I got in at 25c for the new lode discovered in BBRD787 ......

I got in at 25c for the new lode discovered in BBRD787 ... ostensibly 80m of mineralisation.

The term 'game changer' is over used but it was possible 787 could be the discovery that turned around the markets jaundiced view of the deposit and BRB. The deposit clearly didn't live up to the pre-resource sizzle and in detail looked awfully complex with ore lodes thin and all over the shop. 787 was a chance to show that thick and decent grade lodes existed in repetitions both along strike and probably at depth in what is undoubtedly a large alteration system. Myself, and the market I think, are looking for that bit more that changed the zeitgeist from "too little spread out too far", to "strong core lodes".

The 787 "80m" was certainly talked up as a bit of a game changer with a separate announcement and pedalled hard to all and sundry (I spoke with the company as would have many others). Reality is that the assays would have been back two weeks ago and the drop in buying and share price over the last two weeks no doubt reflected disappointment by the insiders. The assay results, although dressed up to look as best possible, are more of the same and very pedestrian for the depth and probable complexity.

Breaking down the 45m at 2.14g/t by internal results the intervals was really only 34m @ 2.67g/t plus 11m @ 0.5g/t (the first 11m of the reported intercept!)

Looking at the bottom 17m @ 2.10 we find that the 17m @2.1g/t is really 7m @ 4.31g/t plus 10m @ 0.5g/t (given intercept incl 7m @4.31g/t)

The 17m @ 3.23g/t intercept has no internal assays details but looking at the cross-section it is also very clearly carried by a few high garde assays and lots of internal assays grading <0.5g/t. The intersection in reality looks like a lode of [email protected] seperated by 10m of nothing from a patchy stockwork that averages 17m @3.23g/t.

Before I get howled down that these are still good numbers keep in mind I was looking for a game changer. At this stage the intercept is neither outstanding nor intersected in any other hole (nothing of mineable grade up dip on the cross-section presented). Have they drilled more holes over last 5 weeks that have not been released?..... probably because it was the best new lode target identified in a long time and they have 4 rigs on site. Yet no discussion of nearby diamond hole with mineralised core expanding on this hit.... makes me think that this lode is also patchy and/or complex.

The complex and spatially dispersed style mineralisation at Bombora requires the right structures to intersect the right lithology in the right place to generate any gold grades, which will thus require much more drilling to convert to a reserve and bankable DFS than a simple ore body. The market knows this will take lots more money and time, BRB needs to pay for this drilling, PFS, DFS work. Currently spending $1.3M per month might take another two years at current spend rate.

Just throwing numbers out to make a point, don't care that they are wrong. Large system but underwhelming gold distribution and potential economics while BRB is faced with years of dilutive CR's means it is very likely share price will go nowhere or south while the market cap slowly rises with further work and results. Not saying it is over valued, am saying it is not where I want to park my money in the mean time.

The play was good risk-reward from 25c after heavy sell down by insto's etc. Register stabilised with new holders, new lode discovered in 787 and share priced ticked up in anticipation of results once the selling pressure was over. But 787 has clearly disappointed. Lot of new holders at 25c will want their money back as time ticks on IMO, has become the new resistance sans another new 'game changer' discovery (new HG lode, lithium pegmatite drilling etc).

Good luck