Member Info for stevemocal

Feels like it needs another kick. A CB interview would help. A CB interview and an RNS with updated modelling would be amazing.

Come on CB... make our weekend.

theluckyone - Thanks for sharing... great watching that again! Here's hoping I bang my head later!!

Perhaps they’ve released this out of hours because they have some better news to release at 7am tomorrow?

Joeman - I got this from the NSW .gov website...

"Exploration licences are granted subject to standard and/or special conditions, including strict environmental management conditions to protect native vegetation, fauna, land, water resources, heritage and community values.

The conditions regulate the type of exploration that can be carried out and where these activities may occur. Under the current category system, exploration activities identified as having minimal environmental impact can be carried out without further approval from NSW Department of Planning, Industry and Environment. Routine exploration activities in non-sensitive areas generally have a low impact and any impacts are of a temporary nature. "

So I do not believe they need to submit drilling plans for approval. They just need to follow the guidelines and tidy up after themselves! Happy to be corrected if anyone knows better.

SL - I guess they didn't put a line to show where hole 20 is going to go because they don't know how long it will be. I am assuming it is pointing in a northerly direction to further test the extension? I'm considerably less certain about where hole 21 is going!

Lucky - If they were infilling then I think they'd start where the better grades are likely. I therefore would guess that hole 20 is testing for more pay dirt extensions to the north.

SL - I have never understood the reason for have parts/blocks with a phase because it has never been explained! The only reason you might do it, is because different parts/blocks had different objectives, in which case sharing those objectives would be greatly appreciated!

Golden secrets?

Ella - All I'm saying is that the PDF doesn't give us a breakdown of the Cu Eq, which we get when the assays are reported in an RNS. If you look at the tables in the PDF drill plan, you'll see the last intersection for hole 8 is reported as Cu Eq and doesn't tell the full story i.e. that it was mainly gold. What I now want to know, is whether the last intersection for hole 7 was the same as hole 8 i.e. mainly gold. We need another RNS to tell us.

Ella - You don't want to see an RNS re hole 7 assays to know whether they found any of your gold?

I am wondering if the last intersection result for hole 7 (38m @ 0.69% Cu Eq) is similar to the last intersection of hole 8 i.e. mainly consisting of gold. If so, it could bode very well for the anomaly that the IP survey identified to the NE - all free stuff that has to come out anyway.

BRD009 is a historic drill whole that wasn't drilled by XTR.

The inclusion of BRDD-21-007 assay results in the PDF may be a mistake, seeing as it wasn't mentioned in the RNS that assays had been received back. I note that there is no gold breakdown and the 12m intersection for hole 8 shows the Cu Eq and not the amount of gold. Hopefully another RNS coming just about hole 7 assays.

Add it to the list of questions for CB...

Can you please define 'middle' and also tell us how many days you have in a week? :)

SL - The tweet was on 12th August and said "First samples from holes BRDD21-007 and BRDD21-008 at Bushranger, heading off to the lab for assay." And had a picture of someone point at two large bags on pallets.

It looks like they went together, so why no assays yet for hole 7? It was a bit longer but not that much longer.

Ben - A good top up I think. There has got to be a monster RNS about to land.

SL - Not sure I'm in need of more tension!

Why is it always bigger trades that get reported out of hours? The game is so rigged it's shameful.

My suits were retired 18 months ago when we first went into lockdown and I'm too scared to go and try one on... tracksuit bottoms just don't provide the pinch needed to prompt action. Think I'll have to give the upcoming meetings a miss and get my backside back down the gym instead.

Looks like we have a good team of investors planning on going though, so I'll look forward to reports via the BB!

Ella - Just not the RNS we all want to see.

Maybe we'll get something later today. There is so much we are now waiting on that it feels like too much for a single RNS - news on the drilling of holes 18, 19, 20 and 21, assay results for hole 7 and the promise of an update on the "the way things are going relative to our modelling, pit shape and the rest of it."

Up early waiting for the firework show and got this...

https://www.youtube.com/watch?v=_nJQbAB-Rds

Come on CB... stop teasing!

Screenlearner - My view is that XTR are not obliged to update the JORC (and won't want to) until they have hit the magic 2+ mt of contained Cu Eq within the conceptual open pit. But when that threshold is reached, I would argue they are obliged to inform the market because it is the trigger point for a potential AA buy-back and is news that will have a material impact on the SP i.e. a rerate. IMO they have no choice but to RNS it.

And telling the market is a good thing because we all want to see that rerate. As for the risk it will trigger an early independent valuation of the asset (before XTR can estimate the resource at the other targets within the licence) - it doesn't exist. If AA tried to do this (which they won't because they'll want to know what they are getting before they buy anything), then XTR could easily argue that a fair market value for Bushranger (which is what they are buying) is impossible without estimating the resource within the other targets. There is no way the process of getting an independent valuation of Bushranger will start until XTR are ready to proceed.

Which then takes us to the question... how long before XTR would be ready? Which I can't answer. But even if it takes 9 months, and some additional rigs, it will almost certainly be worth the wait. The bottom line for me is that once the 2mt is in the bag, I know I've won and I'm happy to wait for that independent valuation to find out how big.

Footrot is part of the same exploration licence that Racecourse sits in i.e. EL5574. It's a job lot.

People are worrying needlessly. There is no way we sell to AA until we have sunk drills in all those big anomalies and have an inferred resource estimate for them. We simply keep drilling, doing assays and modelling until we are ready for an independent valuation.

What's the point of a buy-back clause if it isn't binding on the part of the asset owner?

I know CB has said they don't have to accept the independent valuation but I'd be very surprised if that was true. Perhaps what he means is that XTR don't have to accept a valuation until they are ready for a valuation i.e. not once there is a JORC with an inferred 2mt of contained Cu Eq, but when they've finished proving up the resource?