The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Even though the SP decline doesn't exactly thrill me, one has to laugh at the short sightedness of traders...
Maybe what we have here will sink in when people actually realise what this drilling campaign set out to achieve vs what the second campaign beginning early Q3 will be setting out to prove:
"· As announced on 17 May 2021, the Company has engaged external mining consultants to build a financial model to investigate the economics of open pit extraction of the shallower ore"
"· The planned Phase 2 drilling programme at Racecourse is on track for commencement early in Quarter 3, 2021 which will focus on further definition of the shallower higher-grade zone and testing of the deposit extensions to the south and east as suggested by the recent IP geophysics survey"
Ref: https://www.lse.co.uk/rns/XTR/bushranger-project-further-drill-assay-results-aq58n2nth7gqtyi.html
https://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf
Look at the results to the South East (top right for clarity) on the diagram above.
http://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf
Then look at the IP results to the South East (bottom right for clarity) on the IP PDF
Doesn't take a genius to see that there will likely be significantly more (imo) high grade material to the South East, close to surface. The 'fast money' will no doubt come flying back when they start getting spoon fed results of +0.5% CuEq coupled with the realisation that the higher grade material is closer to the surface and subsequently cheaper to extract/process... maybe then they'll realise that todays drill results are an extension/additional part of the resource which add huge amount of scale / optionality regarding the Life of Mine.
>Why is it a one that holds an alternative view is accused of deramping or has sinister inventions.
Because there are snakes in the grass that try to wilfully mislead/misinform to suit their own agenda, perfectly proved by my previous post regarding hydrogens comment.
Agreed iceberg, he's talking absolute nonsense:
Hydrogen: "A large open pit appears ruled out due to large unfortunate shape and overburdened."
Colin Bird: "The higher-grade sections appear to occur at shallower depths and form a "cap" of higher-grade mineralisation over the top of the central porphyry intrusion. We believe this enhances the ability to potentially open pit mine the Racecourse copper mineralisation. Consequently, we have engaged external mining consultants to build a financial model of what an open pit mining operation could look like at Racecourse."
ref: https://www.lse.co.uk/rns/XTR/bushranger-project-further-drill-assay-results-aq58n2nth7gqtyi.html
All good my end Ella10, the only thing causing 'red mist' are the posters (imo) intentionally misunderstanding/misleading in order to try and suggest todays news is negative. Certainly stinks of an agenda to me - especially with the amount of random new poster accounts that turn up to support said agenda having never had a look in previous, but whatever, par for the course i suppose.
Regardless, looking at the facts: theres more copper, it's an economic grade and the resource keeps getting bigger drill by drill.
Some posters seem to be 'forgetting' about the drill results we already have demonstrating the high grade material is close to surface whilst failing to mention that todays news is about MORE copper at the grades given AS WELL AS the resource we already have, it's not demonstrating grades are lower than expected as some are suggesting?!
The 'lower grades' are for an extension of the resource as well as having the higher grade material we've already been informed about, hence why I keep spamming the link to the diagram that demonstrates irrefutably what these drills mean.
Skip the uninformed conjecture, look at the facts:
Racecourse Mineral Resource Long Section- http://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf
Racecourse Mineral Resource Cross Section- http://www.rns-pdf.londonstockexchange.com/rns/7985Z_3-2021-5-25.pdf
The lack of understanding here is painful.
I don't agree with you re expectations set Ella, I knew roughly what to expect from these assays due to comms from the company and I'm more than satisfied that they delivered.
Todays results demonstrate a significant extension of the resource at an economic grade, I don't understand those who are trying to suggest this is a bad thing.
CleverThoughts, today’s results are a piece of a much bigger jigsaw, if you look at the diagram released alongside the RNS which demonstrates the significance of holes 2&3 and think it’s bad news you need your head checking IMO.
Ref: https://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf
Excellent news as far as I’m concerned, for those that are struggling to visualise what today’s news means just look at the diagram provided: https://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf
Drill result by drill result the resource just keeps getting bigger.
Following the two x 1m share purchases this year, CB holds 12,532,266 shares.
( Ref: https://www.lse.co.uk/rns/XTR/directorpdmr-shareholding-avmncwy6mi3f30a.html )
12,532,266 x 4.65p = £582,750.369
At the ‘recent’ SP high of around 8.5p that holding would have been worth over £1m.
