Ann: Nil Desperandum Continues To Grow, page-402

Anyone else read a research note on the latest results from any of the brokers? I've heard that one prominent WA broker believe Carnaby has drilled down a NW trending structure (and is thus not therefore a high grade shoot or major discovery). Thus, the discovery wouldn't contain significant tonnage and therefore not worthy of a high market cap.

!!! Before anyone else loses their mind and sells let me lay out why I don't believe this to be the case !!!

From the announcement of 4th of February "Major Discovery Confirmedat Nil Desperandum from Drilling and IP Geophysics" you can see from the section that it appears drilling is at near true width (blue lines are my addition)... as in true width if they've drilled a high grade shoot (and not a sub vertical structure). If this was a structure I would expect a high angle, not low angle and flat. Also, it seems far to much of a coincidence that the supposed structure would have an orientation consistent with multitude of other holes drilled at Nil Desperandum (i.e. the orientation here is consistent with most of the other drilling):



The company certainly appears supremely confidence and believes they've discovered a large, high-grade shoot:


And also:


However they do sensibly still disclose (you really do need to disclose this as there haven't been many holes in this part of the project):



The biggest factor for me that's helped me keep firmly hold of my shares and not stress the f out like many others appear to have done is the geophysics. The very strong chargeability anomaly lines up exactly with hole NLDD044 and continues for hundreds of metres to the south west, pretty dammed difficult to miss (you don't need to be a geophysicist to see this...). Look at the orientation of the anomaly, this does not look like a NW structure to me. Also, we know that the anomaly is very high grade chalcopyrite so no worry about it being massive pyrite or graphitic shale:



I haven't been able to explain the massive sell off any other way. Seen lots of discoveries unfold but this has been thrashed down since an announcement that was entirely expected by those of us who are following this story closely. I might be wrong but there is the possibility that there are rumours or analysis suggesting CNB have not made a major discovery. I do not believe this to be the case. Unless you believe Carnaby management are either incompetent, reckless or worse then I see no reason to stop believing them and the results (which have gone from good to better to amazing) which point to them having made a major discovery.