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(XTR) Xtract Resources Share Chat

Discussion in 'General Share Chat (XTR)' started by Steamy, Jul 22, 2015.

  1. Groucho

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  2. Groucho

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    Screenshot_20220321_070906.jpg
    Drillhole BRDD-21-026 was drilled at an inclination of -60 degrees towards the east and completed at a final depth of 678.4m. The hole was drilled into the side of the Racecourse porphyry body in the main central zone of the deposit and was designed to test for the extension of mineralisation at depth beneath drill hole BRDD-21-001 in an area with no previous drilling. The assay results confirm significant potential for depth extension of mineralisation. Of particular interest are several zones of gold enhancement through the central part of the hole. These gold intercepts, along with those returned in other holes of the current programme, will be modelled as part of an updated Mineral Resource estimate.

    Drillhole BRDD-21-027 was drilled towards the west at an inclination of -80 degrees and competed at a final depth of 580m. The hole was designed to target the southeasterly extension of the Racecourse porphyry, however it appears that the hole may have passed over the top of the main porphyry. Modelling of new MIMDAS survey data will be used to guide additional drilling in this area.

    Bushranger Prospect Drill Hole Location Plan
    http://www.rns-pdf.londonstockexchange.com/rns/3659F_1-2022-3-20.pdf

    Bushranger Drill Hole BRDD-21-026 Cross Section
    http://www.rns-pdf.londonstockexchange.com/rns/3659F_2-2022-3-20.pdf
     
    Last edited: Mar 21, 2022
  3. Groucho

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    For immediate release

    21 March 2022


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Change of auditor


    The Board of Xtract Resources Plc ("Xtract" or the "Company") has appointed Jeffreys Henry LLP ("Jeffreys Henry") as its new independent auditor with immediate effect.

    The Board has approved the appointment of Jeffreys Henry as the Company's auditor for the financial year ending 31 December 2021. The re-appointment of Jeffreys Henry for the financial year ending 31 December 2022 will be subject to approval by shareholders at the next Annual General Meeting of the Company to be held in 2022.

    In accordance with Section 519 of the Companies Act 2006, the Company's previous auditor, PKF Littlejohn LLP, has deposited with the Company a statement confirming that there are no matters to be brought to the attention of the Company's members or creditors.
     
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  4. Groucho

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  5. Groucho

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  6. Groucho

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    As for Xtract Resources (XTR), my strong pick a year ago, it hasn’t needed to be stimulated by rumours of war, but only by speculation about the drilling programme at its Bushranger prospect in New South Wales. I haven’t commented recently because there is little point until it becomes clearer how much bigger is the deposit than was known when a feasibility study was produced a few years ago It looks as though that drilling programme is now almost complete, so that a revised study can show investors the real value of what is there. XTR had promised such a reveal about now.

    It has to be said, though, that the copper grades have not been particularly startling, so that I, personally, have revised downwards my (admittedly back of fag-packet) estimated of the value which former owner Anglo American might pay to buy back the Racecourse deposit within Bushranger and which some more excitable investors had been hoping for. It is still possibly twice XTR’s current market value however, but the situation has been complicated (in a good way) by the discovery meanwhile of another porphyry (named Ascot) a few hundred metres away, plus hints of even more within the same licence.

    XTR is currently examining these through an aerial IP survey whose results – if, as hoped, show that the whole Bushranger licence (with Ascot and others) has much more promise than just Racecourse alone – could help the shares’ current gentle upwards momentum to accelerate.

    By John Cornford 13 April 2022
    https://masterinvestor.co.uk/commodities/rumours-of-war-miners-on-the-move/?mc_cid=c4d099885a
     
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  7. Groucho

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  8. Groucho

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    Xtract Resources shares [LON:XTR] were dropping today as investors digested the latest set of assay results from its Bushranger Project. Highlights from six exploratory holes on Bushranger were published this morning, including 2m at 15.5g/t Au from 191m and 18m at 0.34% CuEq from 388m.

    Bushranger is a copper-gold project located in New South Wales. It occurs within the Rockley-Gulgong Belt of the Macquarie Arc within the Lachlan Fold Belt, also known as the Lachlan Orogen, which developed at the edge of the palaeo Australian Plate between 450 Ma and 380 Ma years ago.

