Member Info for Lucky520

We're you there jezzoo?

Well if the AGM was that good then someone would be saying it.
I'm sure we will all find out at 8 AM Tomorrow.

Gixxer, looking forward to your warts and all opinion of how the AGM went, if you went?
Would be much appreciated.

AFP's RNS is a nothing rns. It's 2 holes of xrf reading saying there is copper anomalies.
Really scampi g the barrell for that rns.
I'd rather we didn't get one than one like that.

AA will laugh us out the room with the decision to mine. Whats our Mcap? And What's the capex?

Unfortunately I cannot get to the AGM tomorrow which I am very unhappy about.
I think it's unlikely anyone at the AGM will grill Colin. Please, can someone going try and at least get some questions answered!!

I am sure if the model or q2 results were good then it would have been released by now,
Or is it that they are just not ready yet as some would have you believe!!.

Maybe he's going to release them tomorrow morning stop make shareholders happy and possibly save his pal from the exit door?

Andreww, that's one hell of a coincidence that they will be released just before the agm.
I thought news had to be released when it's available, not when it suits Colin to pacify some shareholders.

Yes howzap, It's a maybe but I suspect it will happen. I understand the value added by having a proven resource over inferred is substantial. Therefore it makes sense to drill the high grade zone. It also makes sense to fully drill ascot to a good standing. It also makes sense to drill anomalies so we don't give away a cadia.

All it pointing towards a continued drilling programme. We also have the funds to continue so why wouldn't they? I bet Jeremy Reed has been begging Colin to continue.
I suspect Colin has agreed to give the team more time and more money to make sure they don't give away a cadia.

Kriging is a geostatistical interpolation technique used in mining industry for interpolation of input point data and estimation of a block model (mineral resource model). The name “kriging” was given by Prof. Georges Matheron in honor of the South African mining engineer Danie Krige.

I don't understand why they would not test it as they have found differences in racecourse itself let alone ascot and anywhere that may have slightly different mineralisation...... anyway I'm off, we can discuss it over the next year.

I had to Google that one. Is this what you meant provenireal?

In statistics, originally in geostatistics, kriging or Kriging, also known as Gaussian process regression, is a method of interpolation based on Gaussian process governed by prior covariances. Under suitable assumptions of the prior, kriging gives the best linear unbiased prediction (BLUP) at unsampled locations.[

Haha metallurgical! I can't blame spell check. That was all me!!

That's infill drilling, extension drilling and new anomaly drilling. All will need planning, planning permission, drilling, slitting assaying and modelling and even if we find some new stuff outside of RC and ascot..... that will need meteorological testing too.

Following the successful completion of the Phase Two drilling Programme at Bushranger, the Company will now take some time to reflect on the results of the programme as the upgraded resource model for Racecourse is completed and a maiden resource model for Ascot achieved.



Given the discovery of significant intervals of copper and gold mineralisation both at the new Ascot discovery and Racecourse, the company intend to plan a Phase Three drilling programme which will focus on in-fill and upgrade drilling of the current known resources; resource extension drilling; and testing of further IP/geochemical anomalies outside the Ascot and Racecourse prospects.

So I read this again and am trying to think where the extended drilling is going. Obviously phase 3 will be for racecourse and ascot, then it says testing ip/geochemical targets...... as fare as I am aware we have only test around racecourse/ascot and footrot. They didn't say footrot, so where has this extra surveying come from or do they mean the outskirts of rc/ascot?

Either way, it sounds great for the size of the resource...... but my god I think it means longer than even i expected!!!!

Looks like the rise was from the pump crew having knowledge before the rns came out again!!

Don't think we are getting the model soon and the next drill campaign will take another 4 weeks for drill approvals, one week per hole? Maybe 10 weeks for drilling. Then there's 8 weeks for the assays and don't forget the months for creating another model. These are all minimum time scales!! So minimum another 8 months??

Look on the bright side, we can get some more into the isa in April!

Sometimes it's good to look back at the original study....



The Conceptual Study concluded that the Racecourse deposit contains significant low-grade tonnes of copper and gold which may be economically recoverable at copper sale prices above US$4/lb. Optimal believe that the economic recovery and processing of ore with low grades between 0.1 - 0.2% Cu is pivotal for the economic viability of the Racecourse project, with the sensitivity analysis showing that for each 0.05% drop in cut-off grade the NPV drops by as much as AU$341 million. Overall, Optimal believe that taking account of the project's large size and relatively low grade, conditions should support the efficient and productive mining of the deposit. Optimisation of the processing plant capacity, capital cost, metallurgical recoveries and operating cost will improve the economic viability, and further opportunities exist to:



- Increase the size of the current Inferred Resource which will be critical to project viability;

- Analyse lower production rates, such as 12 or 15mpta;

- Evaluate further phase 1 and 2 pit designs; and

- Optimise dump development and the rehabilitation schedule.

· The samples were representative of the anticipated average copper grade of the deposit, ranging from 0.33-0.48% Cu, with minor silver (1.1g/t to 3.3g/t) and trace gold (0.007g/t to 0.04g/t), other than the more gold-rich Ascot sample which assayed 0.30g/t Au

I've re-read it, it says anticipated average copper grade. Is that the same as we anticipated a model last year?

Zero, the cut off is the percentage of copper in the rock that is economic to recover. So when they reach rock at a grade of less than .15..... it gets pilled up and not processed.

That theory would then fit with my first assumption as to using a lower tonnage to then have a higher average grade of between .33 and .48