Xtract Resources Forum

It seems to me that Chépica is getting a lot bigger than is being let on although it required top mining technology to overcome serious problems. JN seems to have the gift to see through difficult mining operations but wants in all cases for the minerals to be there!

We should get more info about May operations in due course, but it may well be that the discoveries around Chépica have increased the costs since a lot of work is going on in trying to figure out what the most profitable way is to exploit the assets here. Climate derisking is probably not Capex but running costs and I am not sure if the 3D work is Capex or not.

What I liked most in the RNS is the risk prevention measures which have been taken in view of the coming rainy season, and of course also the announced updated Resource Estimate in the coming month.

Chépica continues to surprise and it seems that we have still a long way to go before having a final idea how big this asset really is!

MEASURED 85 kilotonnes , 4.0 g/ton Gold, 9.4 g/ton Silver, 0,50% Copper. INDICATED: 93 kilotonnes, 4.2 g/t Gold, 9.5 g/t Silver, 0,52% Copper. INFERRED 41 kilotonnes, 4.0 g/t Gold, 8.7 g/t Silver, 0,52% Copper Resource classification has been reported at a cut-off of 1.3 g/t Gold, not capped. A resource cut-off of 1.3 g/t Gold was based on experience with the mill on site at Chépica and other operations in the region, and the Company considers that 1.3 g/t is an appropriate indication of commercial viability. Estimation was based on 50 of 66 drill holes corresponding to 5.299 metres of diamond core drilling, together with 17 underground channel samples and two trench samples totalling 92,5 metres in length. The resources were estimated by Ordinary Kriging using block model sizes of 2.5 by 2.5 by 5 metres. Qualified Person: Mr Terence Walker, M.Sc, P.Geo; Mr. Walker has reviewed the contents of this news release. It looks like we will be going a long way at Chépica's exciting site!

Chépica Copper-Gold Project Mineral Resource Statement As of May 8, 2009:

From the revival tent: A CNW release from June,18th 2009 mentions POLAR STAR FILES NI 43-101 REPORT ON CHÉPICA COPPER/GOLD PROJECT IN CHILE it reads: As announced on May 21, 2009, the Company together with SRK Consulting of Santiago Chile have refined the geostatistical parameters of the resource model presented in the draft recieved in April. The main difference being the change from one generalized search ellipsoid in the April draft to two sub-ellipsoids orientated parallel to the strike of both sections of the Chépica Number 1 Vein system. The Company has now filed the NI 43-101 compliant Technical Report on SEDAR. Highlights of the report: Total Measured and Indicated Resources of the Chépica Number 1 Vein system are 178.000 tonnes grading 4.1 grams/tonne gold, 9.5 grams/tonne silver and 0,51% copper using an uncapped cut-off grade of 1,3 grams/tonne gold. The current Chépica plant should allow for processing at the designed capacity of 120 tonnes/day of sulphide ore. Operating cost of US$ 8/ton are in keeping with the design and size of the panel. SKR Consulting is of the opinion that there are excellent opportunities at Chépica to expand the current size of the copper/gold project..Later will come back with the Chépica Copper-Gold Project Mineral Resource Statement as from May 8, 2009.

Greece is causing waves and for my money an euro Grexit is more and more likely and whatever happens they will probably stay in the EU. We have learned so far from Jan that eventual placings are done for specific reasons which clearly all add value to XTR; the money is not needed and or used to fill up financial holes!

Jan plans to turn XTR into a major mining house, so it looks like the mid tier plans have been already gone by the board! Very exciting times ahead with also possible more and very good news from Chepica.

From JLP stream CB bought shares in May 2015 and they have Platinum Surface Processing projects; looks interesting!