I have been busy researching other companies trying to find the next Carnaby and I did not see this announcement as anything other than routine drill results. I am holding my shares tight waiting for $10. My view is closer to 1 January 2025 before drilling, JORC resources and the like will be sufficiently advanced to get CNB to this level. Carnaby has not yet dropped to the level where I have been able to buy my trading parcel back, if I never do that is OK because my core parcel is large enough to be the best payday I have seen.
My view is that Carnaby is at the point where the market is expecting a drill out and small numbers of drill assays don't really matter. There will be good holes, great holes and a few surprises on the down side. The ore bodies will not always be where expected and certainly we are seeing faults that impact on the results in some holes. Given we are drilling a NE-SW trending fault zone hosted mineralisation it is not surprising to see faults. The plan below shows the IP anomalies are offset in the area of NLDD073 for which we now have visual estimates. The IP anomaly jumps to the SE on line L189000N and then back into position on line L188000N. IP line L186000N is clearly an end to the main anomaly but a new one pops up further SE. Is this the faulted offset or a repetition? In this areas the IP anomalies also have resistivity inversion anomalies adjacent, perhaps representing intrusions, we don't know if they are mineralised or what they really mean in the scheme of things. They may be barren and cut off the mineralisation or they may be mineralised and significant.
NLDD073 may not be located at the thickest or highest grade part of the lode on that section, it would be amazing to hit the best bit given the faulting and likely displacement of the ore body (possibly by two NW-SE trending faults moving a block of the ore to the southeast. We really need quite a few more holes before the geometry is really clear.
The fault between NLDD044 and NLRC065 is no great surprise as we knew the deposit was on the NE trending fault, now we have a better idea where it is.
NLDD066 with [email protected]% Cu and 0.2 g/t Au is good by any standard but it is not [email protected]% Cu. If we average the two intersections we get approximately [email protected]% Cu and 0.35 g/t Au and the zone is not closed off to the SE so we don't know the down dip extent (although based on other sections it should extend quite a bit further).
The NLRC066 intersection is quoted as [email protected]% Cu and 0.2 g/t Au but closer inspection reveals this is made up of [email protected]% Cu from 253-260m, [email protected]% Cu from 272-283m and [email protected]% Cu being the remainder of the 40m intersection. The large low grade halo seems to be in the 0.4-0.8% Cu range. Many other drill results have two high grade zones with a lower grade interval and halo, no surprise there.
NLDD073 gives the following results based purely on the visuals:
363-370m - [email protected]% Cu
373.3-390.3m - [email protected]% Cu
Compare with NLDD044 actual results:
251-253m - [email protected]% Cu and 1.15 g/t Au
255-260m - [email protected]% Cu and 0.48 g/t Au
262-275m - [email protected]% Cu and 0.96 g/t Au
275-285m - [email protected]% Cu and 0.21 g/t Au
NLRC066 actual results:
253-260m - [email protected]% Cu
272-283m - [email protected]% Cu
remainder of 40m intersection [email protected]% Cu
In any case we have a significant deposit and if the remaining drill holes continue to find the lode where we expect based upon the IP then we only need to start assessing the grade and tonnage. The Lady Fanny IP is very exciting and the potential for new deposits in the 5km IOCG corridor is very real.
The presentation made a few interesting points - Carnaby believe they have identified a 50km long IOCG corridor and that the Nil Desperandum deposit is structurally controlled of a style typical of IOCG around Cloncurry such as Ernest Henry, Eloise and Osbourne.
Carnaby are rapidly progressing Big Hill drilling and this certainly has the potential to be a significant Li deposit of the same style of Pilangoora and Wodgina.
Malmac is becoming far more interesting given the Zn-Pb discoveries by Rumble Resources and Strickland Metals on the other side of the Basin. Malmac has the equivalent geological setting as Chinook and Iroquois and is also prospective for VMS deposits similar to Degrussa. Rumble today announced that they believe their Zn-Pb deposits will join up and form 18km of mineralisation. I invested in Strickland Metals, Sunshine Gold and Western Mines Group this week as a result of my research but Carnaby has so many quality projects that could generate additional company making deposits that it is hard to overlook.
I don't see quite the importance of posting what I see as routine drill out of a prospect. If something unusual or unexpected happens sure. It would seem difficult to believe any one but traders would sell shares on the basis of one or two drill holes now. We just need to hold until this round of drilling is done and all the results are back. Enjoy the ride.
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Ann: Step Out Drilling Hits SW Extension of Nil Desperandum, page-153
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