Member Info for Shurething

Potentially massive growth potential

I think what they were implying from their statement is that selected intervals might be sent for analysis. This would help fast-track information to the market - however there is a tendency to 'cherry-pick' if it's done that way - so be wary.

Re. the delay in analysis: I pointed this out in a previous posting. This is standard as core needs cutting and this is a time-consuming process (I've done kilometres of it). Then the half-cut core must be QA/QC'd, logged and sample intervals selected. This takes a while for one geo. For a hole that long it could take a month - unless they generalize in which case it could be a couple of weeks. Re. lab turnaround Steve is right about the approximate timespan. I guess they would use ALS or a similar accredited lab in Sydney - there are quite a number.

Hi Plface. FYI portable XRF is not at all reliable in terms of assessing grade. The instruments analyse an area way smaller than a millimetre in diameter for each analysis. The principle use of a pXRF is in speciating individual minerals. The grade estimates quoted in the RNS will have been calculated principally by visual assessment.

Agreed Ella 10. The prospect location names used on the April 2020 presentation are confusing. As the 'Bushranger' name now seems to have superseded 'Racecourse' they should produce an updated presentation showing historical and planned borehole locations - even if it costs them a couple of grand to get it done!

Hi Montyboz,
Thanks for the link to the Figure. The 'colour chart' is essentially an alteration spectrum diagram to try to elucidate different types of alteration zonation. Alteration styles and intensities are mapped by means of thermal infra-red as every major mineral has its own characteristic (infra-red) spectral signature. There are a number of different portable infra-red instruments for core and rock analysis on the market. Best regards.

Hi Monty. Those 54 elements are just those prescribed within the multi-element analytical package.

What's in the ground is copper and gold. The gold grades reported thus far are very low (0.064 g/t) but gold could be retrieved during the smelting process - subject to it residing in the chalcopyrite - or being 'free'.

Manica couldn't produce a cash flow quickly enough to fund the Bushranger drilling. They will not dedicate much of this budget on Eureka - it's way down the priority list now.

Yes. the 5 million budget would be for resource drilling.

5 million is a sizeable budget.

Excellent news. They needed the money to carry out more drilling. Suggests they are confident of greater with to the ore zone.

Also porphyry copper systems are not simple - in terms of their geometry and in terms of zonation. There's the possibility that this could be massive and potentially economic and at depths of mineralization at 600 metres plus geophysics is going to be a challenge. https://www.researchgate.net/figure/Porphyry-copper-gold-alteration-and-mineralisation-model-from-Sillitoe-2010_fig31_323343248

Hi Dibs,
It is true that porphyries can be mined economically down to grades well below 0.5% Cu. However, the lower the grade is the bigger the tonnage needs to be. Additionally, the lower the grade is the simpler the geometry of the orebody has to be ... near or at surface and equant in terms of its dimensions - i.e. easy to open pit. This is a steeply plunging orebody so the Cu grades required to make it economic need to be higher. Hence the reason for Colin chasing higher Cu (and Au) zones - which they appear to have found.

As Colin points out several times - the 3D geometry is key. In losing the mineralization it may be that the ore zone attitude has changed. However, he accepts that they could have just run out of the Cu mineralized zone.

Rising nicely

I agree - an over-reaction and ignorance of exploration and drilling. As I stated in another posting, to drill a hole 1 km plus long and to expect it to not deviate by much laterally is an over-expectation.

I think so too. The fall has triggered a fair amount of buying in significant tranches.

Note: 'indicating that we are in the early stages of the POTENTIAL discovery of a substantial new porphyry system on the Lachlan Fold Belt.'

Doctor ... you win by 2 minutes! Congratulations.