Member Info for theiceberg

As an investor I think you've always got to separate what the company can control against what it cant.
I can let only comment on this year as I haven't held for years.
With that in mind, I don't have any real complaints, a few minor issues, but Colin does seem to learn from his mistakes and has by and large communicated well.
're empress. I know I've said it before,but when I spoke to them this month, they still committed to this year and offered a chat with their CEO to confirm this. Colin is very much trying to NOT set any expectations and I think that's fairenough.
're a model. I never really expected one, not least because it would be out of date by the next drill assay, but also I think it would be counter productive - there is also an issue as to whether it would be allowed as nomads prefer independent resource updates i.e jorc.

A lot of drills and information over the next 4 weeks.
Hole 10 - might be better than hole 9, but should be pretty close. It should also be this week.
Hole 11 - could well hold a surprise imo - maybe quarter of a km at .3 or above. Should be next week.
Hole 12 - In truth probably the worse hole of the entire campaign, this might come in quick as Maybe only 100-200m or so will actually be tested.
Then Hole 13.....Probably around the 17-19th of Novemeber, but I've got the feeling it will get the Company alot of notice. Very very important and massive with 300-400m of very good and much of it additional-new mineralisation.

Over this 4 weeks, we should start to drill and hear about the new bigger system from visuals, with hole 14 giving us and XTR a fantastic insight into the SE anomaly.

A completely agree that the company is nicely increasing, steadily and safely. It seems to wait for a few days (upto a week) to allow the RSi to creep up, allow traders to sell out, bigger buys soak up the shares and then another movement north.

But it would be extraordinary if prospect nominated somebody who wasn't also part of prospect and also that Jeremy would be involved if he wasn't part of prospect.imo.

Jeremy was asked by prospect ores to be a director of xtr to present their interests, it's pretty safe to date if he's not the owner, then he's at least a co owner.
My understanding is that Jeremy as the ex head of exploration in Australia for bhp, knew about Anglo giving up on bushranger and then took it on and looked for a company to take it forward as he was a great believe in it. Xtr managed to step in and Jeremy has been proven very right. (I can't remember exactly where this came from possibly interviews).
But it

The shares legally can't be sold without disclosure, partially because of the major holding rules, but also the insider trading rules. Jeremy Read, is the very definition of insider, so for him to sell his golden eggs by selling the PO shares into a rise would be 100% illegal.
Again there is nothing, zero evidence to support that this has happened.
It's far easier to think that he knows the true value of the bushranger and is simply holding them until Anglo make their offer, after all he would have helped negotiate that contract.

I still feel pretty rough tbh, so again if I've got any of this wrong, sorry, but I think it's pretty clear.

None of the PO shares have been sold, unless they have been sold illegally, which would be madness and there is no evidence whatsoever for that.
They are being held because they know the true value, why on earth would they sell now.

My biggest take was how wart s and all Coin tried to make it. He wasn't trying to gold plate it, I think he honestly feels he doesn't need to sell it to investors.

Ella, I was taking a rough distance between the gold in hole 9 and some of the shallower further away intercepts from Anglo.

I was just about to rest and then he pops up an RNS like this, Damn the man.
So we had an estimated 368m of mineralisation from visuals and tbh I wasn't convinced the grades would be fantastic as there was very little detailed analyst done by the company.
The actual results of 448m at 0.3CuEq with decent zones of 155m of .44CuEq has exceeded all expectations.

There is a very large solid core, well in-excess of the 0.15% cut off needed, which will add to the 2MT.

So general conclusion.
More reinforcement that the visuals from the company were conservative, with expectations being exceeded.
More tonnage for the initial 2MT target
More accuracy of the grading in the Pit Design.
also
More strength in the belief that there is a much stronger gold signal to the east that extends well down and is maybe 1km or so in length and the SE anomaly might well be in the sweet zone at shallower depths.

