Ann: Carnaby Successfully Completes A$20M Placement, page-322

Yeah to me it shows their bullishness and faith that they have indeed made a major discovery. With such a wide intersection and them stating they believe they're understanding the plunge of mineralisation to me tells me they have a feel for the geometry and it's not completely blind with no idea of orientation. Might be wrong here but don't think so.

On that note, I've done a bit of analysis and research into how many ASX announcements over the last few years have included management discussion where they've stated they believe they've made a "major discovery" (as opposed to a "significant discovery", "exciting discovery", etc). Without giving away too much from my painstaking, mind-numbing research... I can say that it's not very often at all. Any highly significant claims like that made by management need to be scrutinised as to typically how conservative or not they are with their communication in announcements and interviews, twitter, etc. Obviously there are many companies that wouldn't have a problem exaggerating greatly. We've all seen companies with early stage discoveries where management have jumped up and down with a loud speaker (i.e. a company claiming they've intersected the trunk of an elephant or a company comparing a drill intersection to the height of a sky scraper). I rate Carnaby management as rather reputable and not intentionally "pumpy" or likely to over exaggerate their belief in the results. Do they try to paint the best picture possible from every announcement even if results are average? Yes, of course they do like almost all companies do. It doesn't mean there isn't the chance they haven't made a major discovery, of course that's a possibility. The geology could be deceiving, the IP anomaly could be due to pyrite (a very low probability IMO). It just means that I believe that they genuinely believe they've made a major discovery. It's an important distinction for me. Not sure if you guys and girls consider the wording in management but I do analyse it quite deeply and find it helps me with my investing a lot...