Ann: Nil Desperandum Continues To Grow, page-238

good morning guys,

just a rehash from S T O C K H E A D out this morning,


There is nothing like finding copper in a bull market for copper. Carnaby Minerals (ASX:CNB) (figure 5) has had a stellar start to 2022 following its announcement in December 2021 of some cracking intersections at its Greater Duchess Project (figure 6) near Mt Isa in Queensland which covers around 1,000 square kilometres.
https://unauthorised investment advice/wp-content/uploads/2022/02/Picture-7-1.jpg
Figure 7: CNB’s section showing location of NLD044 and IP chargeability anomaly.
The discovery hole returned an impressive intersection of 41 metres @ 4.1% copper at the Nil Desperandum Prospect (figure 7).
This was followed up by 27 metres @ 2.8% copper and 0.80 g/t gold at the Lady Fanny Prospect where over 400 metres of high-grade copper mineralisation was identified from historical workings.
The company recently took advantage of this and raised $20 million at with Oz Minerals Limited participating at $1.30 share.
The company is embarking on an aggressive 20,000 metre RC, diamond, and geophysical program and considers Nil Desperandum could represent a 500 metre + plunging shoot that is open at depth.
Not surprisingly CNB has recently expanded its footprint in the region picking up the Magna Lynn and Makbat tenement to the south of these discoveries (figure 8).
With an enterprise value of just over $200 million the stock’s not cheap, but I like the address (near Tick Hill which produced 511,000 tonnes @ 22.5g/t Au) and the project is situated near Mt Isa with excellent infrastructure.
I think this ranks as one of the better copper discoveries in recent times.
Let’s hope the grade and continuity holds up so I don’t have to eat those words. One thing for sure, there will be plenty of investor interest over CY 2022 as exploration kicks into gear