I’m leaning more towards presentation being cancelled as not enough evidence for Ascot could be given.
Hole 33 original RNS from announcement of Ascot:
Based on preliminary logging, hole BRDD-21-033, which was angled to the east, intersected a long interval of alteration and sulphides. Traces of copper mineralisation extended from a down hole depth of 85m until the end of hole at 783.7m, a total interval of 698.7m. This included a zone of stronger visible chalcopyrite and pyrrhotite mineralisation over a 110m interval from 670m downhole depth.
Actual Assay result:
2m at 15.50g/t Au from 191m in drillhole BRDD-21-033
Drill Hole BRDD-21-033 targeted an outlying geophysical anomaly to the east and intersected a high-grade gold interval of 15.5 g/t Au which warrants follow-up drilling to test for along-strike and down-dip extension
So whilst there is something there and a really nice chunk of gold, feels like a lot more drilling and science is needed before standing in front of all your peers and talking about it - maybe one for next years meeting.
I think the RNS this week suggests no NDA in place or block on coms, it’ll be all or nothing on coms relating to Bushranger if NDA is / isn’t in place (Africa could have been separate)
Probably laying low whilst they figure out what the next steps are. 15.5g of gold less than 200m down at random is a pretty epic result. To put it into scale, grab a tennis ball (about the width of the drill / core), start walking and drop it at random around 200m in, continue walking 783 meters. Are you going to be able to do that time after time or, chances are, theres going to be something a lot bigger that’s been tapped into?
There’s a 6 week countdown for Manica, but given the Empress team went out, I’d not expect to go the full distance on that as I’m sure they’d want to see it running. Long way from Canada if it isn’t!
I’d be getting of all the news that could drag price down (done, with a small seed of good news), regroup, before building up. Could mean pausing drilling to avoid a raise and wait for Manica income to start coming in.
Getting rid of a drill team, stopping for breaks etc - none of this was put in recent RNS, so it is possible.
Obviously, all guess work, just kicking ideas around whilst we wait for news.
If you’ve got bad news to drop, don’t drip drip feed it. Wait for other bad news and drop it all at once (or sandwich it, not done this time)
Wasn’t expecting much between Racecourse and Ascot, if there was then AA would have kept drilling down and probably discovered Ascot.
Now that’s out the way and we’re not under NDAs / detailed talks, would be good to get some guidance on:
Drill Pad locations?
Do holes 47 and 49 close off Racecourse?
Guidance on hole 49 - it’s a monster length.
New Time scales?
Lots going on a positive news due, expecting a different tune very soon.
Howzap, Lucky - both right, CB clearly has a vision and knows what needs to be done to deliver. People won’t always agree, raise was painful, but needed.
Here’s what I’ve been pondering whilst we wait for the next set of news.
Look back at the last IP results from 2021:
The bottom south east of the IP results and the shallow markings to the left. Could this be the start of the Ascot / Racecourse overlap??
Pretty epic if it is, looking forward to seeing the overlap of 2021 and 2022 IP results.
It’s a great spot Andy, thank you for sharing.
If you’re going to go into negotiations, having the clearance to be actually able to mine is a must.
You’re not going to spend hundreds of millions on a maybe it’ll be ok to mine….. we haven’t applied yet!
I’m expecting results to be pretty reasonable and gold sold on or confirmation the drill and IP team has been working for free?
I know the Bushranger budget has been tightly controlled, but there’s only so far you can stretch it.
Given the drill pad submission was put in before the geo results, I’m guessing that more drill pads have been applied for than needed to cover everything.
From Colin’s interview, they’re on line 3 of geo as of Wednesday and from that, 100% the drill that’s spinning at the moment will be bang on the money - either north or south, he didn’t say sequence.
Final thought, issue of geo and drill pads will come at the same time. Wouldn’t declare all the drill pads if too many have been applied for as it would send wrong message to market and we’d then start working out new time lines.
Going to be a very interesting May.
In terms of 44, 45 and 46 location.
Previous drill pad sign off was in Octobers RNS:
The new holes look like there about 250m to the West of the old approved drill pad, I don’t know what tolerance they’ve got, information swayed them to move it or if it’s approved.
Just an observation, I do like CB little Easter Eggs.
Nice addition to the copper pot.
As always, reading between the lines and looking for what’s not been said:
44,45 and 46 locations on the new release:
Given the number sequence, I’d assume we’re down to one drill team and they’ve hit something to keep going off the same pad being drilled at different angles?
No drilling update since 17th of Dec, but we know 40 holes have been completed (as of a couple of weeks ago, could be 42+ by now).
There’s a couple of key bits of info due in the course of the next few weeks.
Firstly, decision on new drill pads is due w/c 7th of March. I would expect to see an update of prior holes and new locations.
Secondly, geophysics should be two weeks in, so update due mid-end March.
If either bits of these are held back or the shared info is limited, then something is going on behind the scenes.
Hi Ella, is this the one you’re looking for:
Can only remember two being renewed, haven’t seen anything that I can remember about the others:
Exploration Licence Renewal
Licence number EL5574, which covers the Racecourse deposit, and EL8585 have been in the renewal process and the Company has been informed by the New South Wales licensing authority that it proposes to renew both licences for a further three-year period until 4 June 2024 and 5 June 2024 respectively
EL8585 has been highlighted on a couple of other miners as having potential for exploration.
I guess Racecourse might be ready for March / April as most of assay results should be back.
But new drill locations approval (Ascot + 3rd porphyry / feeder zone?) is 6th of March.
Say 3-4 holes more = 6 weeks drilling
Then Assay results = 10 weeks (should be overlap as first cores sent away as drilling continues)
I’m expecting its going to be the back end of June/July at the earliest before full picture is ready.
AA offer from Xtract needs a JORC, so that won’t be it.
Flip side, there’s nothing to stop AA offering early, both sides could agree a deal outside of contract if they both wanted to.
No drill updates (historically RNS)
No geophysics update to say team started (historically RNS)
Price going up and not down during radio silence (historically goes down)
Chunky buys going through as well.
Make of it what you will, I suspect there’s now a nice breathing space for the LTH / regulars on this BB, just sitting and waiting.
Whatever’s going on / strategy, seems to be working a lot better on SP than 2021 (although very different beast, not sure if it’s comparable)
Not me Ella, I’m all full to the brim and even bought more outside my ISAs, then more to cover potential tax outside of ISA shares.
Think a 6p fill has been on all week, someone’s got their hoover out - Mr Terry???