Member Info for Lucky520

Millsy, I do not have any spacifics. Are you saying that xtract no longer need any more drilling authorization?
And can drill freely wherever they like withing bushranger license?

Millsy, I don't know if we need further drill pad location permits/approvals but I assume we will. No doubt we will need to drill at a different angle because something interesting has turned up.( it always does)
You think this is going to be a short process?

More drilling at Ascot, racecourse and footrot mean more drilling permits, more assays and more expenditure.
Drilling permits 4-6 weeks.
Assays 8 weeks.
Drilling 12 weeks.
2023 the sale of bushranger.

I'm not happy about the extended time but I've come to terms with it. However Colin said racecourse would be worth 20/25/30p a share before the discovery of Ascot. If we do have to do all of the above, it better be an end sale price upwards of 50p a share.
If not, all of the talk we have heard up untill now was BS.

That's because the list is not updated every few days.
It's lucky to be updated once a year.

Millsy! if they gave you an update on timescales, would you believe it?

Forgot to mention. With a 600m deep pit and 200m at the bottom, using 60 degrees, your width at the top is around 900m.
With 100m at the bottom the figures are approximately 18% less.

I think we could be at a strip ratio of 3 to 1 and grades of .35%.

I've done a little calculation with the figures we have been given. To get the closest accuracy without having all the figures and a modelling app, the best I think we can do is use a trapezoid calculator and a pit slope angle with a grade and strip ratio.
I assumed the below...
1500m L
600m D
Pit slope angle 60 degrees
Assumed the pit bottom would be 200m wide.
The bottom could be less, maybe 100m but I've used 200m.
Total volume 495m cubic metres.
1.336 billion tonnes of rock using x2.7

@.3% copper
Strip ration
4/1 = 0.8 MT
3/1 = 1 MT
2.5/1 = 1.17 MT
2/1 = 1.336 MT

@ .35% grade
4/1 = 0.934 MT
3/1 = 1.17 MT
2.5/1 = 1.365 MT
2/1 = 1.568 MT

@ .4 % grade
4/1 = 1.07 MT
3/1 = 1.34 MT
2.5/1 = 1.56 MT
2/1 = 1.8 MT

Havnt double checked so if you would like to comment and point out any mistakes or change some figure around to see what you get.

Andrew, an hours drive in a mining truck will use a he'll of a lot of fuel, and the return journey would be wasted fuel. At least if the plant is at the top of the pit, the empty journey back is down hill with minimal fuel usage. Also with these new trucks becoming hybrid, the down hill trip can actually produce more energy to help on the way back up, making the down hill trip energy positive.

Well let's get a new set of tinted glasses lol

So, as boda is being compared to!
How much drilling have they done, how long did it take, what are the grades, how deep is it, what's thier strip ration, economics, what's it worth, what's the geology like in comparison etc.

I'll try can compare at the weekend as I'm done with this today, don't hold your breath for any good research to come back haha I don't know what I'm doing...... remove Cork from bottle, through away, won't be needing that again!

I have learnt a lot being in xtract for so long!

I was once a new investor and xtract was one of my first to dip a toe in thanks to zak. I joined the chat here and was happily greeted and received lots of information about xtract from Andrew and CE. I was very excited as I made my first paper profits!
I made about £300 and sold, but something just kept bringing me back lol The more I learnt over the years the more I have invested.

In the first 2/3 years there was always one poster that would come in and dampen the excitement, I even thought he was a de-ramper and as I recall I think we may have had a back and fourth regarding my thoughts. Anyway..... it was gixxer!

Now I find myself looking at the board, full of relatively new posters like I was. When I say new, I mean the last year or two and now I find myself in gixxers position.

So gixxer, apologies from me!

Never judge a man till you've walk in his shoes!

If we have 400mt at .3% that's 1.2mt contained copper with a value of 11 billion. Not to be sniffed at but its not going to get the majors falling over each other to buy it.

Let's hope ascot gets us to 2mt and over, then footrot has a good drill to show more potential.

Well colins normally optimistic and he says 20mt for 20 years! Well at our grades and the cut off, I imagine we will be somewhere between 1mt and 1.4mt contained copper. Which on its own would be great news considering the other prospects and what we started with, However it seems like a failure, and the SP reacts that way! Why? Because we were all made to believe there will be 2mt.

I'm with gixxer! Stop lying to us. Don't promise things you can't deliver. My rose tinted glasses are worn out.

The biggest problem here is the disappointment caused by the over optimistic targets Colin makes.
We aren't likely going to hit 2mt at RC alone but we have Ascot, footrot and other targets to explore.
It's still a great investment but stop given false hope.

I'm sure we will make good money here in the next 6 months.
I was going to put some serious cash in colins other companies after the bushranger sale but after being let down again, I won't be.

Not going through this again for another 5 years.

I've been thinking the whole time that ascot will go further S/SE like racecourse. I've also been assuming, like racecourse, will Ascot follow the trend and become shallower the further we drill S/SE?
I know nothing about geology, just an assumption.

Well..... I agree, there seems to be delay tactics.
Is it that they have missed the 2mt target and want ascot to get us to the line or is the delay tactic to prove up more of ascot?

I think the team are delaying declaring 2mt so ascot can get proved up to make a good contribution to the sale price.

I am hoping the interim results show we're very close to the 2mt at rc and still open in some directions.
We then spend time on ascot to prove it up.

If the interim results show over 2mt then they have to activate the buy back clause! (Not happing)
If the interim results show we're miles away from the 2mt then the sp tanks.

So...... what are the interim results for?
I actually don't know but I get the feeling it's another carrot for us long term holders. This time the carrots upright and not sideways lol

Do they already own a percentage of it?
Thereis currently 17.77b worth of resource in ground value.
That $200m for 17.77b unless they already own a percentage?

Why did xtract pull out? AA doesn't want a bidding war?

Meteorological testing I think might be the better description lol