 1.25g/T Au : 420k T @ 1.92g/T
Dot’s luck @ cut off of 0.5g/T Au : 425k T @ 1.87g/T
Inferred:
GF 380K T @ 3.90g/T
DL 455k T @ 2.06g/T
Ref: https://www.asx.com.au/asxpdf/20140314/pdf/42ncv68wpyxds8.pdf
Was just reading through some of my old posts/research notes from circa 2018-19 when the SP was sub 1p... can't help feeling a little reminiscent of the dark days where XTR was being beaten to a pulp and I was buying as much as I could get my filthy little hands on whilst trying to explain my reasoning in spite of what I perceived to be uncalled for negativity almost daily.
Anyway... without rambling about it too much, it made me think/want to say:
To those of you I've been heavily combative with over the years, I genuinely wish you all the best from your investment here (if you're still here) - LittleWing, Jez, Gix, Andrew to name just a few of my verbal duelling partners - I know things got a bit nasty at points and that I can be a bit cutthroat when I think I'm right and someone else is wrong - I'm sorry for that, it's just my way when it comes to business and I'd hope you don't hold it against me personally.
I'm also aware that something being 'my way' doesn't excuse some of the unnecessary personal digs I've had at you lot over the years, and for that, I'm sorry.
I just wanted to say that from my end, as far as the flak I received from a few of you over the years, it's water under the bridge and I wish you all the very best here.
Well, what a fantastic week's drilling once again ladies n gents.
Both holes required drilling beyond targets as the mineralisation went further than we'd imagined, XRF's looking good, lab analysis of cores and another drill on the way to further define the ore body, other projects pushing forward (I'm still psyched about Manica) with several income streams looking to come online over the next couple of months... it certainly is starting to look like CB's coming good on his promise to old timers here.
There will no doubt be a few (including myself) grinning from ear to ear with recent developments.
Humbogumbo, you don't seem to understand that for many invested here, the share price being 5.5pps or 6.5pps over the next hour, day, week, or month is basically irrelevant considering the current events within the company.
Our targets are set considerably higher than todays SP and we've been with XTR long enough to understand what kind of reward a bit of patience can bring.
Fantastic news, what an outrageous result from the first two drills.
N.B. important part of the RNS:
"As the first two completed holes by the Company at Bushranger were particularly critical in defining the overall down-plunge and width dimensions of the Racecourse deposit beyond the limits of previous drilling, the Company has issued daily updates on drilling progress over the last few weeks. The positive outcome of the first two holes has warranted the drilling of several follow-up holes, and ongoing drilling will aim to further extend the boundaries of the deposit and to define the internal continuity of the mineralisation, as well as testing for possible additional branches of the porphyry system. The Company will revert to reporting on the drilling on these follow-up holes on a more periodic basis as significant developments arise."
A return to more standard reporting is to be expected moving forward.
Look at the grades of previous drills: https://www.rns-pdf.londonstockexchange.com/rns/7650I_1-2020-12-15.pdf
Then look at the XRF measurements of BRDD-20-001 (ref: https://www.lse.co.uk/rns/XTR/geochemical-update-on-bushranger-project-urg5n9bt5k8o95d.html ):
o 40m @ 0.3% Cu from 110m using a 0.2% Cu cut-off
o 148m @ 0.3% Cu from 171m using a 0.2% Cu cut-off
§ Including 30m @ 0.6% Cu from 235m using a 0.3% Cu cut-off
o 287m @ 0.3% Cu from 474m using a 0.2% Cu cut-off
§ Including: 30m @ 0.4% Cu from 517m using a 0.3% Cu cut-off
§ and: 23m @ 0.5% Cu from 628m using a 0.3% Cu cut-off
§ and: 39m @ 0.5% Cu from 722m using a 0.3% Cu cut-off
Then consider that we've had to drill significantly (in terms of meterage) past the planned depth on both of our first 2 drills due to continued mineralisation past planned depth. On top of this CB has been pretty vocal about the strength of mineralisation at depth (backed up imo by the XRF's).
The info is already out there...
...argumentum ad verecundiam certainly seems to be more common place on the bb these days.
Transparent imo and adds nothing to the fantastic progress the company is making.
Stick to the facts people: huge amounts of mineralisation, outperforming expectations on both initial drills, drill 2 still drilling 100m past initial plans, income on the way from other projects etc. - happy to provide links to COMPANY NEWS RELEASE info if anyone is struggling with research.
Important message to anyone who's inexperienced in investing: don't believe ANYTHING you read on here without looking into it yourself, listen (if you choose to) to company news releases and interviews with company representatives, ignore the noise as bb posters agenda's will only become more prevalent off the back of this drilling campaigns success.
