In two years they have 3 discoveries and now a JORC resource of...

In two years they have 3 discoveries and now a JORC resource of 21.8 million tonnes @ 1.4% copper equivalent, 62% of this is the higher confidence indicated category which has 11.9 million tonnes @ 1.6% copper equivalent. The indicated category at Mount Hope central now stands at 5.8 million tonnes at 1.9% copper equivalent and we know the historic mining had a head grade of 1.9% copper, this tells us the ore body carries on below the old workings at a similar grade.
Only Mount Hope and Nil Desperandum have underground resources declared. Lady Fanny, Bourke and Wills, Duchess/Ivanhoe and Mount Birnie open pit resource cut-offs and depths used. This leaves underground resource potential at Lady Fanny North and other deposits not yet included due to lack of deeper drilling.
At Nil Desperandum the breccia zone has been calculated separately and a high grade cut-off of 4% copper was used, no statement on what effort this had over the actual assays but may be significant? The underground resource at Nil Desperandum excluding the breccia was 1 million tonnes @ 1.08% copper and 0.3g/t gold by my calculations.
This is a mighty good maiden resource, [email protected]% copper equivalent. JORC resources are assets and Carnaby now have one that will grow over time.
The scoping study will give us an indication of the mining/processing options, costs and cash flow/profits. I suspect the scoping study roll into the PFS will include an updated MRE for inclusion in the PFS. Hopefully a few major deposit expansions and a discovery or two to throw in there as well.
DYOR and calculations, not investment advice.