    “An eclectic group of drill hole results”
    “This is an eclectic group of drill hole results showing some degree of mineralisation and some meaningful gold values,” said Colin Bird, Executive Chairman. “The holes were mainly located in the area between Ascot and Racecourse testing the new geophysical anomalies. Whilst these outlying holes do not in themselves indicate significant extensions, we continue to drill and model to better understand both Ascot and the area between Ascot and Racecourse. The modelling for the primary Racecourse open pit is advancing satisfactorily.”

    Xtract said that the majority of these holes were exploratory in nature to test for extensions of the known mineralisation and were not drilled into the main Racecourse resource. Xtract has always been clear that the project is “highly prospective”. In April 2020 it said that recent drilling had more than doubled the Racecourse mineral resource, but said “it remains open down dip and down plunge, suggesting the resource will increase substantially in size.”

    Globally, porphyry-related copper-gold deposits commonly occur in clusters and this is thought to be true of the Lachlan Fold Belt, Australia’s only world class porphyry copper-gold province, where Xtract is drilling.

    Xtract said that previous exploration had identified several porphyry intrusions, some already known to be associated with copper and gold mineralisation, as well as multiple geochemical and IP geophysical anomalies over a strike length of 10km. The most advanced prospect within these is the Racecourse prospect.

    Shares in Xtract Resources traded down over 10% on the news. At the time of writing, they were trading at around 5.07p. The stock established a 52 week low of 3.15p on 6 July last year. Subsequent to that optimism crept back in, driving the share price to over 7p briefly in February. Shares are down over 16% on the 30 day view however.

    Volumes picked up substantially on the news, with close to 7m shares changing hands in the morning. This equates to volumes we last saw early last month.

    Xtract Resources still looks like it has plenty of cash to play with, and was carrying around £8m in debt at last count. For the six months ending June 2021 revenue was down 75% and net losses were up from £187,000 to £2.2m. Project expenses increased 15%.

    It should be noted that Xtract Resources has a number of other projects under its belt, including the Manica Gold Project in Mozambique and the Eureka Copper Project sited in the Zambian Copperbelt district. A full year earnings release is due on 8 June.

    https://www.thearmchairtrader.com/xtract-resources-bushranger-assay-results/
     
  9. Groucho

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    Last edited: May 17, 2022
  11. Groucho

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    Screenshot_20220601_095347.jpg
    https://www.voxmarkets.co.uk/articl...-executive-chairman-xtract-resources-22f1e6d/

    LSE - Iceberg re : CB Interview


    The interview was good, not sure why folks thought it was negative and sold.
    The term semi-porphyry I think , doesn't refer to the size but the type. There seems to be extensive vertical stockwork - which is the gold carrying component, This does come from the intrusion, but it's not a typical porphyry intrusion style wrt to mineralisation spread. TBH it's probably better which is why the reference is to ridgeway. i.e skarn's dyke's etc.

    The best news is the production from manica in the next few days (I know in Colin speak that's probably a week to ten days) so still very near. He again indicated revenue of about 1m a month.

    I do think clarity is needed around racecourse - the model JORC etc. In truth I don't really care about the 2MT, we can guess, but we don't know and guesses from 1.2Mt to 2.2Mt are all valid.
    The shallower infill to give better-fuller guidance for the first few years of any mine (i.e the capex payback period is pretty standard and will reduce risk for whoever buys it).
    The company looks set to do whatever is needed to meet the decision to mine criteria (probably economic in nature).
    Eureka is still as mysterious as ever.
    We still have the annual review FY accounts. TBH this RNS looks like an information RNS for that. I am not sure the RNS says much that's new. It does reinforce that Ascot is the first new big Lachlan discovery for several years.
    Personally if racecourse is derisked further then I can see the Chinese swopping in as soon as Anglo declare their intentions.

    As a price, Manica + alluvials-hardrock = 10-15m a year profit. (x5 for a conservative multiplier, that gives us 50-75m MCAP just on the Revenue we are due to start getting in the next month or two). If you doubt that look at the size of the plant for manica and remember the license this is on is OUR license.
    Even if your negative about Bushranger, then an MCAP of 50-75m, is the bare minimum starting point. Considering that Bushranger has had 20-30m spent on it then this has to be the start point for any valuation, even under the most pessimistic Valmin calculation. Minimum - absolutely rock bottom minimum, with very little added value gives us 70-105m Mcap.

