We’re just over 5 weeks away from finding out what the chicken farm area of the Manica prospect alluvials profits generated for XTR . With June’s production already stated as 14.5kg in the Q2 2019 alluvial gold update RNS Number 5993H , Q3 2019 should be good since previous information indicates chicken farm area has less overburden and higher grades from test drill results .
Obviously Q3 2019 ends September 30th but with Mr.Colin Bird selling XTR gold in Dubai for a higher price the extra month before we know results is easily worked out from past sales in Dubai .
So how important is the sale of the alluvial gold to generate a revenue stream when Omnia are developing Guy Fawkes area for hard rock processing . I’d say very since the overburden / alluvial’s had to be removed to get at the hard rock in the first place . The quicker the alluvial’s are removed from each of the 12 known hard rock areas the quicker the hard rock can be processed .
Development at fair brides ( DFS ) area was announced via RNS Number : 2407L on 5th September 2019 . With the following highlights :
· MMP has completed the Hard Rock Project operational budget and plan, with environmental and social risks identified and built into the plan
· MMP has exchanged letters of intent with suppliers on certain long lead items including items such as elution heater package, feed thickener, flocculant plant and tower crane
· Deposits have been paid to commence remedial work on existing crushing and grinding circuits
· Tailings design consultants have conducted a site visit and agreed all parameters for design
Emphasising letters of intent agreed and deposits paid thereby ensuring no delays are expected to the contractual planned start date.
We also have interests in Zambia to consider with Tailings Sampling at Kalengwa announced via RNS Number : 6637J on 20th August 2019 . With the following highlights emphasising how quickly XTR are progressing in Zambia with the following highlights :
· Preliminary sampling by Xtract within the Kalengwa mine tailings dumps yields an average grade of 1.03% Cu, 4.44ppm Ag
· Xtract’s sampling supports previously reported tailings grades
· Kalengwa Mine operated in the 1970’s and was one of the highest grade copper deposits in Zambia
· Further systematic sampling planned to more accurately define the tailings resource, while metallurgical recovery test work is under way
All looking very good for Xtract Resources a company with a Market Cap of just over £5 million . A company with no debt , owner of the Manica prospect in Mozambique , cash in the bank , ever increasing revenue streams from alluvial processing , etc … So do I really expect to get trading tranches around the 1.10p /share mark . Hum … maybe I’ll have to rethink that as we get ever closer to news with no sells happening just Market Makers usual shenanigans and of course some roll overs at the top end of the ASK price of 1.20p /share .