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Not that bad, given that a lot of miners have started using 0.15 as cut off.
There’s also the result from BCH001 with the 2.28%CU.
Poking in the right areas, needs to go a little deeper?
Iceberg, you’re an absolute legend and have called it right so many times, massive thank you.
‘300-400m at .8 to 1.0 CuEq’
I’ll join the Xtract team down at Mc D’s and buy you a Big Mac after the next AGM if that comes in.
Really nice set of results, even racecourse ‘waste’ area has a good level of copper.
I’ve given my opinion on why I’d speed up assay results for Ascot and prioritise over racecourse (raise) - hopefully I’m wrong and given CB cracking interviews yesterday, I’m thinking it’s more to grab attention of Ascot potential.
Certainly got my attention, first hole at Ascot and it’s a cracker - few more of those please.
There will always be a debate on how much drilling / testing to do and you have to trust CB and team will get the balance right. One way or the other, not all investors will be satisfied.
Remember, there’s a shortage of drill teams (we’d need way more than two), delays in assay results and other than Racecourse, a huge system(s) to prove up and get JORC compliant to a detailed level - it will be death of a thousand cuts.
JORC Racecourse, prove the viability of mine, outline a rough Ascot (and others?) 100% prove the science and then sell - really does seem the best approach if the goal isn’t to JV or spend years and years on this.
If you think CB and team haven’t got the balance of time / reward for investors at the point of sale, you can always invest in whoever buys Bushranger - I’ll be buying a few for a very long term investment to see how it plays out.
Looking back through all the assay results, very few have reported back less than 0.25, even when the team are sounding out at setting the bar at 0.15.
Makes me think there’s a large part of the racecourse resource that hasn’t been reported yet and given hole 17 was into waste / bonus zone and 14 was well outside of higher grade zone, might not see results for these holes until the big reveal.
All that meterage being tested (and results not shown) and the two/three weeks over Christmas break could explain gap. Especially if we start seeing 18 / 19 / 20 onwards.
On the drilling, Hole 38 must be about finished after the Christmas break and expecting the RNS for that imminently, thinking about this more than delays in assay results as could show:
700m x 400m x 500m
140,000,000 size
378,000,000 weight
0.30% Copper equivalent
1mt+ copper to total amount and smashing 2mt total and that’s just for starters out of Ascot.
However, market probably won’t react until assay results are back, even though the pictures for 33/35 look fantastic.
Hole 37, no idea what the goal for that one is (apart from finding copper, obv) looking forward to seeing what the unearths.
Just throwing it out there as a thought whilst we wait for news
Isn’t he after best of both worlds?
Confirming 2mt(ish) at Racecourse and proving a rough outline for Ascot + other(s) over the next 6 months
Yes, it won’t get top whack - but get the sense I’m getting is that it’ll do nicely and it balances time / reward.
Unless I’m reading it wrong?
It’s been a very twisty journey and it’s not over yet.
CB will maximise the return for investors - very sure of this due to the amount of shares he holds and for the % of the sale when it goes through.
CB clearly doesn’t want a JV or death of a thousand cuts. Sure he’ll be after the right balance of drills vs return on sale.
It feels to me like there will be a 2mt (ish) JORC produced and a further speculative 2-4mt on top of this on the table for whoever to prove up - depending on Ascot + other….?
More than happy to wait and see how this pans out in next 6-12 months as this is not a 5p mine!
Didn’t have a Christmas break RNS, if they didn’t stop (or did just for Christmas Day / Boxing Day) then they should have completed the first Ascot strike length.
Anything over 500m of copper going North from the new Ascot drill location and 2m is well passed. It’ll take the whole maybe, maybe not question out of it.
CB and team will have proven there’s enough copper in Racecourse to pay for mine, a whole load to go at deeper and then a massive chunk of extra ‘free’ copper in Ascot.
…..And there’s still the third porphyry to test and Footrot
It’s getting to that time of year:
www.miningnews.net/forum/news/1423589/2021-in-quotes
Xtract Resources executive chairman Colin Bird on the Racecourse discovery in NSW (March 2): "This is not just another discovery - this is the Melbourne Cup and we've got a frontrunner."
