Member Info for Steve4077

>> be far off the third hole having been drilled now can we ?

Depends on the length of drill hole. We had an RNS on 22nd January saying they were about to start drilling hole #2. The last update on that hole was 5th Feb when they reached 900m. So that was two weeks for actual drilling.

The 5th Feb RNS stated they were going to move to hole #3 and there would be no more daily updates. If hole #2 takes as long as hole #3, then we could expect an RNS around the 19th Feb (a week from now).

Currently sell price is higher than buy price on II :)

Dummy sells for £500 show bid as 5.6255 and buy as 5.6.

Have you worked out what the objective of the bot is?

>> Read the article, it’s heavy going, but the information is all there.

Thanks for the link. I like to research so I will work my way through and google anything I don't understand :)

It opened this morning with a wide spread, which caused the large price movements. Settling down now.

Breccia is fragments of rock cemented together by fine-grained material. A phreatomagmatic breccia is formed when upwelling magma encounters water (and porphyries are all about magma rising up). I think transgressive means that the area was covered by the sea when the upwelling happened.

I haven't figured out what that means for mining yet (apart from the porphyry formation) , but I will get back to you when I do :)

Interesting start to the day. NT to buy on II.

They have some really great resources and a lot of exploration to come. However, the PFS was just pushed back (again) and it sounds like it wasn't done correctly in the first place. Also the CEO seems to have been pushed out by a combination of BHP and Newcrest, partly (I suspect) because he used Franco-Nevada for funding instead of diluting PIs to add to their existing large shares. He is still officially there but leaves in March.

So it will be a while before their very good assets can be monetised and I suspect there will be dilution before that happens. It's still got great potential, but not in the short term.

For full disclosure I was invested in them for maybe six months, but sold after the CEO was pushed out. I made perhaps 20%, although it could have been more if I had sold on an earlier spike. I was lucky because its down about 40% since I sold.

So presenting no actual evidence at all then? I'm shocked.

Also, now it is apparent you have nothing to back up your claims, you attack the messenger instead. Very mature :)

I'll leave it at this point as I don't disrupt the board further. Maybe do yourself a favour and do some actual research so you won't have to invent arguments in future.

I'll quote from the wiki article you plainly didn't read:
"Because of their large volume, porphyry orebodies can be economic from copper concentrations as low as 0.15% copper "
"Porphyry copper deposits represent an important resource and the dominant source of copper that is mined today to satisfy global demand"

Even better, maybe check out Australia's second largest mine, which is currently mining a porphyry with a proven and probable resource of 1480mt at 0.29% copper. BTW, its really close to Bushranger in the same Lachlan Fold Belt.
https://miningdataonline.com/property/185/Cadia-Valley-Operation.aspx

Maybe instead of keep digging yourself into a hole by making things up on the spot, perhaps you could point out this mythical porphyry with 2% grade. I'll definitely want to invest in that.

BTW It's 'Sought' not 'Sort'. Unless that is some weird US spelling :)

Considering I said "don't believe anything I say and do your own research", I'm not sure why you are expending the effort to attack that :)

And if you really think porphyries are only sought after in high grades, then you don't know anything about porphyries. They are low-grade by definition. Maybe start simple with wiki (assuming you believe it) and then move on to actual Porphyry mines (like the huge, high market-cap, low-grade ones close to Bushranger).

https://en.wikipedia.org/wiki/Porphyry_copper_deposit

>> Steve far better economically to mine high grades over a smaller section than lower grades over a larger. The former is the more sort after... Not to mention Colin Bird of XTR has let investors down many times over the years... if you don't know his background, highly recommend reading up in detail.

I wasn't going to mention the company, but as you did...

It is far better to have a huge low-grade deposit than a small high-grade deposit. The latter is easier to make a relatively small amount, but the former can be transformational. That is why porphyries are so sought-after. With open pit, 0.2% is economic at a copper price of 7500. XTR recently had a 920m (!!) length of intercept at grades between 0.2% and 0.5% (based on XRF), not including the gold content (need assays for that).

Re CB, I have done a lot of research on him and the company, including when he sold a small-cap miner for $200m after a large discovery. In this case, Anglo-American have a buy-out clause for 2m tons of contained copper which would be worth $400m+ if XTR hit that (and the signs are very good). Market cap is currently sub-$40m.

I suggest no one believes anything I say though. Those who don't want to believe won't anyway :) Anyone else, I suggest simply reading the RNS from the last month, read the purchase agreement for Bushranger and then do your own research on what that means. Make up your own minds and don't listen to anonymous posters on a forum.

>> I would be happier with a big porphyry at 0.5%

I'm not naming the company (to avoid cross-ramp) but there was a large (possibly very large) porphyry discovery in Australia by an AIM company in the last month.

>> How do we look in comparison to other companies such as /CCZ?

Funny you should ask that as I have been spending the morning looking at CCZ. They have a similar market cap and are also drilling in AUS at the optimistically named 'Big One' target. From my admittedly limited investigation, they have a shallow deposit with some good grades (and some not so good, depending on drill hole), but on a much smaller scale than XTR. The drilling is down to 50m or so, compared to 1000m+ for Bushranger.

Their 'highlighted' results from their RNS today included 34m @ 1.51% Cu, 18m @ 0.86% and 12m @ 0.40% Cu. The share price is currently down 14% on those results.

In comparison Bushranger has lower grades (0.2% to 0.5%) but with continuous mineralization of 900m+ with good width, so it is a vastly larger deposit. I was researching CCZ to look at future opportunities and will still keep an eye on it, but I won't be moving any money based on the results so far.

>> Maybe they will only report news of assays, XRFs and drilling complete from now on.

In the last interview CB they would no longer do daily updates, so perhaps once every week or two now for Bushranger and Eureka drilling updates, XRF from BR drill 2, etc. That would still be far more often than most AIM companies.

>> I fear this will continue to slowly drop in price

It would be really convenient if it could drop in price until March 20th (as money coming in), and then go back up. Unfortunately, I doubt I will be that lucky :)

And another small uncrossed trade (20k shares) to set the closing price lower than the activity would suggest (same as yesterday). It could be manipulation, but I'm not sure why the MMs would benefit from setting the price artificially lower at this point.

The purchase price at the time for Bushranger was negotiated prior to July 2020, when the copper price was lower, making the grade in ground less economical, plus the impact of the pandemic was badly affecting the vendor. It looks to me that CB did a very good deal, taking advantage of the difficulty in which the selling company found itself and with a belief that copper prices would increase substantially.

>> Now you come to mention it, it must be humbomumbojumbo. Only someone with his wealth and trading acumen could execute such a trade.

You mean humbomumbojumbo is not actually dumbohumbomumbojumbo?

A little odd at the end. 5.8 to 6.0 spread suddenly became 5.7 to 6.0 with no selling pressure, then small uncrossed trade of 11k shares at 5.8 went through at 16.35 to set closing price, followed 2 minutes later by 5.7m share buy at 6.0. Closing price therefore lower than activity really justified. Lets see what happens tomorrow.