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NTM, I don’t know of any small cap share where the price reflects what its investors think it’s worth. For me it’s all about potential upside and it does not look huge to me here. In my view there needs to be a reasonably clear path to multi bag potential, which is something I’m not seeing here. It’s all about let’s wait and see. Maybe POC goes up and Bushranger becomes worth something. Maybe Manica revenues can be used to find a new project with decent upside potential. If you all love this then keep buying and I can release some more shares into the market for you.
I sold down a portion of my shares because:
1) I don’t feel any of the drilling at Bushranger substantially improved upon what was already known. I also believe comments about it remaining open in multiple directions contradicts previous comments. Bushranger has been a huge disappointed and misrepresented by CB. The only way it becomes valuable IMHO is if the copper price goes up considerably, but there are other less complicated ways to benefit from such a move that don’t require paying salaries and costs while we wait it out.
2) Manica production & revenue below expectations. Again CB overstating in interviews relative what has subsequently transpired.
So overall the two biggest projects have underperformed to date. African Pioneer looks a lot cheaper in comparison to XTR at the moment as XTR doesn’t have a potential game changer while AFP has three of them (but without a steady cash generator like Manica). I would be a lot more heavily invested in AFP if I could take CBs comments at face value.
Seahawk, I agree completely with you. They sold at 125p, barely a couple of weeks after doing the rounds promoting it. Why would they not buy in at 20p? I expect that’s either because there is a closed period because they are in farm in negotiations, or more likely IMO they are still unsure of what is happening and are holding back in case there’s a share issue, which they would need to participate on (and at a lower price than current).
Remember when Scotty was criticising 88E for using PANR data to promote their own acreage. Will he be doing the same with PANR today? For me todays news suggests PANR maybe don't have a good grasp on their own modelling given how they were dismissing the 88E drill previously. (Though I do ultimately agree that the 88E drill is relevant, and always was going to be - most likely they didn't want a failed drill for 88E to reflect on their acreage, hence the distancing from it - heads we all win, tails only you lose).
howezap you are the ONLY person who is still clinging onto the possibility that they are joined up. They are not, CB even said it himself, and for as long as it is in XTR ownership we'll never know for sure because it will never be worth the money to drill more holes in an area which has already been determined to be of no economic interest.
Seems he is talking about them as two separate mines - did he say something along the lines of that if Ascot turns out not to be commercial we still have 1.1MT at RC? Seems to me any buyer would put little to no value on Ascot until it can be proved up more. I expect no third party interest and maybe no funding opportunity for a while to warrant a phase 3.
howezap - why is this, taken from an RNS in July, still not good enough for you? So you think they should just keep spending money by putting holes in this area? You keep going on about how this area hasn't been explored effectively, what more do you think they should do?
-- Assay results for holes drilled between the Racecourse and Ascot deposits have defined the southern limit of the Racecourse Mineral Resource and the northern margin of Ascot
-- Hole BRDD-22-042 cut a lengthy interval of low-grade copper mineralisation to the south of the Racecourse deposit which is considered to be below viable mining grade and will thus be valuable in defining the southern limit of the conceptual open pit
Rubbish from howezap again. While there is potential for Ascot (although this looks significantly less than previously thought given the poor follow up drill results), the drilling between the two prospects has already proven that the area between is not mineralised enough for it to be economical.
Look at this, yet hopes still being pinned on them joining up?
7 July 2022
Xtract Resources Plc
("Xtract" or the "Company")
Bushranger Project Assay Results and Drilling Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received for drill holes BRDD-22-040, BRDD-21-041 & BRDD-22-042 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.
Highlights
-- Assay results for holes drilled between the Racecourse and Ascot deposits have defined the southern limit of the Racecourse Mineral Resource and the northern margin of Ascot
-- Hole BRDD-22-042 cut a lengthy interval of low-grade copper mineralisation to the south of the Racecourse deposit which is considered to be below viable mining grade and will thus be valuable in defining the southern limit of the conceptual open pit
-- At Ascot, mineralisation in hole BRDD-22-040 returned modest assay grades over a wide interval at relatively shallow depths to the northwest of previous drilling; this latest Ascot hole again shows relative gold enhancement compared to Racecourse
-- Drilling is continuing for now at Ascot to test copper and gold distribution at depth beneath previous drill intersections
-- Two exploratory drillholes completed at the Footrot prospect 7km to the southeast of Racecourse (FTDD-22-001 and FTDD-22-002) encountered weak copper mineralisation along with much disseminated to semi-massive pyrite and pyrrhotite within porphyritic intrusives, providing encouragement that the Bushranger project area contains potential for multiple porphyry copper-gold targets
Colin Bird, Executive Chairman said: "Hole BRDD-22-042 is the most southern hole we've drilled in the Racecourse resource area and, while considerable lengths of mineralisation are present, it is evident that we've reached the southern end of the Racecourse mineral deposit. We will now advance planning to define the conceptual open pit on the back of the drilling results, updated resource modelling and metallurgical test work completed."
Well CB's comments have not reversed the damage done. I have no issue with what Steve wrote and CB said little to dispute any of the content. We all understand Steve doesn't have all the data to accurately model the economics, but sometimes a "back of a *** packet" approach can be good enough. CB saying "even I don't know at this point whether it is economic of not" is hardly comforting. Plus like I said earlier, talking about the area between RC and Ascot is desperately clutching at straws. He has already said previously that it was clear don't join up following the disappointing assay results. Does anybody really think this area will be further explored by XTR?
“Why would Colin keep being positive about it if he knows he’ll be proved wrong in a couple of months”.
Maybe because he was hoping to get a placing off to set the next big thing in motion before Bushranger gets sidelined?
Steve has rightfully spoiled the party (and I am a shareholder).
How have we gone from Ascot and RC don't join up to maybe they join up? The area between RC and Ascot was tested, and there was nothing there. As for Ascot, I don't see how they can even put a resource number on it given they have one hole that looked great while everything else disappointed. Did they just manage to hit the very best of a tiny deposit on first drill or have they been extremely unlucky in that none of the holes surrounding the discovery showed much of interest?
This is complete garbage. People have been talking about how only a relatively small % of shares were sold, but actually a lot more would have been sold if there was demand to take them. I couldn't get quotes to sell even 250k shares over the past few days. If I could have sold all of my shares at the quoted price after this news broke I would have done. I suspect many other shareholders are in the same boat and became trapped. Short term charting as Zak has done after a material news event is worthless. I expect there will a lot of investors ready to offload more shares as soon as they can, and this will hold the price back.