    I am hopeful that the annual statements will bring this all together and show the value, because it will be after the start of Manica production and hopefully, maybe the model and estimated size of Racecourse (not to mention further Ascot drilling as they zero in on the good stuff!)
     
    Last edited: Jun 1, 2022
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  12. Groucho

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    LSE - Sale Negotiations Underway.

    Positive interview today with CB. For me, the interview confirmed that sale negotiations are already underway. Listen to the language:-

    "only months" when asked how long we might have to wait for a sale announcement.

    "I don't want to get into a sale discussion, as trying to conduct my negotiation on a podcast on this sort of platform is very, very dangerous" Note he refers to "my negotiation".

    "we're being watched".

    "everyone who's interested knows what the Bushranger project is".

    "there's two parties to a sale", suggesting timescale/terms being dictated by another party.

    He appreciated shareholders might be "unhappy about a couple of months" of additional proving up, but suggested it would pay to be patient.

    "I'd like to ask our shareholders to hang in there, because we're onto something".

    Sounding like we're working towards a positive outcome at Bushranger and a little patience is all that's required.

    https://audioboom.com/posts/8096984...xecutive-chairman-of-xtract-resources-aim-xtr
     
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  13. john60566

    john60566 A Legendary Member

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    Very interesting interview and this post sums up my thoughts happy to be patient
     
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  14. Groucho

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    LSE - RE: Empress on Manica

    EMPRESS ROYALTY ANNOUNCES PRE-PRODUCTION AT MANICA GOLD MINE
    Empress Royalty Corp. (TSXV:EMPR | OTCQB:EMPYF) (“Empress Royalty” or the “Company”) is pleased to announce that pre-production has commenced at the Manica Gold Mine (“Manica” or the “Mine”). The Company owns a 3.375% royalty on Manica, which is located in Mozambique and operated by Mutapa Mining & Processing LDA (“MMP”).

    “Congratulations to the team at MMP for their hard work and dedication in taking Manica from a development stage project into a producing mine,” stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. “The Manica Gold Mine is our second development asset reaching pre-production and demonstrates our team’s ability to make strategic investments that create significant returns and value for our shareholders.
     
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  15. Groucho

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    22 June 2022

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Production Update


    The Board of Xtract Resources Plc ("Xtract" or the "Company") announces the preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession, for the three-month period ended 31 March 2022 (the "Period").


    Highlights

    · Total mining contractor gold production of 67.67Kg for the quarter, equivalent to approximately 2,176 ounces

    · Total of 13.22Kg (equivalent to approximately 425 ounces) attributable to Explorator

    · Value of Explorator share of gold produced US$794,797

    · Gold sales in period of 384 ounces

    · Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$614,257

    · Fair Bride continued to progress satisfactorily


    Colin Bird, Executive Chairman said: "The results for Q1 of this year were satisfactory, especially when one considers that the results were achieved during an aggressive rain and cyclone season. As at today's date, Fair Bride production has started with the introduction of low-grade ore to commission all parts of the processing circuit. We expect that by the end of Q3 Fair Bride should be up to full commercial production. The production will build up gradually as some of the gold gets locked up in the circuit and faults are identified and rectified. I look forward to production results from Fair Bride as well as from the alluvial and the small hard rock deposits ".


    Production summary

    Preliminary unaudited results for both the alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 31 March 2022, 31 December 2021, September 2021 and 30 June 2021 and are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs. The table includes results from the alluvial as well as the hard rock operations (other than Fair Bride hard rock operation).
    Screenshot_20220622_101835.jpg
    Screenshot_20220622_101905.jpg
    Further details are available from the Company'swebsite which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
     
  16. Groucho

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    LSE Andrew4444 - RE: Rns out

    Production Results

    The production figures are broadly what I expected but the gold value against those figures seemed low. Looking at the previous % we were getting we have always had 28% of alluvial production. Looking at Q3 and Q4 figures we canb work out the % from hard rock which was circa 22% to 23%.

