Member Info for stevemocal

ART - Nobody can answer that question for sure.

However, if you look at the drill plan included with the last RNS released on the 17th May, then you'll see two drill holes showing as completed (holes 50 and 51) that were not on the plan included with the RNS released just a week earlier on 10th May. So they were certainly drilling until very recently and may well still have two rigs on site because a single rig can't drill two holes totalling over 1,200m in a week.

They stopped a while ago adding the 'in progress' drill locations, which is a little annoying.

Howezap - Yes, it is the value not the resource that really counts, and even then risk still needs to be factored in.

If the expected Life of Mine is 25, 50 or 100 years, the company has to consider whether they will be left in peace to just keep churning the dirt for all that time. If the resource is in a country with a risk of war, coups, nationalisation, earthquakes, erupting volcano's etc, then it may still be a far less attractive acquisition prospect that one with less value but without the risks.

This is one of the point people have been trying to make during the circular discussions with porvenireal. If Bushranger has millions of tonnes of Cu Eq, and it can be extracted at profit, then lots of Majors will want it because it is Australia, which is probably the safest jurisdiction in the world right now. IMHO, it would make it a banker and that's why I am invested here and not in the companies that porvenireal keeps suggesting. Each to their own strategy I guess.

Shorting a company that you haven’t well researched is as good a way to lose money as investing in one you haven’t well researched. Better leaving your money in the bank.

We also have confirmation of two more holes completed i.e. 50 and 51. Given that is only a week since the last drill location map was released, is that an indication that we still have two rigs on site?

Would like to get an update on the new drill pad approvals and to see a return of the 'in progress' drills on the location map.

It would also be nice to get a CB interview this time. The silence must be killing him as much as it is the rest of us!

Ella - If I'm now looking at the right bit, then I'd guess it was a 'thickener', which is the last process before leeching. But you can only see half of it so difficult to say for sure.

Looks like a mill to grind the rubble down after being crushed. At least that’s what my training (Aussie Gold Hunters) leads me to believe!

Yes, Andy... it would be criminal to just throw in those other licences with a deal for EL5574. I would love us to keep them and perhaps give the buyer of EL5574 first refusal on anything found.

Hampster - It is sometimes confusing because people (including those at Xtract!) interchange Bushranger and Racecourse when describing our down-under project. But 'Bushranger', from my understanding, is the name of the overall project and includes all of the EL's, including EL5574 where the 'Bushranger Racecourse' prospect is located. We now also have the Ascot and Footrot prospects in EL5574, and what looks like other porphyry's too (yet to be confirmed and named).

EL5574 is the licence that is subject to the AA buyback clause and includes everything found so far (including the gold in hole 33). It is worth noting however that most people think that any sale will include the neighbouring licences too as there is every chance the system is even bigger and they won't want a competitor next door. Personally, I think it would be great if we could negotiate a deal that allow Xtract to do the exploration of those EL's for a share of whatever is found.

Anyway... that is my understanding! Happy to be corrected if I've got something wrong.

Very generous sharing your work Andy.

I am wondering if we will see another application being submitted for drill pads permission to explore what looks like a third (gold rich) porphyry?

Andrew - That pretty much sums me up!

I visit the board several times a day because it is how I maximise the information I have about the company and because it is a great way to keep learning. This investment also makes up the majority of my investment portfolio and I have literally spent hundreds of hours researching both the company and the sector over the last 16 months (both of which were new to me).

TBH, when I first invested I thought I was reasonable well researched and informed. I have since learned so much thanks to all the great posters on this board who share information, their thinking and inspired me to do a lot more research. When I think back, I cringe at how ill-informed I actually was. I think there are a lot of investors who joined the Bushranger journey later than me who also think they are well research and informed but are not. Like me back then, they simply don't know what they don't know, misunderstood what the RNS yesterday told us, and sold. Life really is a beech.

ART - Bushranger is the name of the project that consists of all of the EL5574 licence. Racecourse is the first porphyry system found at Bushranger and Ascot the second. Anything found within the licence will count towards the 2mt of contain Cu Eq that would trigger the AA buyback clause.

We are seeing the flight of the unresearched happening but I don't think it will be long lived. Hopefully we'll see a bounce when the CB interviews are released. And there must be other RNS's to follow e.g. IP survey results, drill pad approvals and map, and completed drill holes.

Most of the drill holes hitting the outer margins of the porphyry's but still commercial grades and adding to the tally.

Hole 33 found seriously high grade intersection of gold with almost no copper... could that be a completely new porphyry to the east of Ascot (rather than part of Ascot) that is gold rich? Over half an ounce per tonne is incredible and if they can find more of it along strike and down plunge, then it is a lot more than a bonus. Less than 200m depth too.

For those concerned about grades and not hitting rich stuff with every drill, it is worth reading a fairly short article I found about the Cadia Ridgeway discovery - see link below. You'll see just how many misses they had before pin pointing the resource. And note what they consider high grade... nothing close to 15.5g.

https://smedg.org.au/discovery-of-the-cadia-ridgeway-gold-copper-porphyry-deposit-john-holliday-colinmcmillanian-tedder/

I see Zac released a podcast today with CB re his newly listed company. Perhaps they also recorded an interview re Xtract for release tomorrow as well? In the past they have definitely pre recorded interviews for release after an RNS.

They always follow up an 'Exercise of warrants' RNS with a 'Total Voting Rights' RNS, once the shares have actually been admitted to trading.

We roll on another day.

I have a 'roll on' moment most days at 7am, 11am and 2pm.

Bushranger was acquired by purchasing ProspectOre Pty Ltd, which I believe is still an active company. I would assume that that company would be the entity through which Bushranger would be sold on, and therefore allow Xtract to continue trading based on its' other assets.

Lucky - They got the info from the Shareholder Presentation.

https://www.youtube.com/watch?v=iWwCu3DnatU

There are some TMS 'How To' videos that I took a look at. When applying for an exploration licence you can select an option to apply for a licence that 'is subject to a licence condition restricting prospecting to only land where native title has been extinguished' i.e. you don't have to submit proof. When applying for a mining lease this is not an option and 'proof of extinguishment of native title' is listed as a required document.

It does look like Xtract may be preparing for a declaration of intent to mine.

It also doesn't have anything listed in the resource column (all the other applications do) and the application date in 10/01/1970?!? Very strange.

Steve - Patience? Ain't nobody got time for that!

For those also struggling to stay patience, here is something that will get you 2 minutes closer to the big announcements...

https://www.youtube.com/watch?v=waEC-8GFTP4