but plus...... (plucking a value form the air).... £10million drilling etc to move a relatively small % into the measured resource .... imagine what £10 million of drilling in the south east, south west and Footrot might do to the overall inferred resource (assuming our fortune continues and we find mineralisation in all areas)..... 2mt could be 4mt....could be 6 mt...... (or could stay at 2mt of course....thats the risk)
Steve, just my opinion, but if we were to move ANY of the resource estimate to measured.... we should only stick to phase 1 of the open pit... or maybe even just the original JORC.... its over a small area, self contained and shallow, so limiting the amount of drilling required to get there. It would also mean that the portion of the project that pays for the capital investment is significantly derisked for the buyer.
Im not saying we need to do that to get a fair value for Bushranger though.... might pay bigger dividends to confirm the extents of the other anomalys.
I think there are many ways to skin this antipodean feline
5 years for Xtr to drill this and get to measured..... I dont think the marketplace can wait for us to do that.... with the supply deficit already nipping our heels... it needs a major to buy it... deploy a significant drilling and development team..... and get it to production in 5 years.
AIMHO.....& GLA
The cost of drilling and study work to satisfy moving from inferred to measured in this location would be a lot more than bushranger .... but also the logistics and infrastructure will be a significant proportion of development costs along with the drag on ongoing OPEX. The 50% value reduction from measured to inferred is nailed on.... but when making comparisons should we take it off the final shareprice target (my feeling).... or from resource value.....
I'd love this debate to include the context of the SE anomaly too..... with (we hope) a positive result for visible mineralisation..... (wouldn't wNt to be outta this over the weekend? ..... lol)
Good visible mineralisation in hole 25, akin to what has been returned in the current drilling will surely go a ways towards a significant price rise? just as the long 'ole in Dec/Jan last year was a step change in scale of deposit, then confirmation (although only visible and to some extent subjective) of the what is in that south east anomaly will begin to do the same?
Remember as well.... although we wont be reporting the revenue, we should hopefully get an RNS in the next 5 to 6 weeks telling up that Manica is processing..... for me another notch up.... particularly as it will be a signal to AA that we can continue drilling without raises.
I'm hoping for hole 25 today, but ok if it is reported next week..... but I love starting a weekend with good news.... or at least a Colin interview. He is always so optimistic. ??
I tend to agree.... the selling/shareprice retraction has been on relatively low volumes.
I think the company just has to continue to prove up value and at some point the share price will move.
I have a small holding of shares here and it was on the basis of things like the JV with Caerus and the Mankayan project potential.... but have I undercalculated? One of those links you provided IK seemed to suggest that we would be due 42 million if the whole deal went through. And we retain 20% and we get 10million shares in the new listed company...
I have been waiting in expectation for this listing to go through in Oz but I hadnt realised quite how lucrative it could be..... Or am I putting 2 & 2 together and getting 10?
Did someone say a few days ago that Thursday was Colins birthday? If so happy birthday big fella and I hope you get some good news from that 'ole 25 today.
If its not your birthday..... im still hoping you get that good news...lol
8 Open pits
7 Assays testing
6 Drills a' turning
Maybe he is going to do an interview with Zak on the 4th and Zak will sing him happy birthday.
Im not expecting Sinatra, but come on Zak, you can sing happy birthday to the Colmeister.
The plan in the RNS on 12th October showed holes 20 & 21 in progress.... and I count 13 pink dots remining on the map... which would make it 34 holes in total.
Thing is, 22 & 23 started from existing drill pads and arent shown with pink dots..... so my supposition is that the pink dots are new drill locations that we are allowed to drill from in the approved permit ... but I dont think we will get to them all unless they sanction more funds to the drilling program.
To summarise..... I think we have up to 9 left to drill based upon their expected plan in the 12th oct RNS, but actually if a little bit more money is provided to the drill team we could get another 11 holes in based upon the approved drill map.
Or course a lot of the costs are /m drilled so if they stick to the budget it will stop when the money runs out.
exciting times
sorry I meant I really CANT see the risk at this shareprice.
3cardbrag, im not sure if im picking up your comment correctly... it might have been rhetorical.
The average grades being found so far means a lot of stuff needs to be mined, but thats true for most porphyrys (look at the graph of deposit types and grades over the years from the latest presentation on the website). The comments coming from the project is that there isnt a shortage of rock to be mined.
The economic model carried out earlier in the year showed the mine as paying for itself just on the basis of the existing JORC and almost all of the holes drilled so far in phase 1 and 2 will have been additive to this original resource. The expectation of the company was that they would be able to get to the 2MT, based just on the expansion of this JORC into a single open pit mine. It cant be stated as fact until the assays are in and the JORC issued but I think some of Colin's "Forward Looking" statements were that they were anticipating getting there with this open pit alone.
More the question now is, is the same mineralization repeated to the Southeast and to the South, therefore making this much bigger than 2MT.
The average copper grades from the JORC and the assay results received so far sit well against other porphyrys, and the resource starts from very near to surface.... so although there is always risk..... I really see the risk at the current shareprice.
Maybe he is right this time about a massive raise.... hence the upcoming investor communication.
This share is nothing without commercialisation and exploitation of that opportunity.
If there is a concrete (No pun intended) route to something truely significant then we should be happy it's finally moving even with dilution.
If it is a raise to fund more of the same then its definitely a decision time for significant investors.
I'm only in with pocket money at the moment..... so I feel that I can be objective.... to some extent.
We haven't had the RNS Andrew. ANDYM spotted this earlier in the day. It looks like an oversight to miss it from the assay RNS.... especially when the effort went into adding it to the map.
It's definitely there though.....
And Empress are aggressively promoting themselves and regularly do interviews ... the most recent on their website was 23rd September and in that the CEO reiterated the production at Manica this year.
The presentation from the recent evening with Colin had more recent construction photos, but with only 2 months until the end of the year im sure the bulk of the plant will be in place and therefore ..... if you are reading this Colin.... it would be a great time to get some up to date pictures on the website.
O&W, im thinking that these guys will be pretty busy at the moment and its completely understandable that the heads are down while they are driving to deliver the project.
That said, I would certainly welcome some indication on expected timeframes..... The additional technical report that held up the DFS.... I have no feeling for whether this is a significant endeavor and 1 month , 2 months...3 months work .... should we be expecting it any day now or on christmas eve with Rudolph the red nosed reindeer?
I wouldnt expect news on funding before this, but maybe something regarding how the trial mining plan is progressing could be provided at the same time the DFS is?
I have high hopes that this will start to move quickly when it does, but at the moment I have no feel for when it will start.
NvS could do with doing an interview.... doesnt need to be probing, and doesnt need to directly reference detail from any of discussions/negotiations that ARCM may or may not be involved in.... but a bit of meat on the RNS bones with respect to the drilling results and why they feel the results are positive even if they didnt "blow the bl@@dy doors off!".
It isnt rocket science and its obvious from the direction of the chats on here that contributors are attempting to join all the dots and getting different answers.....