Member Info for stevemocal

CE - I'm new to this game but I would have thought they would have to hire the rigs and crews for a set period of time as opposed to commissioning them based on a set number of holes or meters to be drilled? On that basis, I think they have hired them for 6 months (pretty sure that is the time frame CB has mentioned before for phase 2) and therefore phase 2 should conclude towards the end of January 2022.

Happy to be corrected by the more experienced and knowledgeable.

A lot of new targets have been identified by the geophysics, which will obviously need to be tested with drilling to understand what value they can add. But they can wait and I am really please they have decided to focus the first 8 holes on proving the viability of an open pit mine at Racecourse and effectively banking some value. Perhaps we'll even get a revised JORC at the end of part 1 or phase 2?

CE - I think he was talking about end of November for just the first 13 holes (8,000m). It took 15 weeks to complete phase 1 with a single rig and they did 5 1/2 holes. They were deeper holes but more shorter holes means more time spent relocating the drill... so swings and roundabouts. I think 13 holes with 2 rigs is going to take a similar amount of time to phase 1 and will therefore take us to the end October. They'll then need to wait for the final assay results before they can complete the analysis and present to the market. That said... I hope you're right!

I think CB said it himself in the interview that the market interprets no news as bad news and the SP has suffered as a result. He also made the point that expectations were too high for the first 5 holes, which were largely shots in the dark. However, the data gleaned during phase 1 means we are going into phase 2 with our eyes wide open and the drilling can be more targeted at the juicy stuff.

Lots of regular news for the rest of the year with 2 rigs and an RNS every time a new hole starts, finishes, the assays come back or there is a material change e.g. a drill breaks or we strike oil. There are also more IP survey results to report and modelling. Throw in a bit of news from Africa, maybe some director buys and perhaps even some TR1's, and we'll be spoilt rotten for news. It has been a long painful interval but part 2 of the Xtract show is about to begin... roll curtains!

It would also seem that during the lull, CB has found the time to get his teeth done... shame about the whistle he's developed.

Not verbatim but the reference to Cadia/ Ridgeway was along the lines that you need 400-500Mt of ore to make it economic to mine for 20 years (20Mt per year) and that's the model he is dreaming about.

500Mt of ore at (say) 0.3% would be 1.5Mt of Cu. Assuming he is doing what he says and keeping the optimism in check, it would seem they are confident we'll get close to the magic 2Mt Cu target. The huge extensions plus Footrot should give people much confidence too.

Great news that assay turnaround times will be much quicker. Let the drilling commence!

H202 - It is 501 km2. You can find out more here...

https://xtractresources.com/wp-content/uploads/Bushranger-Summary-Presentation_April-2020.pdf

Should be at least one more bus this week when the phase 2 drilling begins!

You couldn't hope for much more from the IP survey. It is another piece of evidence that we are sitting on a multi-porphyry system similar to what was found down the road at Cadia. And great info to help target the drilling that will follow.

So much to go at now, it must be a real problem deciding where to drill first. A nice problem to have though.

When I read the RNS I assumed that the 'further processing of the MIMDAS IP survey data' was the processes of the additional surveying they were coming back to do. But I suppose they could be just saying they've reworked the data from the initial survey? You would have thought though that they'd have either informed us that the follow up surveying was still pending or given us the results from it (as they did with the initial survey)... but we have neither!

Perhaps an RNS with the results of the follow up IP survey will land shortly?

3card - I think we all got a bit carried away and ended up will unrealistic expectations re grades. It’s worth reminding ourselves that the objective of phase 1 was to test for extensions and, in that regard, was an outstanding success. It also provided a massive amount of information about the system which will inform a more targeted phase 2 drilling programme. Roll on phase 2… going to be an exciting few months.

The first IP survey was reported in an RNS so hopefully we’ll shortly get one to show up was part 2 found.

Howezap - get well soon!

Following this share intently is a bad habit and it's one I have partaken in for too long myself.

Back in February I took the decision to hang up the consultancy gloves, take the summer off and chill as I watched the investment(s) that will fund my early retirement, grow. But watching XTR (my biggest investment by far) has been far from a chilling experience, so last week I started another contract (definitely my last gig) just to distract me and regain my sanity! I'm now down to just a couple of peeks a day!!! Unfortunately, vodka consumption remains at an unprecedented high.

