Member Info for stevemocal

Jeez... I've put on 12mg of copper this year!

Screenlearner - I think many of us are pretty confident XTR is odds on to multi bag from here but it somehow doesn't stop the nerves from jangling until it actually happens!

I don't think we are looking at bad new re the last two drill holes. They must have been going the best part of 2 weeks so they are bound to have some length to them and they wouldn't keep drilling if there was no mineralisations.

I also can't see the assay results for holes 9 and 10 being anything but good. They seem to have been aimed to test a high grade zone on the western side and to further test the eastern section where we had a sniff of gold with hole 8.

The latest 2 drill holes must have been going for 5+ days now too and they could update on them too. Lot's of news pending. Will we get a nice steady daily flow of RNS's over the coming week or so, or are we looking at one massive news bomb?

Joeman1 / Steve4077 - I think it is the buyback clause that makes this situation unique. In most circumstances, I agree, a company can pick and choose when to update a JORC estimating a resource. But in this case, when XTR know they have 2mt, they also know there will be a buyback negotiation with AA and that's information the market has a right to know. Just ask yourself the question... would anyone be selling today at 5.1p if they knew XTR was going into negotiations with AA re a buyback?

Joeman1 - There is nothing stopping XTR releasing an updated JORC and then carrying on drilling until they are ready to come to the negotiating table with AA.

I would also question the legality of sitting on such information when it would clearly have a significant impact on the SP and investor decision making.

They have drilled 30 holes, so releasing a JORC after 18 holes is presumably because 1.5MT of Cu Eq was some sort of target for them?

It is why I think we'll get a JORC when we hit 2MT. With AA having put it in a contract that they'd like first refusal if 2MT is reached, it would certainly wake the market up.

A fair few sells today but the price up instead of down. Wonder if there'll be some large buys reported out of hours?

Got to be a 7am RNS tomorrow... hasn't there?!?

Steve - Yeah, those RNS are good but still only comparable to being slapped round the face with a little wet fish. We are waiting in anticipation for a whopper round the chops...

https://www.youtube.com/watch?v=T8XeDvKqI4E

Joeman1 - I really find it hard to imagine XRE could veto the independent expert valuation on the 80%... the 20% is another matter.

I'd have thought that it would work like arbitration, there would be a mechanism for selecting the expert and once that was agreed, the decision would be binding. Time will tell I guess... first need to get the 2mt of Cu confirmed!

CB has said before that XTR does not have to accept the fair market valuation by an independent expert if it goes down that path. That has always struck me as odd because it seems unlikely AA would have a buy-back clause that wasn't binding. I am now thinking that CB may be planning on using the 20% XTR can retain, as a bargaining chip that effectively gives him a veto over the whole deal.

If during negotiation CB confirmed XTR didn't want to retain the remaining 20% and he would sell to the highest bidder, then that would seriously sour the deal from AA's perspective because they wouldn't want to get in bed with a rival. In those circumstances I would imagine AA would take an all or nothing position, which gives CB a nice bargaining chip i.e. XTR accept the fair valuation for the 80% but ask for a premium on the 20% so AA can secure the lot.

I suspect AA didn't come up with the idea of an 80% buyback and it was the ProspectOre guys who wanted it. May actually give us some leverage.

Cygnus7 - I think the only other IP survey was at Footrot as per the RNS on 13th July 2021. It confirmed "a large chargeability anomaly extending for over 1km" but didn't give much more info.

There was talk of doing an Airborne Electromagnetic (AEM) survey but I don't think we heard anything more. Don't know much about AEM but I wonder if it was tried but didn't find anything? I believe the sulphides are picked up by IP because they are conductive but they are not magnetic. Therefore (I think!) the AEM would need to pick up the copper which may be too deep.

orangecannon - Slide 19 isn't showing chargeability (the sulphides/pyrite), it is showing resistivity. Resistivity is a measure of how well an element conducts electricity and the lower the resistivity the better an element is at conducting it (with copper, silver and gold being the best).

We've not had a great deal of IP information from Xtract but what they will have been doing is looking at chargeability and resistivity together. What they want to find (and presumably did) is high chargeability coinciding with low resistivity because that indicates a 'lode' deposit i.e. "a deposit of metalliferous ore that fills or is embedded in a fissure in a rock formation or a vein of ore that is deposited or embedded between layers of rock". Areas of low chargeability coinciding with areas of high resistivity indicates a sterile area. The red areas on slide 19 are therefore showing where there is a lode deposit containing copper/silver/gold... and isn't it a wonderful sight!

That's my understanding anyway. If I am wrong about anything then I'm more than happy to be corrected as it isn't the easiest subject to learn about without being able to ask a teacher questions! The following article really helped me as it explains what different results mean and may be of interest to those that like their research!

https://www.scielo.br/j/remi/a/gSFzjz6FzLfs5fFzSNJprvG/

Cyberiachas - Many thanks for the additional info.

I am assuming that CB’s valuation of Bushranger is based on 2mt of Cu and we can extrapolate to calc what we might get with more?

CB - please send me and address to post the malt whiskey to during negotiations. Ta.

Copper has a lower resistivity and is a better conductor of electricity than metals like iron. Copper is a better conductor than iron, which means current can flow easier (with less resistance) through copper. Low resistive tells us the red gear is almost certainly copper.

Slide 19 is worth putting out there as much as possible... "See this? We're shortly gonna show we have 2mt of copper just in this crappy yellow stuff. Just think what well have when we count all the copper in all that red gear!"

Assays and drill hole news next week for sure... something to look forward to over the weekend. Beer o'clock now me thinks! We go again Monday! GLA

I doubt there was anyone at the presentation yesterday that wasn't already an investor and almost nobody is going to find their way to the presentation on the company website, watch it and decide to invest. It was pretty much just a rallying cry to weary shareholders who would like the battle to be over! Nothing wrong with that, it just isn't going to make much difference to the SP. RNS's needed.

Maybe they are holding back on the holes 20 and 21 update so they can also give a progress update on 22 and 23? Would be lovely going into the weekend having been told they've stuck the drills into the the SE anomaly and the cores are already coming up dripping in copper!

Dibs - The RNS on the 13th October said "to date 15 diamond drill holes have been completed". That means holes 20 and 21 finished at least 2-3 das ago. An update is most certainly due imminently!

The Channel Islands also have no Capital Gains Tax and I may have a short stint in Guernsey if I've not bought the villa and an XTR pay day is looming.

I've spent a lot of time in Guernsey for work and wouldn't mind a 6 month stint at La Collinette Hotel where I always used to stay. It is run by a French version of Basil Fawlty who is hilarious... highly recommended for tourists and wannabe tax exiles alike.

That is my contribution to Guernsey tourist information for this year :)

andmillst - No, Footrot isn't on the map they released yesterday with the drill holes marked. It is a few kms further to the SE.

There was also an RNS re the IP survey they did there, that indicates approx a 1km anomaly.

Go on then Lucky... do it! ;)