The quote was back in March, since then we’ve found another porphyry and have potential for a third - first, second and third in the Melbourne Cup, I’ll take that.
Sure there’s a few more quotes from CB kicking around?
Agree Andrew, so here’s a bit of logic to try-
Could this be the Northern Edge of Ascot:
BRDD-21-025 was a step-out hole designed to test a large geophysical anomaly approximately 750m SE of the limit of the current Racecourse Inferred Mineral Resource. The hole intersected traces of visible copper mineralisation and lengthy zones of porphyry-related alteration with associated sheeted veining and some thin fingers of porphyry intrusions.
· BRDD-21-025 may indicate the potential for a cluster of mineralised porphyry intrusions at Racecourse, as found at Newcrest's giant Cadia-Ridgeway mine elsewhere on the Lachlan Fold Belt.
Then this be middle ish
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.
· Follow-up hole BRDD-21-035, drilled from the same pad towards the west, confirmed the new discovery. Preliminary logging recorded traces of copper mineralisation from 60m downhole to the end of hole at 740.3m, with two zones of stronger visible copper mineralisation over intervals of 113m from 179.4m depth and 128m from 554m depth
Then BRDD-21-038 drilling strike to connect?
If so, Ascot could be 600m wide x 300m+ deep and 750m+ long and that’s just for starters. 2mt has got to be a distant memory. At some point, this will rerate and it’ll be way over the price you’d pay now (even if there is a raise)
If a fund raise is needed, I’m sure they’d be a push to take this beyond 8.5p and trigger warrants.
To drive this, I’d prioritise the assay results for 33+35 and push the others back, this should be manageable by the lab with the volume we’re doing and then be completed in a couple of weeks (although expect some Christmas closures)
I’d also bang a couple more test holes around 33+35 and get some very rough indicative size to get the market going.
Two key bits of data would come together at roughly the same time (early 2022) If we don’t need cash, then no rush.
Wasn’t at the AGM, but pause to see what we’ve got would make a lot of sense and allow for the model to be made with assay results.
Would hopefully avoid need for raise as well, given if there’s 2mt confirmed with model, then it should finally get past 8.5p and trigger warrants.
From your calcs on drilling, sounds like there’s enough meters left to stick a couple of holes into Footrot?
Came across this commodity report from the U.S. Department of the Interior / U.S. Geological Survey.
https://pubs.usgs.gov/periodicals/mcs2020/mcs2020.pdf
Copper is on page number 52/53
Little bit US centric and back looking, but gives some great stats and shows need for expanding copper mining.
Thought I’d share, it covers loads of other commodities for those interested.
As with a few RNS lately, look for what isn’t said. Holes 31 and 32 still in progress:
http://www.rns-pdf.londonstockexchange.com/rns/2937U_1-2021-12-1.pdf
They’ve been going since at least the 19th, should be 1000m+? Surely can’t be?
· Drillhole BRDD-21-025 was a step-out hole designed to test a large geophysical anomaly approximately 750m SE of the limit of the current Racecourse Inferred Mineral Resource. The hole intersected traces of visible copper mineralisation and lengthy zones of porphyry-related alteration with associated sheeted veining and some thin fingers of porphyry intrusions.
· BRDD-21-025 may indicate the potential for a cluster of mineralised porphyry intrusions at Racecourse, as found at Newcrest's giant Cadia-Ridgeway mine elsewhere on the Lachlan Fold Belt….. The hole intersected two zones of characteristic porphyry related alteration and associated sheeted veining and some thin fingers of porphyry intrusions, including trace amounts of disseminated and vein-hosted chalcopyrite with pyrrhotite/pyrite. The hole is interpreted to have possibly drilled above two copper porphyry mineralisation zones, with the porphyry fingers and indications of mineralisation suggesting that the main porphyry intrusion could be below.
Hole 31 is from the same drill pad as Hole 25.
Hole 32 is about 250m to the North West.
Both have been spinning for at least 10 days, so should be well over the 750m mark. That’s two very important drills spinning at the moment.