Member Info for theiceberg

A couple of quick initial thoughts.
Hole 1 looks like in ended almost inefficient it looks like it hit a weak area, 200m to the N E at end depth, it would have continued maybe another 400-500m....
Most of the newly discovered areas are under the woodland, which has seen only a few drills at best, probably none in the area we are talking about it I remember rightly where the AA drills were.
It looks to be like a clear second prophet to the NE.
All in all it's really hard to see how this wouldn't get to the 2mt - caveat of ofcourse we need to drill and prove it.
I still confused the assays being bad, just slow imo.
Finally at least we have the graphics we wanted, and the the 3D model taking shape.

Very happy with that RNS, more detail than the vast majority of companies give.

Blimey that's a lot of info to go through.
Drill sites all mapped out - for the first time.
Ip cross sections at depth .

Pretty good correlation with deposit info.

Colin does have a habit of shooting from the hip.

It's impossible to bring out a mineralization model without having the drill results...so it was always going to be once the results are in.
However this is different to a geological model which will be based on core analyst and will say where the inner\outer altrration, intrusion, quartz shell etc ....my guess is that the 6 weeks comment probably applied to the geological model.

The markets are awful, I've got 25 shares in my watch list and none are blue (inc bhp, AA etc), every UK index is red, there isn't a single sector that's blue. (When I last checked).

I think we will find that Colin raising money when he did was a stroke of the devil's own luck.

There are two things imo.
The need for assays to come in bulk is a must. The I think about it, the more I read or contact the Aussie mining press, the more I believe this is true...they want to serve the project up on a plate to their readers, there is so much exploration in Australia that you need the whole meal to get interest...
They also need to produce the graphics to go with it imo. A picture paints a thousand words and investors like to see where the holes are, what grade they reached etc

The second point is about the placing, it, we had another 1.8m go through late yesterday for the 10th. But still no sign that anybody is trying to pump \flip the placing shares....No holding RNS, yet! So you do have to wonder who took the shares...the chances are growing that they are more long term holders not interested in pumping the share....

I can sell my entire holding above the placing price.....an indication maybe that any placing shares are not available now at this price...

Live price, with 5.53 to sell and 5.70 to buy in real life.
Doing well so far.

We’ve had two late trades both at 5.6p (the placing price) both on the same day as the placing shares were to due to hit the market as per the rns (10h of may).
Maybe coincidence? but they are placing shares trading hands imo hence it doesn’t make any difference to the book

That dilution sure is a problem. The share price is only up over 100% from any point in 2020-2019-2018 and up nearly 200% from most of that.

Very glad to see a bit of blue today. First time this week.

Andrew,
I might come round to Africa....maybe. :)
I like to have some evidence thought, which was why I didn't buy into bushranger, until hole 1 proved the possibility of the extension. Likewise i want to see some real evidence that each of the Africa projects is capable of really transforming. I do think that Eureka is added to that list of great potential, we just need the deeper extension to prove it. The speed of the drilling there will hopefully mean not too long to wait.

They've given one core, but the reasons seems to be delays in cutting the core before being sent off as this was outsourced. Then delays in labs, then Colin making whatever decision he wants/deems best to release the cores in groups.
I also have a sneaky little thought that he's waiting for the placing shares to be flipped, at least the ones that he suspects will be flipped, so any news isn't just sold into (like the Eureka news).

https://icebergshares.blogspot.com/2021/05/xtract-resources-xtrs-eureka-maybe-i.html

I've put together my thoughts, as always its only my thoughts and I don't pretend its any more important or less important than anything else, but I hope it encourages folks to do their own research.

It was quite quick, so sorry for any mistakes-typo's etc.

My views on Eureka have changed considerably.

Unfortunately he's one of the hundreds of thousands that has lost money on aim, it makes some folks bitter. It always takes people awhile to understand just how important not losing your money is, to do this you get in early and hold for your exit strategy.

I really hope this board doesn't turn into most of them on LSE where new accounts are created and folks b itch and complain or boom! Depending on whether they are in or out.....

I have never ever invested in a mining explorer where private investors have not complained about the speed of things.
Unfortunately it comes with the industry.
It's one the reasons why so many lose money in mining stocks..they give themselves false ideas of timescales become impatient and sell. Or take the CEO at their word and sell.(this isn't aimed at anybody here)
Imo you've constantly got to keep the bigger picture in mind and only sell it something fundamental happens, if you need to make money by Sept or Christmas then mining stocks will be a complete pain in the backside.

If it helps average costs to produce. tonne of the copper are around $2k but this obviously varies greatly and is impacted by cap ex and where in the LOM the costs are being calculated.

I have to admit my interest was tickled by the mention of an IOCG.
After pretty much discounting the Africa assets, I might have been wrong.
I've had a further look at the geo-physics and the results, it massively under explorer which is why it was discounted, there is simply to little information and Africa is full of small local mineralised zones, they tend to come and go quickly due to the intense geo faulting at play.
However at eureka we have an extension to the nw, that has been tested with these results, the clear break from the existing northerly trending line, which was considered the main mineralised line is easy to see. Where the two branch out away from each other could well host a deeper deposit (deeper as in 100-300m) not intrusion and the mineralization in 22 will determine whether it's iocg.

I am actually really hopeful that eureka will contain a very profitable shallow <100m pit but will also contain a 100-300m high grade copper zone.
That expansion nw was key as it changed it from being an isolated small deposit in the nape of the fault, to something larger and deeper.

Each to their own, there isn't a right of wrong answer to that imo, personally I would say that's micronews...ie it doesn't need to be released to the market, it's kind of assumed and isn't price sensitive....apart from a few retail investors I doubt many really care. Whether it's just hole 2 or holes 2 and 3 or all of them together. I am eVer to get the info but most explorers are very flexible about when they release news.
Tbh I was a bit annoyed that we hadn't heard from eureka, glad we have..

Steve, he's already said he's going to bunch them up, so the time when hole 2 finished is irrelavent.
Admittedly he hasn't said how bunched up!
The simply truth is the results for all of the holes will be out this month or next month, if we are going to drill again in july.
Whether it's bunched with just 2 and 3 which I what I first thought or 2,3 and 4 or whatever is his decision. He needs to time it for best effect. Probably a run of news with other things...
I am happy with that personally as I've already decided to hold to jorc now so end of year.