    If we plug in those % figures we should have 383 oz from alluvials (1370 x 28%) and 177 from hard rock (805 x 22%) = 560 oz. However, we have 425 recorded as our cut. If we still get 28% from alluvials (as we have been getting for years), then that means we got 42oz from small hard rock ie 5%

    If we had got the usual 28% alluvials and 22% hard rock we would have had 32% more income which would have given us $1.05M. Not far off my $1M prediction.

    Have I missed something here and does anyone know why our % cut is lower then in previous quarters? James is on the ball with this type of thing. James any thoughts? Anyone?

    My other observation re results is that we have not sold all the gold produced. This must surely indicate we are not that low on immediate funding.

    Fairbride.

    I find the one liner on this massive news very surprising and bizarre. CB has buried it in another RNS as well. Its almost bordering on the surreal that CB tries to promote the co vigorously with his optimistic predictions and time lines, but when we have actual news – unequivocal fact, he gives it a cursory mention! And news which is the most important news imho that we have had in all the years I’ve been invested here.

    My possibly mad theory, but is CB deliberately trying to suppress the sp for some reason? That suggestion may be nonsense but why else give a passing mentioned, hidden in another RNS, about transformational news when hes only too quick to “ shout from the roof tops” any other less significant and moreover possible (not factual) good news.
     
  17. Groucho

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  18. Groucho

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    7 July 2022

    Xtract Resources Plc

    ("Xtract" or the "Company")

    Bushranger Project Assay Results and Drilling Update


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received for drill holes BRDD-22-040, BRDD-21-041 & BRDD-22-042 from the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.


    Highlights

    · Assay results for holes drilled between the Racecourse and Ascot deposits have defined the southern limit of the Racecourse Mineral Resource and the northern margin of Ascot

    · Hole BRDD-22-042 cut a lengthy interval of low-grade copper mineralisation to the south of the Racecourse deposit which is considered to be below viable mining grade and will thus be valuable in defining the southern limit of the conceptual open pit

    · At Ascot, mineralisation in hole BRDD-22-040 returned modest assay grades over a wide interval at relatively shallow depths to the northwest of previous drilling; this latest Ascot hole again shows relative gold enhancement compared to Racecourse

    · Drilling is continuing for now at Ascot to test copper and gold distribution at depth beneath previous drill intersections

    · Two exploratory drillholes completed at the Footrot prospect 7km to the southeast of Racecourse (FTDD-22-001 and FTDD-22-002) encountered weak copper mineralisation along with much disseminated to semi-massive pyrite and pyrrhotite within porphyritic intrusives, providing encouragement that the Bushranger project area contains potential for multiple porphyry copper-gold targets


    Colin Bird, Executive Chairman said: "Hole BRDD-22-042 is the most southern hole we've drilled in the Racecourse resource area and, while considerable lengths of mineralisation are present, it is evident that we've reached the southern end of the Racecourse mineral deposit. We will now advance planning to define the conceptual open pit on the back of the drilling results, updated resource modelling and metallurgical test work completed."

    Screenshot_2022-07-07-13-00-24-89_e2cdc7d0f6895a438abfec8d3bb4ac0b.jpg

    Racecourse

    Drill hole BRDD-22-042 was drilled towards the west at an inclination of -55 degrees, completing at a final depth of 653.6m. The hole is located beyond the southern limit of the Racecourse Inferred Mineral Resource and represents the most southerly hole drilled into the Racecourse deposit. Assay results include a wide 152m interval averaging 0.18% CuEq from 147m downhole depth, with multiple sub-intervals of higher-grade mineralisation assaying up to 4m at 0.69% CuEq from 295m downhole depth. Several mineralised intervals were also intersected above the main mineralised zone at shallow depths, including an 8m interval averaging 0.26% CuEq from a downhole depth of just 49m.

    These results help to define the southern limit of the Racecourse Inferred Mineral Resource, with the assay results of adjacent drill hole BRDD-22-043 still awaited.

    Drill hole BRDD-21-041 was drilled at a shallower angle from the same pad as drill hole BRDD-21-032, in the area between Racecourse and Ascot. The hole aimed to test for potential mineralisation above drill hole 32, which intersected significant lengths of porphyritic alteration (see announcement dated 17th December 2021). The new hole was drilled at -55 degrees to the WSW, and completed at a depth of 691.9m, having intersected a 30m interval of copper mineralisation averaging 0.17% CuEq from 399m downhole depth. This hole confirms that the area between Racecourse and Ascot is mineralised, but copper-gold intercepts are relatively thinner and low grade.


