Member Info for stevemocal

Appears most of us mere mortals haven't been able to buy for some time now and I'm wondering if the trades currently showing as buys are in fact sells because the bid/ask is skewed?

Perhaps the MM's know there is a TR1 coming and are trying to finish filling some big orders before this goes north?

I haven't been able to get a quote to buy even £100 on Halifax for some time now.

FTF - It has been explained to you multiple times on these boards why your comparisons as a means of valuation are off the mark. If you don't want to listen, or don't agree, then fair enough. But what's with this obsession with trying to persuade others not to invest in XTR?

Lots of 100k buys. Someone doing a final bit of hoovering before news?

Luke - It's been happening for weeks. Big buyer hoovering up cheap shares from those that appear to buy based on nothing more than FOMO when a stock spikes and then bail when it dips. No research, no patience and destined to never make real money. As you can probably tell... I don't have much sympathy!

Re hole 2 assays - I think that once XTR have the assay results for hole 2, and have collated the information, then they'd be obliged to share with the market and not sit on them until the results for hole 3 are released. I am hoping for a 7am RNS in the morning.

Hi Factor of 10 - I think most people expect the flow of assay result to roughly mirror the timing between each drill hole finishing. If memory serves, there was 2 weeks between holes 1 and 2 finishing and we got the assay results for hole 1 on Friday 19th March. So, arguably, we were expecting them on Friday but that was obviously a bank holiday and they probably only returned to work yesterday. Which is a somewhat longer way of saying exactly the same thing as LittleWing... imminently!

CE - CB has provide us with many clues to work out for ourselves that this find is going to be in excess of 2mt Cu Eq.

We have an approximate length provided by hole 1, width by hole 2, and depth by hole 3. Using those numbers we can estimate volume and then multiple by 2.7 to give us the approximate tonnage. We then have an average grade provided by the assay results from hole 1 (to be refined and firmed up as the other assay results come in) that we can use to calculate the amount of Cu Eq.

By my calculations we are comfortably over 2mt, even allowing for some cut-off. And then we need to look at clues that others have alluded to...

* Straits Resources thought the strike length was 1,500m
* CB made the point yesterday we don't yet know the full depth or width
* The AA geologist report that confirms there is at least one other porphyry
* This is just down the road from Cadia and in the same belt and it is likely we have a similar multi-porphyry system
* XTR have commissioned an IP survey to help target and size other potential porphyrys prospects (and the one we are currently drilling)

For my money (and I have speculated a considerable amount of what I have), this is as close to a 10+ bagger from here as you could hope for. I am truly gob-smacked that people are selling... don't people do research?!?

GLA

Hopefully Iceberg is just busy writing a hole 6 update for his blog?

Not sure how news of an additional 780m of mineralisation has promoted people to start selling! Hey-ho... am wondering if we see a few large after hour buys hoovering up the shares of the impatient?

Strap on, strap off. Strap on, strap off. I think we're being trained for something.

Joeman - The UAE (where CB lives) is 3 hours in front of the UK and NSW is 10 hours in front. So they have had some time to work on an RNS and it would be pretty straight forward if it is just re hole 6. Could they have drilled through the long weekend, most of Tuesday (in Oz) and still be going?!?

Docit - Yes, CB's last interview seemed less rampy and more confident. Hopefully the numbers will be doing the ramping from this point forward.

I expect they carried on drilling over the weekend. It is also Tuesday evening in Oz right now, so that is yet another day of the drill turning... and still no RNS? I know CB said in his last interview that hole 6 was 'no more in focus' than any other hole but I'm not so sure. Feels like this could be a monster week.

Andrew - I agree that 8.9mt of Cu Eq seems like too much to hope for but it is what you get if you have 0.33% Cu Eq within a 1000m x 1000m x 1000m body of mineralisation. I didn't make up those dimensions... they came out of CB's mouth.

Previous reports have also indicated that the strike length is 1.5km - hole 1 may have dropped out of it if it dog legged and flattened out - making up for the less than 1km found by holes 2 and 3 measuring depth and width. And then there is hole 6, which hit mineralisation at just 45m and must have been over 1km as of Thursday. And then we have CB talk about Bushranger potentially being a multi porphyry system like Cadia, which could mean a number of porphyry's that equate to the 1bn meter cube.

For what it is worth, I also have estimated the resource at approximately 2.6mt based on what we know so far. The 8.9mt is not a prediction... just the potential based on th1km cube that CB talked about.

Gordie - For a very rough idea of the potential just work the numbers provided by CB in interviews where he talks of a find 1000m x 1000m x 1000m. Obviously there isn't some Borg mothership down there (one for the Trekkies) but if the total resource is roughly the same, then that equates to 1bn square meters of ore. Each square meter will weight approx 2.7 tonnnes, so that's 2.7bn tonnes. If the average Cu Eq is 0.33% (as per hole 1 assays but many more assay needed), then that would yield 8.9mt of Cu Eq.

So, the potential is absolutely huge. And the fact that drill 6 was still turning at close of play Thursday (must have been well over 1,000m, with mineralisation from 45m) is more evidence that what is down there is massive. Hoping for a Tuesday news bomb!

howezap - Not much more to elaborate. Just makes sense to me to involve AA sooner rather than later to avoid potential rework and delay when it comes to AA doing its' DD.

Father Ted - If it costs a $1bn more to mine, then the bargain basement purchase price turns into a false economy. Location, location, location.

O&W - that sort of news flow will do nicely!

O&W - It will be enjoyable watching this grow over the summer but to do that we need news or there is nothing to see. As such, a potential 2 month news drought whilst planning phase 2, would be somewhat torturous... even for people who aren't traders! Hopefully, Doog is right that CB is just being more cautious with his timescale projections since Imminentgate. :)

If CB and the team are confident they are sitting on more than 2mt of Cu Eq (after phase 1 drilling, assay results and the IP survey), then they should consider inviting AA to send their own geologist to help plan phase 2. That would be the best way to ensure both parties get what they need to make a decision re buy back and minimise the risk that additional work is required.

I also note that in the last RNS, CB says the IP survey team are on site and it will take 3-4 weeks to complete. That would take us towards the end of April... would it really then take a further 2 months after that to plan phase 2 before commencing drilling at the end June or beginning of July (as per the last CB interview)? Waiting 2 months just for the phase 2 plan would be torture!

In the article by John Cornford he does say the 3% is conservative.

Anyone else notice how the early comparisons to Boda have completely stopped and have now been replaced with comparisons to Cadia? CB and the XTR team think we are sitting on a lot more than 2mt. Let's try to enjoy the tease as this beauty slowly reveals herself. GLA