Member Info for stevemocal

A couple of lucky punters snatched their hand off at 5.1. Back to 5.3 now and the bid on the rise to.

An inferred resource would still be JORC compliant and I don't think XTR will try to go beyond that prior to selling. An inferred estimate of what we have at Bushranger (including those SE anomalies and Footrot) will do for a sale. I really don't want us trying to squeeze every pound of copper out of it because the longer we tinker, the more chance there is of something coming along and scuppering it. I want it sold sometime next year.

I don't see any advantage in playing his cards close to his chest when it comes to resource estimates... if you want to sell something you have to tell potential buyers what you've got.

I also question the legality of withholding information (i.e. an inferred resource estimate of 2mt of Cu Eq) from the market, which would clearly have a huge influence on the SP and investor decisions.

IMO, CB doesn't need to hide his cards, he just needs to keep dealing them to himself until he is ready to play the game. And the game is pretty straightforward... "here's my cards, do you want to buy them?"

James - Exactly.

Holes 20 and 21 must be whoppers as the drill must have been turning for 2 weeks. I wonder if we'll get another RNS later on them and perhaps some assays too?

Personally, I thought it was barely RNS worthy news and could have been added as a FYI to the next bit pf proper news. I was also surprised not to get a progress report on the two drill holes still going, as we have in previous RNS's.

That said... the stand out bit of the RNS for me will probably be entirely missed by the market and that is the sheer size of the IP resistivity signature in the anomalies to the SE. If we think there is more than 2mt of Cu Eq within the envelope of the 'as is' conceptual open pit, then what could there be to the SE?!? Especially if grades/gold are likely to be higher the further away from the fault we go to the SE.

CB - You've shown us the money, now stick some drill holes in the SE and "show me the cores!"

Dibs - CB said they were drilling up to 100m per day. Seems like we may have further huge extensions within the conceptual open pit.

Ella - I wasn't aware of the 'old' cemetery. I've had another look and it is definitely outside where the 'as is' conceptual pit is. Getting a bit closer if it is extended where the large anomalies are to the SE but looks like they could miss it. Iceberg's insight provides some reassurance anyway.

Looking at Google Maps, it doesn't look like the cemetery is close enough to cause a problem. I estimate it will be about 3km away.

Perhaps bundle it up as a more general question about potential property issues because there does seem to be one or two houses in the way if the pit extends to the SE?

Why do these large trades almost always show out of hours and often days later? How is it not a deliberate attempt to mislead re market sentiment? A large buy showing as a sale on all the share trading websites and the con will be missed by many, who are then tempted to sell. Shameful manipulation if you ask me.

andmillsy - Funny enough, I didn't see any books when I helped him move into his house share a couple of weeks ago?!?

Will this week be the week this thing finally pops? I still seem to be in a minority of one, but I think there has to be an updated JORC coming soon because an update on just the pit shape/model doesn't sound like RNS worthy news to me - "well, yeah, ya know, it was kinda pear shaped originally but now we've gone for more of a sweet potato shape because we think the market may prefer vegetables to fruits." Naaaah, I think any update has to include the economic modelling, and that must surely require them to updated the JORC? And surely they won't do that until they have an inferred resource of 2mt of contained Cu Eq?

andmillsy - A wise investment. My son is currently costing me a fortune. Who'd have thought it... apparently you need £100 a week just to buy stationary and books.

LEXION - I am also back to break even and just went downstairs to give the wife the good news. Guess what was playing on the radio... Amy Winehouse, Back to Black! Spooky.

We are now in a great position where the major risk is no longer that we don't find 2mt of contained Cu Eq. The main risk is we take too long to sell and something/someone happens along to shaft us. But there has to be a balance between a quick sale and getting a fair price. I'd be sick as a dog if we bailed at 15p... I'd like to see us spend 6-9 months and getting a much, much better deal.

Andrew - I think an estimate of 40p for an open pit with 2mt of contained Cu Eq, close to Sydney in Australia, is about right. And that is just the value of Bushranger, which I would be happy for us to sell and retain our Xtract shares and our African assets (especially as Eureka may also dish us up a tasty treat in the not too distant future).

But are we looking at just 2mt of contained Cu Eq? I think not.

I've said it before, and I'll say it again... it's easy chilling when you're an iceberg!

Happy we held on to the 5p going into the weekend. Here's hoping that we get the modelling update next week and Christmas comes early.

howezap - I cannot see this dragging out to 2023/24. I would expect all the main targets will have been drilled enough for an inferred resource estimate some time next year and at that point we sell. I don't want to be hanging about for years for a lick of the crumbs at the bottom of a crisp packet. ;)

I know what you're doing... you're trying to counter the jinx Markeurasia put on the SP earlier. Come on the counter-jinx!

This is the fund that people think was investing...

https://en.cdfund.com/team/Management-and-employees.html

He said in the interview that he prefers the steady rise to the spiking. Well, the day they announce they have 2mt of contain Cu Eq in that conceptual pit... it is going to spike!

In the last couple of interviews CB talks confidently about the 2mt within the conceptual open pit as if it is already in the bag, then catches himself and throws a little caveat in. Surely not long to that updated JORC.

Lot's of people won't have seen the RNS until this morning because it was posted out of hours.

Would love to have another RNS and an interview but not holding my breath.