Member Info for stevemocal

Lucky520 - I'm in that ballpark area re contained Cu within the conceptual open pit... which is just the warm up act.

The main event happens when the anomalies to the SE take the stage. The low resistivity areas identified by the IP surveying suggest an area roughly 50% bigger than what sits within the current conceptual open pit and of higher grade. If that turns out to be true, the value of this find will be far beyond what anyone has so far dared to predict. Hole 25 cores will hopefully confirm very soon.

I cannot believe the market still hasn't worked it our yet. It feels like a sci-fi film where time has slowed to an almost stop but, somehow, being well researched on Bushranger makes you immune to the phenomenon! Just needs one killer RNS to restore time to normal and the market will suddenly react. GLA

Lucky / andmillsy - Holes 22 and 23 targeting the deep stuff that was identified by the IP survey on lines 11300 and 11700...

https://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf

Most of that should be new pay dirt.

Chris - "Trying to keep up. Am I correct in stating that completion of holes 22 and 23 has yet to be RNS’d, yet they are presented as complete on the latest drill map at 810m (hole 22) and 868m (hole 23)?"

That is correct. Completed by not report (other than length).

Dibs - https://www.rns-pdf.londonstockexchange.com/rns/6492Q_1-2021-10-28.pdf

Iceberg - Many thanks for your reply.

So hole 25, which is currently being drilled, should confirm the high chargeability and low resistivity readings from the IP survey was triggered by copper (maybe some gold too) mineralisation. And they will have seen those cores as they come up and will have fed the info back up the line to CB. I eagerly await a Zac interview to gauge CB's excitement.

I've thrown a similar question out before re the SE anomalies as I'd like to better understand the risk of them being 'duds'. The question is, what else other than copper ore could give the same IP signals i.e. high chargeability and low resistivity?

It is a genuine question but nobody answered it. We obviously can't assume that means there isn't some sort of geological scenario that could result in the same signals because it could just be that nobody answered me, and such questions quickly fall off the bottom of the board. So let's throw it out there again... any geologists (or very well research amateurs) out there that can answer?

I recall debates last month about what date could still constitute as being the middle of the month i.e. when CB said in an interview that he was confident we'd get an update on "the way things are going relative to our modelling, pit shape and the rest of it." We are now knocking on the door of November and it hasn't happened.

Most people seem to be holding on tightly to their shares regardless but some impatience is inevitable if you set an expectation and miss it by so much. Come on CB... throw us an RNS scrap to keep us going!

What's also strange is the MM's not pushing the SP down on low volume as per normal.

Jwoz - It’s hard keeping track. We’re all here helping each other, sharing and sometimes confusing each other! It’s a great BB at the moment… suspect that might change when the masses arrive!

Jwoz - The RNS on 13th October stated “ The Phase 2 Racecourse drilling programme is ongoing and to date 15 diamond drill holes have been completed for over 10,000 metres drilled.” That means hole 20 and 21 had finished. They just reported later. Next drill holes are 2 weeks in and probably completed too.

Yes, a nice 7am RNS needed to stop an opening drop.

It will be 2 weeks tomorrow since the RNS confirming the completion of 15 holes and indirectly confirmed that holes 20 & 21 had finished - so we could get news on them. And it has been nearly 12 weeks since hole 10 finished - assays surely imminent.

Steve - I think AA is Sauron, Prospectore is Gollum and XTR is Frodo. CB is definitely Gandalf!

SL - 6p in an insanely low price. The market will realise very soon.

Dibs - I think it is safe to say that if the geophysics we currently have had been available to either XTR or AA before they began their drilling programmes, neither company would have started within what is currently the conceptual open pit area. If XTR are indeed on the cusp of proving there is 2+mt of contain Cu Eq within the conceptual open pit area - the weaker area according to the geophysics - then we should be very optimistic this is going to be a serious world class discovery.

How lucky did we get when AA missed (what looks like) the high grade stuff and Bushranger fell off their list of priority targets? And how lucky again that the grades they did hit were enough to tweak the interest of a passing junior who picked it up and sold it on to XTR? It is as if destiny has brought it into our hands... like Frodo and the ring! So here we are, staring at what looks certain to be a Ring of Power and wondering... could it actually be the One Ring?!?

