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Why would it drop when the confirmation of grades greatly de-risk the project?

Very pleased with confirmation of the grades.
920m @ 0.3% Cu including 156m @ 0.48% Cu and 44m @ 0.50% Cu is a fantastic result for the company

Very unambitious takeover price unfortunately but it looks like a done deal

This will be a #gold mine (hopefully this year) for Empire Metals @Empiremetalsltd #EEE. There are a few processing plants nearby that will toll treat Eclipse gold ores. This is shaping up very nicely. https://t.co/w7AJUCl8J3

That tweet from Lenigas backs up what I wrote about toll mining yesterday

Toll mining is when ore from a deposit is taken to an off-site processing plant which is owned by another company.

The advantages of going down this route for Eclipse is that it saves the large capital cost and time to build a dedicated plant.
It is not always an option but the Eclipse mine is in a historic gold producing area where there is lots of spare processing plant capacity. The ore from Eclipse will be in demand from local companies as it is high grade, which means it can be blended with lower grade ore from other mines to enable a processing plant to run more efficiently.

This is what I was referring to:

XTR are in the Willem Middelkoop CD Fund ....12 Feb '21
CD Fund - Willem Middelkoop

$100 Million Fund

30 to 50 stocks in it.

Stand out remarks from the interview as follows:

"We only invest in small companies responsible for large discoveries."

"The best returns are realised when you can invest in a junior mining company which is still not followed by many investors showing that they are on the verge of a world class discovery, the value of these companies, they rise within 12 to 18 months from £20 to £30 Million towards one £ Billion."

"When I feel that we have a new discovery, yesterday we had a new situation and we bought over $300 k worth of shares within 24 hours because the first indications, the first press releases, the first indications is so intriguing, mineralisation over 900m, copper mineralisation over 900m and we go in very quickly and we are allowed to build one position up to 7.5 to a maximum 10% of our fund."

"We have these rapid gains, we've learned not to sell when you have a world class discovery, you dont sell, you buy the dips, its like the best bull market ever, you buy the dips, you buy every dip."

"This is an amazing opportunity from an investor point of view."

Middelkoop said his strategy would be to buy more on any dips in the share price.

RNS REACH just released

Compare this RNS to the one for the previous hole here https://www.lse.co.uk/rns/XTR/bushranger-project-completion-of-third-drill-hole-hy65fb0d79c3aly.html

There is far less detail on the mineralisation encountered

Doesn't sound as good as the previous holes.
We need positive assay results now!

MisterPositive - that's more like it! Post recommended

Lots of low quality posters have turned up today offering poor analysis.
My suggestion to less experienced investors is to ignore their ill informed narratives which are designed to try and reduce the share price

It is most likely Sanderson Capital Partners selling the 5million as they took most of the placing in September which came with 1.85p warrants.
Someone mentioned earlier that Sanderson were increasing their holding in another stock so that probably explains why they are selling 5m worth of XTR shares.

The exercise of 5million warrants explains the dip.
That's about £400k worth of shares being sold. Could be an overhang of stock for a few days depending on volume but doesn't mean much in the overall scheme of things

I've been critical of WSG recently but I thought the trading update was better than expected.
It would probably have got off to a better start if it was released at 7am as people are still digesting it

That last tech contract looks like it will only bring in a tiny amount of profit.
I know you're all patiently waiting for a large airport contract but surely it's a low probability bet in the current environment.
Despite many assurances by PF, he failed to get one over the line in good times. What are the chances he will manage to sign one now in lockdown whilst the airline industry is suffering its biggest downturn ever?

Anglo American have the option to buy back 80% of Bushranger at fair market value if the deposit is greater than 2 million tonnes copper equivalent.
In the interview Colin is suggesting a deposit size of around 1000mx1000mx1000m with specific gravity of 2.7. That is a deposit of 2.7billion tonnes of ore containing over 12 million tonnes of copper equivalent (assuming copper equivalent grade of 0.4 to 0.45%) so that's many multiples of the Anglo American buy back clause.

He's just trying to pump it up on some old nickel drilling results as people are less interested in the gold now due to the falling price

Tema - are you going to eat your hat as promised if there isn't update by the end of the week?