Hi all, "strange days indeed mama" (J Lennon). The world has lost the plot bigly :-( BRB is ticking along however a week or so back, when I checked, the labs were running behind bigly too. Those 6 DD holes should come through very soon that will help the northern UG get factored into the coming JORC. I will be happy with 1.5Moz Au as jman speculated. Then multiple upgrades over the rest of the year that will prove a trend. The verbiage and tactics have changed for BRB as things fall into place at long last.
RC holes bang out at a rate of about one per day and we have two of them running with two DD rigs. The story over the last 18 months is not one of woe, except for us poor shareholders that have mounting opportunity cost attached to our BRB positions. The newer shareholders, and those who have continued to accumulate have been handed a great opportunity; so your view will depend on timing.
Page 12 shows the growth I spotted as potential back in 2016 and I know of at least one of our mates in here was in even earlier.
Aircore drilling was used to cheaply locate Bombora under thin cover. Progress was slow back then as they began RC drilling, back in mid-2016 roughly.
This paragraph is key to my message: The aircore work has continued and now, strategic or not (not sure why exactly) BRB have begun to share the massive progress that has been ongoing behind the scenes. The market has not assigned any value to this so far and may not yet that does not mean there is no value. Given the hidden nature of this giant new gold field "THAT WILL BECOME A MINE" it has tremendous value. Imagine if management had blundered in without sufficient knowledge and developed the north end of the pit before they even joined this area to the south.
Sterilization drilling to the east of the early pit discovery confirmed new mineralization even for their conceptual work. The scale of this new gold camp has continued to grow as the aircore results piled up; who knows how many thousands of holes completed in this vital geochemical work? I am pointing out all this for good reason.
Many posts back I tried to convey that when you look at the stocks that appreciated MASSIVELY; there was always a gestation period. This varies depending on the size and nature of the discovery. Companies that go into old mined out areas like BLK, now WMX, have proven ground and so their share price can run hard and early; in that case setting up a bull trap for investors. DCN had proven ground and launched in spectacular fashion however they moved too fast and had to close a mine damaging shareholders badly. My point is you have to look analytically on a case by case basis. New discoveries vary on geological issues too as shown by GOR which had a relatively simple, shallow huge scale deposit that presented fewer technical challenges.
There is nothing wrong with Bombora; quite the opposite. The massive foundation work invested has taken a lot of time and yet we now have proof of concept of "a new gold camp that will become a mine". This is an acceleration point for the growth of this explorer. They are on the verge of new discovery and material growth to their open pit and underground resources. The geochemical (aircore) work confirms this and now they have the cash and backing. Four rigs will do the job of waking up the market to the "multimillion ounce potential" of this camp this year. The progress is set to accelerate and the drilling will not be wasted on barren ground. If they only concentrate on the prime areas of greatest economic value shown in slide 19 (orange to red areas) we will see this rare large scale discovery reach international eyes and tremendous interest.
It is typical in business to become an overnight success "after ten years of work". It is time for this to gradually transform over coming months in my opinion. It looks like the overburden dump area is out to the west with the mill site. The pit series may actually link up along the whole 9km eventually. The mineralization runs east and west outside the direct line between the proposed pit and Kopai- Crescent. Yet that is now clear.
The right scale of the first development can be accurately assessed this year. The economics will be clear as will the optimized exploitation of the multiple economic zones is resolved. The process to achieve all this took a lot of time due to the scale and nature of this. I wonder how the early years at St Ives looked in comparison. This will be very profitable on a large scale with a long LOM which makes it a very valuable project. The world will work this out this year. Anyway just sharing some thoughts here and welcome comments and discussion always. I underestimated the time to get to this point however on analysis the reasons have emerged.
BRB Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