Tune in next week to find out folks!

From the RNS date 2nd Sept. 2021:

"Hole BRDD-21-014 was sited to the southeast beyond the limit of the current Racecourse Inferred Mineral Resource and the conceptual open pit area to test a new MIMDAS IP target not investigated by previous drilling at Racecourse. The hole was drilled at -55 degrees towards the northeast and reached a final depth of 816.5m. It intersected what appears to be a new segment of the Bushranger porphyry complex, with significant widths of pyrrhotite-pyrite mineralisation and associated copper sulphides.

Preliminary results received for a drone-mounted airborne magnetic survey in the area suggest that the hole may have cut the margin of the new zone and the final processed magnetic data will be utilised to assist with planning further holes, in tandem with full log and assay data from BRDD-21-014."

So we already have some 'ground truth' supporting the geophysics, which shows two large anomalies to the SE, approximately 50% bigger than what sits within the conceptual open pit. In addition to being bigger, there is lower resistivity in the SE anomalies than anything we see within the conceptual open pit - strong evidence of higher copper grades. So, if there is 2mt of contain Cu Eq within the conceptual open pit, the evidence would seem to suggest 4mt is a reasonable estimate of what's within the SE anomalies. With Footrot still to be factored in.

I know it seems too good to be true but isn't this what the evidence suggests i.e. a total Cu Eq resource that is closer to 6mt than 2mt? What else would cause the high chargeability and low resistivity readings? How likely is it that the low resistivity is caused by anything other than copper ore given what has already been discovered at Racecourse and what was seen in cores from drill hole 14? Genuine questions... how likely are those SE anomalies to be jaffas?

Only the 80% is subject to the 'fair' market valuation by an independent expert. It would be rude not to ask for a substantial premium for the remaining 20%.

Sq52 - I agree re hole 14. It looks to be a good marker for the edge of the anomaly and anything above 0.15% would bode very well for what we'll find within.

SL - Hole 10 was reported as finished at the same time as hole 9 an therefore (although a little longer) the assays shouldn't be far behind. It is also over 9 weeks since holes 11 and 12 were reported as finished... so they shouldn't be far behind either!

Ticking up nicely and still no news bomb. When that lands it will get really interesting.

CE - I would also like to see us proving up the asset for another 6-9 months. However, I'd like the negotiations to run concurrently, having been triggered by a JORC estimating 2mt of contained Cu Eq.

I don't think that many more drill holes will be required to prove up the 2mt inside the conceptual open pit and once that's done, I hope they'll leave the NW extension (lower grades) as 'open', and shift the focus to the bigger, likely higher grade, anomalies to the SE. In 6-9 months they could drill another 35-40 holes there, get an inferred resource estimate and significantly add to the sale price. One or two holes in Footrot, just to prove it isn't a Jaffa, would also a add a little more.

I will be happy to get a fair price in 6-9 months time based on what we've proven up. But I'd be really unhappy with either a quick/cheap sale or us drilling the thing for another 2 years. Need the right balance.

If there is 2+ MT of contain Cu Eq within the conceptual open pit, and the anomalies to the south east are much bigger and likely to be higher grade, then 25-30p is far too cheap IMO. And there is a 1km long anomaly at Footrot too.

I think spending another 6 months counting what we have would strike the right balance between managing risk and getting value.

I definitely don't want another job.

I was hoping to take up oil wrestling with Danni Menzies but there must be something wrong with her internet connection because she isn't replying to any of my messages. I guess I'll have to make do with RNS Waiting as a hobby for now.

The AGM is on Monday and I am sure we are going to get a nice news bomb before then.

Mine you, I was convinced it was going to be 7am this morning. And before that, I was convinced it was going to be 7am yesterday morning... then 11am... then 2pm. Same last Friday, Thursday, Wednesday, Tuesday and Monday. Same the week before that. I think a broken clock is right more often than me!