Member Info for theiceberg

Teip,there is already a JORC, there have already been many drills by AA. This isn't a newly discovered resource.
The drilling is to expand the porphyry and it's associated mineralksation.
The drilling took place when the copper and gold price was far higher than now and a cut off grade was relatively high. We know the cut off is lower now and that brings in far more resource without drilling.

What the drilling has done is expanded it in all ways, if you extend the width by a 100% in each of the 3 dimensions, it makes it 600-700% bigger. If you find better grades as well then that's even better.

Folks buying in, will released not about assays for hole 1, it's about assays for ALL the holes, it's about the geo model that they do up with. It's about the secondary porphyry intrusions, it's about the JORC and that's just bushranger.
It's also about the associated geo structures on the licenses all associAted with the fluid movements from the arc. However many there are.

2m and an extension rns

1.6m on the bid none market maker...that's an m not a k

Already 800k on the bid trying to get that embarrassing 6.5

On dear, some poor did has just put 600k in the auction to sell at 6.5
It's embarrassing robbery if that gets taken...more money than sense...

Sorry k not m. :)

An after hours buy of 700-900m shares on the cards..

As I type 6.9 with just one below 7p.

Yep, over 500k in 3 buys delayed popping up..and the market makers retreating to 6.8 (supposedly on low volume -pull the other one).
No doubt a few folks have sold thinking that news is a while away, and the shares price will come to down...I really don't think it will, the book tells a different story.

Something strange has happened to the book in the 45mins.
In the 11.ok auction we had 600m shares on the ask at 6.5 put on at the bid at 10.50 taken off unfilled at 11.00
Then over the past 45 mins both the bid and ask move up and hardly any volume, to the point where the bid is now where the 600k was on the ask...
So either a big buy has come in, big enough to eat the 600k or the 600k wasn't real.
Still the market twitchy to get shares..

CE I agree, but -and I hate using TA- this is clearly in a rising channel. We were 5-6p now 6-7p, in a couple of weeks time probably 7-8p and by the end of the month the channel is 8-9p, this is obviously with all the major drawbacks of TA around news etc. And tbh I am not sure it's worth too much, but it does show a generally rising share. As you say, liquidity is falling, we were dominated by large sells and medium buys, it's rather reversed now. It should reinforce any rising.

Although nice and I would certainly like to know them, the positions of the drills don't prevent some understanding of what we have...the last RNS was informative...its half a km to the intrusion it's testing, (at least), the last drill intrusion was 570m, if we planning to hit it 120m further then we intersect at 690m..this coincidentally is where higher mineralization was found from drill 1.
The intrusion was 30m ...yet we hitting porphyry alteration over half a km away!!
Can a smallish intrusion really cause veins and mineralization to travel over such a distance? It would seem unbelievable particularly without large veins to help the traveling.
My guess is that this is a pressure release tunnel from the arc.

If you can, think back to diagrams of volcanos you have the main chamber, then to the sides, you have pressure release pipes leading to the surface.hence the quick cooling minerals they have found.

The question is how many release pipes are there?

It's difficult to have too much faith in the exact locations, as xtr simply arnt saying....a pain.
this was my estimate from last week. It's interesting they have hit the minor mineralization 100m earlier!
There is no expectation of mineralization 40m from surface towards the NNW...it's a virgin drill territory So maybe it hints at a second core of splintered extension. With way imo it's amazing news...
So an estimate for Hole 4.
Minor mineralisation from 140-380m.
Outer Alteration zone 380m - 500m.
Inner Alteration zone 500m - 900m. - with a very high grade core at about 650-850m.
outer alteration zone again 900m -1200m
***surprise prediction is a twin core in the inner alteration zone.

Well that was a close one for F ity F sake.
It should have been a no brainer to drill from a different pad, and in my calculation last week I thought this drill would intersect the down hole Porphyry about 100m from drill 3, so I am very happy with 120m.
Normally with exploration, if its a new discovery, you might drill 3 holes from the same pad, as this allows a quantifiable, measureable study of the discovery, looking at the angle of the minerals, the directions of the veins etc.
However that isn't what this is, this is extension drilling so drilling from the same pad, made no sense.
My only thought it that the new mineralisation is so extensive, that they considered treating it as new dicovery, hence same pad, but very glad they moved it.
The delay is utterly immaterial IMO.
Finding mineralisation at 40m is intriguing, and i really wish we could see where this is situated. anyone for a record 1000m of mineralisation? Has to be for a shout.

This is just an opinion, my guess would be a renegotiation of the agreement...AA steps in and earns 60% for funding the project and a xxm payment, to a mine decision..after that time AA has to buy a further 20% at market value taking it there share to 80%.
It does mean we give up 60% but it also means it's developed very quickly at no cost... This is obviously just for bushranger and xtr can explore further on the licneses.

Having implemented Basel 1 and 2, as well as managed the daily transfer and monitoring of the T1 account for a global bank. I can't see that many will hold gold, a) its costly to store. b) most bank use their T1 asset pool. For example the bank I worked for, would use the 8bn or so during the day, then at 4pm UK time it would transfer the money to cover the T1 back to the ECB account, then use it again the next day. A bending of the rules, but within them, as the money covering The T1 was measured at midnight each day. During the day it would be used to cover all kinds of positions, mostly to other banks, who would have to pay it back by 3pm.
If you think about it, a bank like Deutsche Bank, would make payments for hundreds of banks around the world each day. most of the banks would have open positions with DEUT which would need to be settled through EBA, SWIFT, Target etc. why not use your T1 money, that you have to put aside to do this, during the day? Which is in fact what all the large banks do. I know this is what BARC, DEUT, JPMO, HSBC, CITI do. You can't if its gold.
It makes a mockery of the entire requirement, but was within the rules. If you've got Gold, you can't do this. You can't collateralise against it. You can't do jack. Also if gold went down in value, you would have to keep topping it up with other Tier 1 category instruments, banks wouldn't want this level of uncertainty.

Ohh look, 1m at 6.6
it's as easy as taking candy from a baby for market makers. By Monday when the market opens, hole 4 will be 300-350m and tasting the porphyry again....

A small amount of buys and the markets quickly march the ask back up. One at 6.5 and the rest at 6.7 and above....
Good luck if you want to buy any volume at all , but I am certainly looking at some big after buys in the 6.5 region.

I think they were just testing the strength for any pull back - the answer seems to be no - so back to 7p.

I've just spent a hr or so and plotting the mineralisation, hole dips etc. It looks like the holes drilled to date, have been finding increasing width to the inner alteration zone - as well as the outer zone.
However they haven't yet tested the higher grade zone from drill 1, for the inner core for width. It looks from what we've seen so far the inner core is growing at around 30% for every 100m depth.
This doesn't sound much, but from the old BRC9 hole to where I think hole 4 will likely intersect, its a 100% increase. Which is massive, in a shortish distance. Obviously this could increase far more.
They also haven't tested the grading of the better big mineralisation, drill 4 should go through it.
So an estimate for Hole 4.
Minor mineralisation from 140-380m.
Outer Alteration zone 380m - 500m.
Inner Alteration zone 500m - 900m. - with a very high grade core at about 650-850m.
outer alteration zone again 900m -1200m
***surprise prediction is a twin core in the inner alteration zone.

Hole 4 will be the definer imo. The hole that really wakes the market, if you can wait 14-15 days. What they've JORC'ed so far it just the thumb nail, of a big massive thumb.