CB mentioned previously that if we were drilling into Tue/Wed this week that would have been a fantastic result and considerably bigger than expected... it's now Thursday, we're nearly 100m past the planned drill depth, still in mineralisation and still going.
Just let that sink in for a minute.
Highlights
· Drilling in hole BRDD-21-002 has been extended to the current depth of 846.5m, past the original planned depth of 750m, as the hole has continued to intersect copper mineralisation.
· Mineralisation occurs in the form of disseminated and fracture-fill chalcopyrite throughout the lower marginal alteration zone of the porphyry to the current depth.
· Drilling will continue while the hole remains within the mineralised zone.
Several hard rock contractors working various projects across Manica (Fairbride, Guy Fawkes, Boa Esperanza etc.) at circa 20-23% royalty, a few alluvial contractors working away paying us for the privilege on top of that.
Also... "MMP and Xtract have further agreed that, if with increased knowledge of the Manica Concession it is deemed appropriate to undertake a major drilling campaign to identify and delineate a larger mineral resource then currently known in the Permitted Area, the parties will agree to invest on a 50:50 basis to identify a larger potential gold mining resource. The parties will form a new SPV for this activity and it will be separately managed with both parties having an equal interest. A larger mineral resource is defined as all resources in the Permitted Area in excess of those currently known, with a minimum threshold being 2,500,000 ounces."
"Option to purchase the concession
The Company has granted MMP an option to purchase the Fairbride concession, subject to all parties receiving necessary regulatory approvals including, but not limited to, the Company obtaining shareholder approval, for an amount equal to the greater of:
· An amount equal to 80% of the net present value using a discount rate of 15%; or
· US$20 million
This option to purchase has a term of 2 years and is only in respect of the known resources in the Permitted Area. In the event that the parties agree that the operation has extended life potential (beyond 8 years) or alternatively discovers a larger deposit then the parties may agree a buyout by mutual consent on the basis of an amount equal to 80% of the net present value of the larger resource, again using a discount rate of 15%."
- FYI this RNS dated 29th May 2019 - 2 year option... not that I'm by any means relying on it, but just saying...
Ref: https://www.lse.co.uk/rns/XTR/manica-hard-rock-collaboration-agreement-ghoo8qdt7s68ji6.html
I appreciate you have your own view on it, but to act like the above won't significantly add to cash flow and/or couldn't be a company maker in it's own right is barmy imo.
I'll get baking...
O&W - cash flow from the other areas of the business has in some cases taken years to get to the point we’re on the cusp of now.
I’d suggest the speed with which you dismiss them as basically irrelevant demonstrates your lack of understanding of the magnitude of the other projects.
I appreciate you may be here for bushranger, but coming from the view of a LTH here primarily for Manica (originally, not that I’ll turn my nose up at recent events) - you clearly don’t know what you’re talking about and seem to be taking a very bizarre stance on a decent amount of cash coming into the business after years of planning, drilling and building mines.
If you think, in your own words: “Manica and Zambia - are side shows that will bring in diddly squat to the bottom line” then may I suggest you actually read the news flow surrounding these projects, look at the timelines and do some basic sums on income potential.
Highlights
· Drilling in hole BRDD-21-002 has continued to a current depth of 798.5m, beyond the original planned depth of 750m.
· The hole passed through an altered porphyritic intrusive 'core' over approximately a 60m interval and then back into the marginal alteration halo to the current depth.
· Copper mineralisation in the form of disseminated and fracture-fill chalcopyrite has continued through the lower marginal alteration zone of the porphyry to the current depth, with well-developed chalcopyrite occurring over the last few metres.
· Drilling will continue while the hole remains within the mineralised zone.
Colin Bird, Executive Chairman said: "It is very pleasing that the hole continues within typical porphyry-type mineralisation beyond the planned hole depth. We look forward to further results".
Highlights
· Hole BRDD-21-002, the second hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, is collared over 300m from the previous hole, angled at -80 degrees and is offset from strike with the aim of crossing through the down-plunge extension of the deposit at depth.
· Drilling has continued to a depth of 685m, passing through various rock alteration types as far as the current depth.
· Chalcopyrite copper mineralisation is observed through much of the lower part of the drill interval, accompanied by pyrite and pyrrhotite in the form of disseminations and fracture-fill. The hole is continuing.
Colin Bird, Executive Chairman said: "The hole continues and the mineralisation thickness is to our expectations and beyond. We will extend the hole until we reach rock types which are atypical of porphyries in the area or the mineralisation diminishes completely."