A quick blog, I’ve not done one for ages and I tend to do
them when the market misunderstands – which I think has happened here.
Firstly, the Results.
23 We knew it ended
up in the NW due to the fault – These holes were completely discounted.
29 Not much here,
but its due to the sub-duction fault IMO.
33 Mega gold
(100-120m depth)
44 The only
disappointing hole, but probably due to the sub-duction fault.
Updated Diagram.
Seen many times
before. We have the Dog fault to the NW of Racecourse, to the SE we have a
sub-duction fault. These two faults pretty much define the size of Racecourse.
Which is massive.(The zones are not perfectly drawn, and are more for illustrative purposes.)
The location of the
sub-duction fault is not certain, so I’ve given an area, with the grey line
being where I think it might be. These faults occur when two rock types meet
and one goes under the other. Both tend to bow downwards. I first mentioned
this fault back in March kind of time from memory. In my opinion, it will mean
that Racecourse takes a sharp dive down at it’s SE extent. Ascot will take a
sharp climb up at it’s NW extent. Given this, the area between the two deposits
will NOT give much mineralisation.
Icebergshares:
Xtract Ascot – Another Porphyry – Another 2 million Tonnes?
This isn’t something new, I’ve been banging on and on about
the fact that I think Ascot extends to the South. In the above previous blog from
December, you can see 33 plotted. The Xtract geo’s described the mineralisation
at the bottom of the hole (which hasn’t really materialised), they completely missed
the gold near the top. The True depth of the gold looks to be around 100-120m
this is massively shallow and is probably a good indication, along with the
Ascot assays, that they sit to the east of the sub-duction fault. I said back
in the December blog that 33 went through a third porphyry, this might still be
right given the porphyry mineralisation at depth. The gold higher up could well
indicate a further system. It looks like a gold centric release system from the subduction fault, at
15g/t we are looking at seriously commercial gold, particularly at that depth.
As it moves SE it will get shallower and conversely deeper as it moves NW.
Xtract MUST put together a plan here, maybe 10 holes between depths of 150-120m
in a grid pattern. All shallow, all relatively cheap to define this gold
system. 2m doesn’t sound big, but to hit it at random like this indicates it
might well be considerably bigger. This is a stunning gold find.
Hole 44 is disappointing as it indicates the geo’s didn’t
have a good handle on things. I am hoping that 45-50 has given them the
information they need.
So, to recap: The results were pretty much as expected.
Xtract still has the massive Racecourse site. It still has Ascot, which was
always going to extend south. Now it has also added the very heavy gold find with
33 – which must be a different system. We can knock on the head the idea that
Racecourse and Ascot join (always unlikely).
To buy sub 5p was very pleasant thanks to the Market, we
still have everything we had prior the RNS, including the income from Africa,
IP, JORC etc.
