Member Info for ZaphodBeeblebrox

Wouldn't want to be out of this at the weekend!
Sorry, can't resist being cheeky. But this time it's really true :-)
A nice IPA beckons... need to calm down after all the excitement at ROCK and XTR this week.

Fri, 29th Jan 2021 13:21
RNS Number : 4070N
Bushranger Copper/ Gold Project Drilling Programme - Progress Update
Highlights
· Hole BRDD-21-002 is collared over 300m from the previous hole, angled at -80 degrees and is offset from strike with the aim of crossing through the down-plunge extension of the deposit at depth

· Drilling has continued to a depth of 492.5m, having passed through the outer layers of the porphyry alteration system and entered the central potassic alteration zone at about 450m

· Copper mineralisation becomes more pronounced with depth since it was first observed at approximately 130m downhole, and especially since 340m depth, occurring as chalcopyrite, accompanied by pyrite and lesser pyrrhotite in the form of disseminations and fracture-fill.

Colin Bird, Executive Chairman said: "The current hole is a significant step-out of more than 300m from the previous Xtract hole and 200m from any historic hole. It has passed through a wide outer alteration zone typical of such porphyry-style deposits as it progresses towards the core of the mineralised system. We are encouraged by the extent of the alteration zone and mineralisation which has been observed for the last 150m of the hole, with sporadic mineralisation over a wide interval prior to that."

Very good RNS.
The disinfection of worse than useless directors from the era of serial liars "Dodgy Dave" Sefton and "JamTomorrow" James Berwick continues.
You have to be daft to think he was not pushed!

Sarah Cope remains as she has proven not totally incompetent with her role in the reverse takeover of Attis Oil and Gas Ltd (AOGL) by Helium One (HE1) on 4th Dec 2020.
Bodes well for a RTO into Anglo African.
Greetings to all other long suffering holders, Irish mouse etc

29 July 2020
Successful raise of £1,050,075, through a placing of 64,620,000 new ordinary shares of 0.1p each in the Company (the "Placing Shares") at an issue price of 1.625 pence per Placing Share (the "Placing")

Sorry, I should a new floor price of at least 2p!

Fellow rockstars, leathal and magoo esp, I think we can define a realistic new base for the sp.
Let's use a very conservative 3% in ground value from John Cornfords article discussing the valuation of Xtract Resources (XTR on AIM) Racecourse Cu-Au porphyry resource in the Lachlan Fold Belt, NSW, Australia.
https://masterinvestor.co.uk/equities/johns-mining-journal-where-next-for-xtract-resources/ dated Mon 25 Jan 2021.

With an approx £300 million in Au+Ag resource, this would give us an in ground conservative valuation of £9 million just for Plateau. As we know, this would be low due to the shallow early mining opportunity, and the fact that the resource is open in various directions so still much more to go. But with the above info we should have a new floor price around 2 p ie double where we are.

Regards,
Z

I said in my first post today at 00:11 that I would be happy with 100,000 Oz plus.
Well, I am now extremely pleased and may have an extra lump of sugar in my tea today.
And possibly a piece of cake.

Spaghetti hoops
In my posting starting this thread on Tue 16:17:
"Take $8000 per ton Cu and $1850 per oz Au, and with this maiden inferred resource estimate we get approximately $1.5 BILLION of resource.
Using approx 3% valuation that a major might pay for resources at this stage of exploration, and you have $45 million. Or 33 million pounds sterling. Compare to 15 million pound mcap, and you see why the current share price might be a bargain.
GLA. Zaphod."

I liked our CEOs answers in the Proactive Investors interview, but the questions were too superficial and the interview too short. I would have liked him to be asked about the strategy for monetising Alford East. Also, the low cutoff of 0.05% Cu used for In Situ Recovery could have been explained.

https://m.youtube.com/watch?v=B26gx_6HVCw&feature=emb_logo

From 22nd Dec Exploration update RNS
"Resources will be estimated for both the Eastern Breccia and the Central Breccia. It is now expected that the resource update will be released earlier than anticipated and prior to the end of January 2021. In July 2019, Rockfire announced a maiden JORC resource of 1,147,330 t @ 1.10 g/t Au for a total of 40,400 ounces of gold at Plateau."

"Results from detailed soil sampling at Bell Rock and Jeddah gold prospects should be available before the end of January 2021."

As previously announced, gold has been found below 600 m at Plateau. I expect a considerably enlarged resource estimate.
Over 100,000 Oz gold would be nice.

Hope ROCK can meet their January 2021 deadline for their update. Colin Bird is not involved here, so expect so. However, l can wait for very good news.
(Not even going to mention any excitement over the doubling of the Cu mineralisation related magnetic anomalies at Copperhead and what that might mean for our share price).