    Ascot

    Drill hole BRDD-21-040 was drilled at an inclination of -50 degrees from the same drill pad as the Ascot discovery hole (BRDD-21-035) but angled further to the northwest. The hole completed at a depth of 777.2m, having intersected a wide copper interval of 218m at 0.15% CuEq from a downhole depth of 143m, which included enhanced gold intersections up to 12m at 0.3g/t Au (0.32% CuEq) from 183m downhole depth. The aim of this drillhole was to test for shallower, possibly open-pittable mineralisation at Ascot and, while it confirmed the continuation of mineralisation at shallower depths 100m to the north of drillhole BRDD-21-035, it appears to lie on the northern margin of the Ascot deposit.

    Drilling of what is expected to be the final Phase 2 deep drillhole has commenced at the Ascot prospect and results will be delivered in due course.


    Footrot

    Two exploratory holes were drilled at the Footrot prospect 7km to the southeast of Racecourse to test for copper-gold related porphyry mineralisation in an area with coincident surface geochemical and geophysical anomalies. Both holes (FTDD-22-001 and FTDD-22-002) drilled into porphyritic intrusives with weak copper mineralisation along with much disseminated to semi-massive pyrite and pyrrhotite, and completed at depths of 468m and 336m respectively. These holes provide encouragement that the Bushranger project area contains potential for multiple porphyry copper-gold targets. Core samples from the Footrot holes will now be dispatched for laboratory analysis.


    Bushranger Prospect Drill Hole Location Plan
    http://www.rns-pdf.londonstockexchange.com/rns/7011R_1-2022-7-7.pdf

    Bushranger Cross-Section Drill Hole BRDD-22-040
    http://www.rns-pdf.londonstockexchange.com/rns/7011R_2-2022-7-7.pdf

    Bushranger Cross-Section Drill Hole BRDD-22-041
    http://www.rns-pdf.londonstockexchange.com/rns/7011R_3-2022-7-7.pdf

    Bushranger Cross-Section Drill Hole BRDD-22-042
    http://www.rns-pdf.londonstockexchange.com/rns/7011R_4-2022-7-7.pdf

    Bushranger Prospect Assay Summary
    http://www.rns-pdf.londonstockexchange.com/rns/7011R_5-2022-7-7.pdf
     
  19. Groucho

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    21 July 2022


    Xtract Resources Plc

    ("Xtract" or the "Company")

    Fair Bride Update


    The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that Mutapa Mining and Processing LDA has informed the Company that the first gold has been poured at its Fair Bride hard-rock gold mining operations at the Manica Concession in Mozambique. The production was started with the introduction of low-grade ore to commission all parts of the processing circuit. The company will make a further announcement as and when the plant moves into regular production.


    Fair Bride Hard Rock Mining and Collaboration Agreement

    In May 2019, the Company entered into an agreement with Mutapa Mining and Processing LDA ("MMP") (the "Mining Contractor").

    The Company appointed MMP an independent mineral processing contractor, to provide a technical solution for processing Explorator's material, to conduct hard rock mining on the Manica Project permitted area and to process the mined ore for the recovery of gold for a period of 10 years with an option to extend.

    Under the terms of the Collaboration Agreement, MMP will receive 77% of all the operating profit produced from the permitted area through the performance of the contract by MMP when the prevailing price of gold is greater than US$1,250 per ounce. MMP's entitlement increases to 78.5% at a prevailing gold price between US$1,175 and US$1,249 per ounce, and to 80% when the prevailing gold price is less than US$1,100 per ounce. For the purposes of the Collaboration Agreement, "profit" is calculated as: Revenue on Sale less deductible costs (excluding non-cash items) and corporation tax. Any royalty payments due to any third parties (such as royalty and streaming payments) are for the account of MMP and will be settled from its entitlement under the Collaboration Agreement.


    Photograph of Manica First Gold Pour
    http://www.rns-pdf.londonstockexchange.com/rns/2182T_1-2022-7-20.pdf
     
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