Firstly my apologies if I get something wrong. Myself and Family are currently suffering from Covid, thanks to the Govts policy of letting it rip through schools, so my head isn't as clear as I would like.
My initial thoughts for Hole 20, is that it went above holes 5 and 6 from phase 1. Holes 5 and 6 hit moderate to poor mineralisation from 600-700m.
Hole 20 hit stronger mineralisation quite a bit shallower.
So it looks like 5 and 6 went too deep and probably hit the outside edge of the mineralisation. This is all in virgin (none Jorc territory), so once trangulated might add considerable tonnage. i.e a zone of .4-.6 Cu Eq extending 200-300m down at .2 to .3 all well above the economic cut off.
Re 21, interesting they so prominently mentioned descrete zones, maybe zones of .6 - 1.0 CuEq ?

All excellent news.

"Must have had a decent sized buy going through between the 10.45 and 11.00
Market makers jumped and the mms put through some sells but have hidden the buy, to try and get shares to help cover it."
Looks like they booked the 457k at 11.20, probably came to their desk at 11.00.
Then another 450k after lunch.

A quiet day, where a few traders sold out, but were replaced by bigger buyers. Like it!

Must have had a decent sized buy going through between the 10.45 and 11.00
Market makers jumped and the mms put through some sells but have hidden the buy, to try and get shares to help cover it.

Morning Shorn,
solg is over half a billion and tbh out project is bigger, higher quality and in a much better place I am not expecting a great response from solg, for them it's all about cascabel.
It would be nice for the market to respond well though!

"The cut-off grades used for reporting have been based on up to date third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining studies currently being reviewed. Costs include mining, processing and general and administration ("G&A"). Net Smelter Return ("NSR") includes metallurgical recoveries and off-site realisation (TC/RC) including royalties and utilising metal prices of Cu at US$3.30/lb and Au at US$1,700/oz. "
and
"Low-, Medium- and High-Grade shells equating to CuEq cut-off grades of 0.15%, 0.30% and 0.45% respectively."

Lots of nice snipets all showing how on the money we are, but in a much better lower risk environment and potentially better grades and this is just in our existing PIT scenario. We have the other SE and SW extensions which imo will show some thing bigger and better more like solgs porvenir.

"The maiden MRE is based on assays from the first 18 holes. Drilling has continued at the TAM deposit during the estimation process"
Sorry 18 holes!

It's worth takin a look at the new Jorc they have release today, 13 holes giving a combined inferred and indicated of 1.5MT of CuEq. Using a .16 cut off for open pit, with average copper grades between .22 and .27%
They have more holes which they have not included yet, but this is just a maiden resource.

It makes our projections seem very realistic for this current drill campaign.

Yes, I was thinking we might see 500k-1m printed after hours in the next 72 hrs. Somewhere between 5.2 and 5.4. Worth keeping an eye on.

For a standard large bulk mine in Australia fuel costs make up around 8-10% of costs. Obviously much of the fuel price is not the raw barrel price. But if we assume oil at $90 is a 50% increase in diesel per gallon. Then costs might increase by 4-5% in total.
However this is simply a week's movement in the copper price atm, so doesn't really impact very much. It's certainly less important than copper price, wages, general inflation, grade etc.
Also $90 is not sustainable.

Just to point out the South East anomaly was NEVER drilled by AA, I went through their previous drill locations and they only have a single drill to the far South of the anomaly this drill was pretty much down at a sharp angle but in terms of XTR was not very deep.
They drilled 2 previous holes in that round which hit the main Race Course Porphyry, they then concentrated on the RaceCourse for obvious reasons.
My guess is that soil sampling led them to test the southern extent of the SE anomaly, 200m NE and the story would be very different with anglo still owning the license and probably shouting from the roof tops about what they have.

Assays from the largely unknown 9 or 10 due Monday -Tuesday.
Drills from 20 -21 must also be due then.

Cyg, I agree on the whole, but sometimes it can be used to remind folks of the positives. Claiming xtr isn't progressing it very quickly is a good opportunity to remind everyone that xtr is progessing this at a pace very rarely seen on AIM.