Going to be an exciting Friday. Wall street bets or not :-)

Something interesting affecting markets today.
https://www.zerohedge.com/markets/reddit-rebellion-about-descend-precious-metals-market

Hi news, and others,
Just listened to the interview.
Colin referred to the harder geology and expected drilling to go forward at 60 m per day.
That would take us to next Wednesday to hit 750m depth!
PS CB also mentioned a banana, as well as onion, carrot, avocado and cigars. Guess we know what he's having for dinner :-)

Sorry for the noddy maths, just trying to look ahead.
Currently we are drilling approx 100m /day.
So expect to hit target total depth of 750m in approx 345 m (750-405)so approximately 3.5 days assuming constant drill rate ie after midnight on Sunday 31st Jan 2021.
Conclusion: good chance of an RNS on Monday morning, although hopefully it will be that we are still drilling due to continuing mineralisation :-)

GLA

Calculation
405-138.1m/67 hours = 267m/67 hrs= approx 3.99m/hour drilling rate ie 96m/day
RNS: Thu, 28th Jan 2021 11:56
Hole BRDD-21-002 @ 405m out of a planned hole depth of about 750m
RNS: Mon, 25th Jan 2021 17:14
BRDD-21-002@ 138.1m.

Iceberg! great point that any weakening of AUD versus the USD adds upside to the project economics, as most/all of XTR costs here would be in AUD.

Dont think too many people were thinking about that.

Folks
This is a great RNS, letting us know drilling is going to plan (not always the case!) and that we have copper mineralisation all the way from 130 m depth!
As iceberg has pointed out, the zone of strengthening mineralisation starts at 340m downhole depth. So we have at least moderate Cu mineralisation 110-160 metres before the main target zone - all extra brucie bonus upside when it comes to looking at resource.

Highlights
- Drilling of the second hole of the Phase One Drilling Programme at the Racecourse Mineral Resource on the Bushranger Project, has continued to 405m out of a planned hole depth of about 750m
- Hole BRDD-21-002 is angled at -80 degrees and is offset from strike with the aim of crossing through the down-plunge extension of the deposit at depth

- Weak to moderate copper mineralisation and bedrock alteration was first noted in the hole at a depth of about 130m within the hanging-wall margin of the deposit and becomes more pronounced from 340m as the hole approaches the main porphyry target zone

Colin Bird, Executive Chairman said: "The rig was moved from the first down-plunge hole and commenced drilling on the current hole on 23 January. The new hole was sited offset from strike to intersect the deposit at a target depth of about 450-500m. We are currently cutting through a wide zone of geological alteration and low to moderate grade copper mineralisation lying above the main zone. We will continue to report results as the hole advances over the coming days."

Hole BRDD-21-002 Drilling Results to Date
As with the previous hole, the drillers continue to drill on a 24-hour basis. Hole BRDD-21-002 was located above, and lateral to, the main porphyry copper-gold body to provide an intersection across the down-plunge extension of the deposit.
Copper mineralisation, in the form of weak disseminated and fracture-fill chalcopyrite associated with green, propylitic alteration of the bedrock, has been visually identified in core since about 130m depth and has gradually become stronger from 340m towards the current hole depth of 405m. Such alteration and mineralisation is typical of the hanging-wall margin above the Racecourse deposit. Drilling is continuing towards a planned total depth of approximately 750m.

Hi Keithb1.
I shamelessly plucked the 3% in ground value from John Cornfords article yesterday discussing the valuation of Xtract Resources (XTR on AIM) Racecourse Cu-Au porphyry resource in the Lachlan Fold Belt, NSW, Australia. The geology is different, Racecourse is shallow, but Alford East might even attract a premium for In Situ Recovery being possible. So it is based on a (loose) analogue. If l had more time l would look more closely at analogues, but alas, l do not!

Original article:
https://masterinvestor.co.uk/equities/johns-mining-journal-where-next-for-xtract-resources/ dated Mon 25 Jan 2021.

Should learn to keep my mouth shut and just keep buying as much as l can :-)

Take $8000 per ton Cu and $1850 per oz Au, and with this maiden inferred resource estimate we get approximately $1.5 BILLION of resource.
Using approx 3% valuation that a major might pay for resources at this stage of exploration, and you have $45 million. Or 33 million pounds sterling. Compare to 15 million pound mcap, and you see why the current share price might be a bargain.
GLA. Zaphod.

The drilling programme in the 2nd December 2020 RNS outlined a phase 1 drill programme of 3 diamond drill holes of 2295 m total, and a phase 2 of up to 3995m drilling ie a total of 6290m drilling was planned for.
Now, we have 1150 m drilled already. 4 more holes across strike each of 700m is another 2800m. Total 3950m.
Could save some money on the drilling campaign, potentially.
GLA