Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report continuing progress on the Phase Two diamond drilling programme at the Bushranger copper-gold porphyry exploration project in New South Wales with the completion of BRDD-21-015 and BRDD-21-016.
Highlights
· Hole BRDD-21-015 was targeted at the Northwest extent of the interpreted mineralised zone and was completed at 780.5m depth having intersected 566m of visible chalcopyrite mineralisation from 204m depth
· The modelled resistivity low at 400m was interested accurately in hole BRDD-21-015 with a zone of more intense mineralisation from 399m depth within the interpreted high-grade crown of the intrusion
· Hole BRDD-21-016 was targeted in the Southeast extent of the interpreted mineralised zone and was completed at 645.5m depth, visible chalcopyrite was intersected over a 492.5m interval from 93m depth, which includes two stronger zones of mineralisation from 162m to 302m and 430m to 525m
· Both of these holes were designed to test the intrusion at shallower depths than the earlier Phase 1 drilling at the north-western and south-eastern extents of the Racecourse interpreted mineralised zone and the intersection of visible chalcopyrite mineralisation has further confirmed the prospectivity of the project
· Logging and core splitting of the existing Phase Two drill-core is on-going
· Drilling is underway on BRDD-21-017 which is targeting a resistivity low on the Northeast side of the intrusion and has intersected visible chalcopyrite from 118m depth
Colin Bird, Executive Chairman said:
"I am very pleased with the results of these two holes, both of which intersected long runs of mineralisation of varying strengths. Hole 15 intersected a long run of mineralisation in an area of low resistivity within the interpreted high-grade crown of the intrusion and we are pleased that this interception has demonstrated prospectivity at shallower depths. Hole 16 intersected two limbs and strong mineralisation in the proximity of the crown and has provided extensions of the mineralisation to the southeast. I am pleased that we report that hole number 17 has commenced and we have already intersected mineralisation at 118m."
Hottesttony, you don’t half chat some absolute ….
“I know something you don’t know” - another sound, reasoned analysis of the company giving us all an insight into your a solid dissection of both the positives and the negatives leading to a practically watertight justification of your valuation and of course future predictions for the prospect(s) this company has to offer.
Pretty sure I used the same style of “debate” in primary school when trying to convince my peers.
Highlights
· The second angled hole of the programme (BRDD-21-007) has been completed at 846.9m after encountering a well-mineralised 173m interval of copper mineralisation from 239m depth
· Multiple porphyry units were encountered in the hole, with persistent lower-grade copper mineralisation throughout much of its length
· Logging has been finalised and the core will be split for laboratory analysis for copper, gold and other elements
· Drilling of more steeply angled hole BRDD-21-010 is underway with the second drill rig from the same drill pad as completed hole BRDD-21-008; the new hole is currently at 202m depth, having encountered weak copper mineralisation since about 190m
· Drilling has also commenced on hole BRDD-21-009 from the same drill pad as BRDD-21-007
Colin Bird, Executive Chairman said: "Hole BRDD-21-007 was extended beyond the planned depth as the mineralisation in this hole was more persistent than anticipated. The next two holes in the current drilling phase have already commenced, with BRDD-21-010 progressing beyond 200m, and sparse copper mineralisation already evident. We are very pleased with progress to date."
You all realise that all that phase 1 drilling significantly increased the size of the resource compared to the figures this study is based on, right? ...and that phase 2 will continue to increase the size of the resource?
I'd disagree with you Jamesiecakes, this study proves unequivocally that at circa $11k / T copper ($5/lb) in scenario 10, it is commercially viable, you can't argue with that.
I agree that a prudent stance is 'just because you can doesn't mean you will', i.e todays news doesn't necessarily mean someone will proceed with the current metrics/Jorc but that's literally the point... we're not expecting them too, hence the several thousand meters drilling in phase 1 and the several thousand meters more drilling we're currently doing with phase 2.
"The preliminary open pit economic modelling in the Conceptual Study showed that an open pit based on the current geological model, which includes the estimated Inferred Resource, at Racecourse could pay back the cost of capital for a combined open pit and underground mining operation while being NPV positive based only on an initial open pit operation."
ref: https://www.lse.co.uk/rns/XTR/bushranger-conceptual-open-pit-mining-study-c05hq78ws9qagfq.html
"When the results of the Phase One and Phase Two drilling programmes are incorporated into the Racecourse mineralisation model, Xtract expects that the Inferred Resource will increase significantly in size, which will have a strongly positive effect on the overall economics of a mining operation at Racecourse."
Worth paying close attention when reading the RNS:
“The preliminary open pit economic modelling in the Conceptual Study showed that an open pit based on the current geological model, which includes the estimated Inferred Resource, at Racecourse could pay back the cost of capital for a combined open pit and underground mining operation while being NPV positive based only on an initial open pit operation. When the results of the Phase One and Phase Two drilling programmes are incorporated into the Racecourse mineralisation model, Xtract expects that the Inferred Resource will increase significantly in size, which will have a strongly positive effect on the overall economics of a mining operation at Racecourse.”
Ref: https://www.lse.co.uk/rns/XTR/bushranger-conceptual-open-pit-mining-study-c05hq78ws9qagfq.html
Highlights
· The Phase Two drilling programme at Racecourse has commenced on schedule, with drilling already at 20m depth on the first hole
· A second rig has arrived on site and will start drilling at the second drill pad overnight
· The Company will provide more details of its drilling aims and progress as the programme advances
Interview out on V O X: https://www.**********.co.uk/articles/traders-cafe-with-zak-mir-colin-bird-executive-chairman-xtract-resources-ac8863c
Ella10, any chance you could provide a reference point for that statement?
As far as I was aware Phase 2 drilling starts in July, not necessarily on Monday.
Happy to be shown where you've got that info from - after all, I think it's important to base our expectations of company operations on company news releases instead of conjecture.
Re-read your post and I feel exactly the same Ella10.
Thinking you’re well researched without having browsed the company website to analyse projects/accounts/company structure seems a little odd to me…
I stand by what I said: if you’ve researched any company you’re investing in to a point where you feel ‘well researched’ enough to invest, you shouldn’t be ‘surprised’ by something on their website.
Interview: https://m.youtube.com/watch?v=GBSaqFttIyY
Great to see the team communicating in a balanced and confident way.
I'm feeling overwhelmingly positive about the project (regardless of recent share price action).
Jeremy Reed lit up when asked wether they'd hit that 2m T AA clause - using 2 drill rigs, 6 months of drilling, finding the high grade areas, lots of news inbound H2 2021 and confident of achieving their objective.
Also worth noting that organising an external company to work on open pit design is with the intention of arming XTR with their 'decision to mine' ammo should they choose to exercise that side of the AA clause.
All in all a good interview and looks to me like triggering the AA buy back is a question of when, not if.