That’s hardly an insignificant amount of money to have on the table. Some might even suggest that obtaining a high SP would be in CB’s interest...
“Assay results from the first drill hole (BRDD-20-001) of the Phase One Drilling Programme at the Racecourse deposit returned an overall intersection of 920m @ 0.3% Cu, 0.02g/t Au and 1.45g/t Ag (0.33% CuEq) from 110m
Higher-grade zones within the overall mineralised envelope include 156m @ 0.48% Cu, 0.04g/t Au & 2.44g/t Ag (0.52% CuEq) from 110m and 44m @ 0.50% Cu, 0.05g/t Au & 1.92/t Ag (0.55% CuEq) from 504m”
Ref: https://www.lse.co.uk/rns/XTR/first-drill-assay-results-bushranger-project-4wscjc7o3z1vw64.html
Then look at the grades from previous drills of the resource: https://www.rns-pdf.londonstockexchange.com/rns/7650I_1-2020-12-15.pdf
It’s not like we don’t already have information on grades... I’d suggest some of you just need a bit of patience, especially when CB has clearly communicated that the collation and processing of assays / creation of models / plotting subsequent drill holes etc will take a little bit of time to work through the scientific process before bringing it to market.
Perhaps this diagram will also help when trying to visualise the long section/cross section situation:
http://www.rns-pdf.londonstockexchange.com/rns/7650I_1-2020-12-15.pdf
Morning Ella, there’s a . at the end of the link that’s stopping it working, think it should be this: http://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf
The “cross section” is basically referring to the drills to test the grade across strike in that particular area, I.e drilling at an angle to intersect the “long section” (BRD-20-001).
Hope that helps :)
There was an RNS released on Monday 17th May...
Ref: https://www.lse.co.uk/rns/XTR/ip-survey-initial-results-at-racecourse-prospect-9aik931bru6m4nd.html
Gixxer, with the greatest of respect, if I may post an exert from that very RNS which I believe clearly communicates Cb’s/XTR’s intentions re keeping the market in the loop:
“ Assay results from hole BRDD-21-002 onwards are expected to be received in batches over the coming weeks and will be reported as they are received and collated”
Ref: https://www.lse.co.uk/rns/XTR/completion-of-phase-one-drilling-at-bushranger-8sri11xtzfsp5lw.html
To me, the above means: the company are expecting to receive the results in batches over the coming weeks and will report to the market once they are received and COLLATED.
I.e, not reported individually.
There are an awful lot of people trying to spread panic here..
Just waiting for the posts about 'CB spreading himself too thinly' to appear.
We had news YESTERDAY and posters are still moaning about needing their hands held.
CB has already made the company stance clear through previous communication:
ASSAY RESULTS WILL BE RECEIVED, COLLATED AND SHARED WITH THE MARKET.
Jezzoo -
"Disclosures in relation to shares
'Dealing' is widely defined: the buying and selling of shares, the grant and exercise of options and pledging your shares as security for a loan are all disclosable. Similar rules apply to share dealings by directors of AIM companies."
Ref: https://www.pinsentmasons.com/out-law/guides/disclosures-and-restrictions-on-dealings-in-shares
"· Assay results from hole BRDD-21-002 onwards are expected to be received in batches over the coming weeks and will be reported as they are received and collated"
https://www.lse.co.uk/rns/XTR/completion-of-phase-one-drilling-at-bushranger-8sri11xtzfsp5lw.html
What's so hard to understand? If you're still struggling to get your head around why we haven't heard anything yet, I suggest you look up the definition of collated.
“..If a "Decision to Mine" is taken by ProspectOre prior to the identification of 2 million tons of contained Cu equivalent, Anglo also have an opportunity to exercise the buy-back. Anglo have a once-only opportunity to exercise the 80% buy-back whether the opportunity comes through the discovery of 2 million tons of contained Cu equivalent or a decision to mine."
Ref: https://www.lse.co.uk/rns/XTR/bushranger-copper-gold-project-australia-o7u71uhdwbdy9b9.html
No doubt AA would have a period of due diligence prior to committing to a purchase - meanwhile we’ll be cracking on with the second, much larger drilling campaign which will be adding to the resource drill by drill.
The clocks ticking...