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Not sure. I believe hole 25 will in the end give us important good news, but I suspect this hole is so important that they will want to keep going even if they don't initially hit mineralisation. They won't want to miss some important by finishing too soon. So IMO best not to read too much into no RNS about it yet. The market is testing all our patience, but these minor fluctuations in SP will probably seem irrelevant in 4-6 months time when we look back.
But a higher level of JORC may be needed to ensure AA pay top dollar!
Did anyone at the AGM ask Colin about the revised model and when it is likely to appear (imminently obviously, but anything more precise?)
Just read today's posts . All very interesting, but let's not forget just yet that the SP is still under 6p! Although I hope not for much longer.
Nice to be in health profit, for a while a least! So are we expecting a nearly fallow period for RNS now? Next assay results maybe 10 days time? Even if we get a start of next two drill holes that would be interesting to us xtr followers, but not I would guess the market. Not sure what happened to the model revision and that may not involve an RNS. Is any imminent news expected from the African part of xtr? Interesting to see whether the share price now has momentum even if we don't have market-moving info arriving for a couple of weeks maybe. Any views on what might be the next news bomb coming in?
Thanks leprechuan, you seem to have the same suspicion. But if this is right and the drilling hasn't started should we expect an RNS to say when the holes are started? Or is that taking Colin's remark on this matter a little too legalistically?
Hope I'm not going to be cancelled for asking this, but did anyone else think it was a little strange that the RNS yesterday used a rather strange form of wording , quote ' The next series of drill holes are advancing well' and then goes on to mention the purpose of one hole. Do people think this means the two next holes have actually started drilling? Or that perhaps that 'preparations' for the new series are advancing well?, but there is no definite implication that both (or perhaps any) hole in the series has started?
Until we know, we will all probably feel a little uneasy. I do think though something (hopefully good news) might be going on. A revised model, or negotiations have been opened with AA both seem possibilities on the positive side. It seems unlikey there is really bad news coming soon because like others I think we would have been getting a different vibe from Colin. But I've been wrong before ....
CE, I bought a few shares in BZT a week or so ago and dispite an almost 10% bid offer spread when I bought I could now sell them for a 20% gain. In fact I should probably have sold a tranche of my xtr sharesand invested them in BZT. Unfortunately althougb I have a huge number of BZT shares , they are not worth nuch in financial terms. Perhaps when BZT SP is where XTR Sp is now, they be worth a few bob!
howezap, I think I heard the revised pit model will be available by hopefully the middle of next week. (lol).
stevemocal, thanks.
I expressed a mild concern about this yesterday. If the holes were really finished at the time of the last BR RNS (13 Oct- saying 'The Phase 2 Racecourse drilling programme is ongoing and to date ***15*** diamond drill holes have been completed for over 10,000 metres drilled. ' my asterisks.) then what is the delay? They probably need a couple of days (more if holes are longer?) to inspect the drill cores and identify where there is trace or moderate mineralisation etc which they usually include in the RNS, but this long? Are they doing something more? Is there something new/significant that they need to double check before reporting? Or is it bad news they want to only give us when they have some good news (maybe some assay results? ) to mix in and so sweeten the pill? I hope I am getting nervous unnecessarily, but I feel there is probably a some reason for the delay of the reporting on the hole completion (not the assay result which are only expected about now anyway). Until we know that reason we can only speculate whether it is good or bad news. Ho-hum, I suppose we will know soon enough. GLA
Thanks Ella, I think I've got it now, just took a bit of time to get there.
So does that mean we can't realistically sell to anyone apart from AA until June 2023 or AA get almost havre the value?. Any sale might take a year to agree but still no point in approaching anyone other than AA prior to (say roughly) June next year? All this discussion is also making me wonder whether the previous sales mentioned by Colin were sales of mines which had inferred, indicated or confirmed JORC resources and whether their sale/purchase values were on the same basis as we might sell BR. Perhaps it is all apples and pears. A lot to think about. Maybe even a very large inferred JORC resource may have to be sold for much less than the figure we (well maybe I) was hoping for!
Thanks Steve, I vaguely remember now someone (maybe even you) posted something similar on the Board some time ago, but I often need to encounter something twice for information to sinks in, (sorry if I have made you repeat a previous post). So in the placing document for phase 2 drilling it said/says ... ' This (the funds for phase 2) will assist the Company in achieving its objective of expanding the current JORC (2012) compliant Inferred Mineral Resource of 71Mt @ 0.44% Cu and 0.064g/t Au to a deposit greater than approximately 2 million tonnes of contained Cu equivalent (e.g. 450Mt @ 0.45% Cu equivalent). Maybe I'm reading too much into this but that seems to suggest that they expect to meet the necessary 2Mt contained copper necessary for triggering the buy back by the end of the phase 2 drilling (giving time for assay results etc to come in) . I know this is not exactly what is said but it seems to imply it. So do really think we need all that drilling that people were talking about on the Board a few weeks ago? I hope not.
Thanks jwoz and Shorn. Link didn't work but it was easy to find when I knew where to look, so thanks both of you. The holes shown only seem to be a sample though as I notice there is a hole numbered 31 but a lot fewer holes than that in the list on page 7. Perhaps these were the only holes that added substantially to the resource. I also remember someone said on the Board (I think) that AA drilled much shorter holes than we are currently doing. All makes me wonder just how much more drilling we need to do to get a 'JORC compliant' resource of 2mT contained copper! I am thinking I might have overestimated the amount of drilling we need to complete in order to achieve our first target.
Does anyone have a reference to anywhere which shows how many holes of what length AA had to drill for the 'current' JORC? Does what AA did for 'their' JORC give us a standard by which we might estimate the number of holes/ amount of drilling we need to do to get a new JORC?
Not sure, don't forget AA had realistic (from their viewpoint) reasons to expect us never to reach the buyback clause conditions. They thought they were probably selling us a 'high probability dud'. They probably thought: Lets just let them insert an 80% only buyback, after all it won't happen anyway. Even if they get 2MT contained copper it will be marginal and there are other better options for us to mine. I don't think AA even vaguely considered the possibility that they were selling one of the biggest potential copper mines in the world for a song. Colin/prospect played a blinder.
I also think Colin has publically set the expectation of an RNS when we start and finish each hole + an RNS on assay results. If he changes from that public policy he is in danger of affecting the SP. No information given when information has been promised might imply something has gone wrong etc, so I don't think he could move to monthly (or maybe even weekly) reporting without clarifying this ... in an RNS. Holding an RNS back for a day or two to allow more info to arrive and so issue one rather than two RNSs shouldn't be an issue. Perhaps that is what is happening now. I don't know but I think I might now be an RNS junkie suffering withdrawl symptoms.
Lack of news here seems a little unexpected given some of us thought the last RNS 'suggested' those last two holes has just been finished at the time of the previous RNS release (because of the stated number of 'holes completed' although they were not mentioned specifically!) So will the next RNS just be another in the sequence, or does the delay indicate the next RNS may have greater significance and hold a surprise for good or bad?
Whilst I don't want Colin to sell too cheaply, I think some of us at least would be happy (maybe) to sell based on 5-6mT plua contained copper leaving some for AA to 'find'. Trying to get all the copper (e.g. Footrot as well) fully identified before a sale would probably take too long. Anyway Australia might object when we ask for permits to drill in the centre of Camberra!