Where does that leave us Gammie/sunnydayz
Well I bought in to Elysium for the gold, not the copper.
To be brutally honest; if you want to invest in Copper, buy Olympic Dam/ BHP. After 25 years of operation, the grades at Olympic are going up, as they hit the main ore body.
The company/companies (HDY, Elysium) has held the leases at Burraga since 2012/2013
The original Project Financial Statement was based on a copper price of $10,000 a tonne
Capex for plant of around $12,000,000 in 2012 estimate
Return of $78,000,000 over 4 years in 2012 estimate
Looking forward; we can hope for a good hit on the drilling results for the copper project, and possibly some proving up on the gold prospects nearby at Hackney’s Creek and Lucky Draw Gold Mine.
Hopefully sell it to someone who will mine it.
The Copper project has been drilled, sampled, assayed and mine planned since at least 1970’s (dominion mining).
Not one company has brought it back into production, since the turn of the 20th century. Think about that for a second! Conditions have never been good enough to raise/spend the capex, and produce something since the 1900’s??
Here is an excerpt of an announcement from 2010
Compare that with our recent announcements. Sound familiar?
How much drilling and planning do you need before actually mining something?
http://www.abnnewswire.net/press/en...-Significant-Development-Potential-62760.html
Brisbane, May 3, 2010 AEST (ABN Newswire) - Republic Gold Limited (ASX:RAU) ("Republic" or the "Company") are pleased to advise that the Company has made significant progress at the Burraga Copper Project ("Burraga" or the "Project") located in the Lachlan Fold Belt in Central New South Wales.
Republic's Managing Director; John Kelly, said: "Burraga has been a sleeper in the Company's project portfolio, but we now believe it may be the key to a substantial base metals resource for the Company". With recently unearthed historic drilling data and the modelling of the historic, high grade Lloyd's Mine, the Company has advanced exploration activity significantly. The area hosting the Burraga Project has historically delivered large gold and base metals resources, and we are pleased to report that the Company has designed a drilling programme to further explore the Project in light of the increased scale and development potential."
"Two new anomalies have also been outlined and high grade copper analysis results have been received from a preliminary auger drilling programme on the tailings stockpile from the Lloyd's Mine operation. Additionally, Newmont's recent pegging activities follow the delineation of a large gold resource to the north of Burraga at McPhilamy's", Mr Kelly said.
The Project has been intermittently drilled over the past 40 years, with the most recent programme carried out by the Company in 2007. Based on geological modelling of this drilling, existing sub-surface drilling, extensive geochemistry and recent sampling work by the Company, Republic in consultation with a range of specialists has identified a number of conceptual exploration targets at Burraga for ongoing sampling work.
Highlights include:
- A tailings conceptual exploration target size in the range of 250,000 to 350,000 tonnes at a copper grade of 1.0 to 1.5%. Recent sampling of these tailings has produced good grades that are confirming historical estimates. A detailed sampling programme is underway on these tailings.
- A hard rock conceptual exploration target size of 5 to 8 million tonnes at a copper grade of 1.0 to 1.2% in the vicinity of the historic Lloyd's Mine, to a depth of 100 metres below surface.
- A conceptual exploration target, over the broader field with a size of potential of 75 to 125 million tonnes at a copper grade of 0.7 to 0.9%.
Historical and Geographical Context of Burraga