Come on England!!

Should be 4p based on the African assets alone... Bushranger is a free bet.

Worth noting that the phase 2 drilling at Bushranger (I am guessing some drilling will happen beyond Racecourse) is estimated to take until the end of the year to complete. However, there were huge delays getting assay results during phase 1 (backlogs at labs everywhere) and we should probably expect more of the same and it taking a bit longer to get a revised JORC - although it may also be possible that we get interim JORC revisions as we go? On the plus side, there will be two rigs for phase 2 and that should mean a pretty much weekly stream of news to keep the SP ticking upwards instead of the drifting we have had to endure the last few months.

Looking forward to the imminent news bomb that will launch phase 2... just a little more patience required!

GLA

Most people are invested here because of the huge potential at Bushranger. I can’t speak for all investors but I would have zero interest in accepting a low offer from AA at this stage and want to see what phase 2 shows up and a new JORC. Traders looking for quick returns, who are happy with small margins, may think differently but they are not in the majority here.

Steve - I am assuming that the 3D modelling will combine all the available historical data with that gleaned from the more recent drill holes, assays results, IP survey, AEM survey etc. They must have built a really good picture now and I hope they are going to share it soon, really wake the market up to the potential and set the the SP off on a long climb north.

To be fair to 1Day, it does remind me of what it was like when I was an expectant father for the first time...

After a long 9 month wait, things are finally starting to happen. Labour is about to start but we'll then need to wait a little longer for CB to get to 10cm dilation before he can start pushing. He'll then have to push for about 6 months before finally, and hopefully, giving birth to a litter of chubby porphyries. All the waiting and stressing will then be forgotten in an instance.

It might also be worth mentioning that I have read that having sex and then resting with your hips in an elevated position can help to induce labour. CB... just saying.

Hi Ella - In the Zac interview on 22 June (link below) CB said they were expecting the pit modelling the first week in July (he said January but meant July). Before that he was talking about the modelling in general and how they are feeding in the assay information, geological information, lithology, faults, overprints, changes in time etc and this will be used to target phase 2 drilling and, I presume, this work also forms the basis of the pit modelling work. I have assumed that the modelling will be shared at some point, as either an RNS in its' own right or as part of the plans for phase 2.

A couple of assumptions in there on my part and we all know what the assumptions are the mother of! Fingers crossed though.

https://audioboom.com/posts/7891463-traders-cafe-with-zak-mir-colin-bird-executive-chairman-xtract-resources

Steve - Some of the trades showing as sells will definitely be buys. I tested to see what I could buy at when the spread was 3.6 - 3.7 and you could buy at 3.63.

Without wanting to jinx things... I am hoping that the 3D modelling is imminent and that should really help us (and new investors) to literally see the scale of the potential at Bushranger as a whole - it is difficult estimating with it.

I tend to think that the tonnage at Racecourse (that will be economic to mine) will be less than 3bt, but I am expecting to end up with a higher average grade than 0.2 Cu because Hole 1 and the data from the original JORC tell us there is higher grade stuff down there. Yes, it would have been awesome to have hit great grades in the other holes but hitting a sweet spot would have been very lucky and they still showed plenty of ore that is economic to mine. And we should also not forget that the objective of phase 1 drilling was to test for extensions and to build the geological picture. The extensions were found, reaffirmed by the IP surveying, and all the data gleaned has been fed into the modelling. As such, phase 2 will be more targeted and we'll hopefully start hitting some juicy stuff that will make the market sit up and take notice... I just hope the labs have reduced the backlogs and we aren't going to have to wait 3 months for assays.

Just my two penn'orth.

DYOR, GLA

Once there is a steady revenue stream it will open the door to borrowing money (if needed) instead of equity fund raising. Obviously, they can't guarantee no more equity fund raising, so it is caveated. I get that some people are scarred by previous dilutions and missed milestones but I don't think people should read too much into this.

I personally thought the RNS was very positive and couldn't stop myself adding a few more eggs to XTR basket this morning. I think we'll see a nice rise once the modelling is presented (next week?) and then a steady increase as phase 2 drilling begins and holes are reported. I just hope whoever we are getting to do the assays has made some progress at clearing the backlog... a 3 month wait for results would be torturous.