Xtract's Racecourse – Ascot - ?????

 

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.