Yes it seems that management are asking people to believe that...

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eastwest101

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26/06/24

10:30

Post #: 74491331
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Originally posted by Ty Cat Mac: ↑

From the announcement above (in bold below)

" The two open cut mines, Belyando and Lucky Break, were closed when gold was less than A$500/oz."

So why didn't our whiz of an MD (& the BoD) look at re-opening these mines when the gold price was below $A2,000? (it's now at approx $A3,500)
"These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022). Further trenching is planned to extend the current zone of high-grade gold mineralisation prior to a drilling program over a number of shallow targets

So why didn't our whiz of an MD (& the BoD) start the drill program again in 2023 (when things dried out) rather than waste money on brine (possible find) & scrabbling around the Pilbara trying to find lithium?? (which they of course haven't found yet)

QXR Managing Director, Stephen Promnitz, said: “QXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather. Nearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential.”

So our whiz of an MD (& the BoD) knew about the excellent gold potential & did nothing about it for the past 18 months. Sat on their arses & wasted our money

Doesn't give you much confidence does it? it's actually quite sad

& more importantly, where are they going to get the money from? - Sell the shares in Bayrock Resources perhaps???

I will continue my o/s holiday knowing my punt is being so well looked after

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Yes it seems that management are asking people to believe that it has been raining continuously in Central QLD for the entirety of 2021, 2022, 2023 and 2024 so far. Company chasing elusive rainbows in Nevada with Li brines of 50ppm, and Lepidolite in the Pilbara, when they should have been doing some basic cheap exploration in Central QLD for gold. Roger Jackson is the only real geo there who knows what an orebody looks like, and would be able to add value, and I would be happy to see everyone else given the boot except for a support geo and some fieldies to take care of the QLD exploration stuff.

QXR Price at posting: 0.7¢ Sentiment: None Disclosure: Not Held
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