[ATTACH] Very much looking forward to BUX's visual estimate and...

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setfire2thehive

3,968 Posts.

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23/02/23

11:00

Post #: 66415780
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Originally posted by setfire2thehive ↑

glad to hear you're in the green. Has been a patient hold. Can't believe I was buying in the 6-7c range 6-7 months ago - incredible value.

In this end of the market, I usually always try to take a profit/free-carry my holdings to de-risk appropriately - but there is still a significant news pipeline.

A lot may be focusing on the graphite results which maybe very well rank this as one of Australia's highest grade deposits. From there the key met work will soon determine its amenability for anode material.

But that's not where the MC ends. they've got an outstanding copper project with significant Cu resources already. 25bn usd in ground value. they've stated they haven't even hit the porphyry feeder system. usually I would think much of it, but the project copper wolf hasn't had modern exploration techniques or diamond drilling performed in decades! Whilst the jury is still out as to whether the ~285mT Cu resource is economically viable, if they hit a deeper porphyry system yes it's deep but it also becomes a globally significant resource to which an underground mine mine with a shaft etc may makes sense. IGO didn't opt to spend 5m (from memory) on that project to earn in 75% for no reason.

That's just the tip of the iceberg, BUX has several others projects which IGO is paying for the exploration. This means minimal cash burn for BUX and many tickets to the lottery on top of 2 genuine project with resources established. I don't want IGO to buy out BUX because I'd like to maximise value - but it's been a masterclass by Eamon to put IGO in a position where they own 19.9% and are funding a lot of exploration. why? they've got skin in the game. If they do discover anything significant bux gets a free ride on a re-rate from it, and/or IGO may then need to consider if buying the remaining project rights and or bux all together is going to be cheaper.

I haven't free-carried or sold anything as yet. I think I'm top 40 so not as if I can exactly trade or sell at will. Personally happy to hold and await the assaying results and maybe until the met work to think about a profit take. 38m MC isn't all that outrageous considering that EM survey basically suggests that the graphite profile is 22 times larger than the spatial resource of 4mT.

I.e. just proving the graphite continues beyond 500m to 2000m and to a similar depth would be ~16mT. previous intercepts were to ~150m depth. todays results says 250m+. this is why it's re-rating, because it's proving that the EM survey theorem about where the graphite was expected to be looks to be accurate. it was 28.7% tgc at previous end of hole results. looking forward to see if it continues to increase in grade at depth.

SF2TH

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Very much looking forward to BUX's visual estimate and also their interpretation on the drill results.
Should start to improve the optic of the scale and size of the resource currently expected.

Perhaps some diamond drilling next program to test depth extension and prove it's 500m+ deep.

SF2TH

BUX Price at posting: 23.5¢ Sentiment: None Disclosure: Held
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Last 6.5¢		Change 0.000(0.00%)		Mkt cap ! $13.70M

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No.	Vol.	Price($)
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[ATTACH] Very much looking forward to BUX's visual estimate and...

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[ATTACH] Very much looking forward to BUX's visual estimate and...

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