They have only just hit the IP anomaly and don't forget the scale of the anomaly is greater than the mineralisation drilled up plunge to date. This is the big time! The next significant IOCG deposit in the region (my comments @38cents/share).
This will be a mine as I have said before.
If CNB are correct and this represents a new shoot at a different level it starts to show characteristics of other big pipe like breccia deposits like Ernest Henry where multiple high grade shoots finger towards surface within an overall pipe like geometry. As they said it doesn't matter if it is the same shoot this is a spectacular discovery.
Actual: 41m @ 4.1% copper, 0.5 g/t gold from 247m Including 24m @ 6.5% copper, 0.7 g/t gold from 251m Including 9m @ 10.3% copper, 1.2 g/t gold from 264m
My estimate based upon my own estimate of % chalcopyrite in the photos was a little optimistic: Some zones are almost massive chalcopyrite but the zone between 251-275m looks like it could24m@10% Cu.
Post #:58397898 - some background on other high grade zones in the region from my earlier post - Note that this has considerable thickness that far exceeds that at Duchess and so could be much bigger tonnage of very high grade. You don't need many tonnes at this grade to make handsome profits. The gold credits are typical of the district where they increase with copper grade.
The mineralisation starts at surface. Recent drilling has linked it back to the old open pits.
What will happen is a bit more focus on the other IP anomalies. NLIP1 and NLIP3 are certainly worth look. So far only a failed hole into NLIP1 that has not been re-drilled (the drill bit broke down the hole). NLIP1 is below copper workings at surface and the failed hole did not go far enough to test the zone. A drill hole is planned for NLIP3 in the current programme - the results of this will be interesting with potential upside without much potential downside.
I would like to see some focus on the IP anomalies at Duchess which represent remnant mineralisation and at a deeper level a potentially large copper sulphide body. Remember that Duchess was an incredible rich deposit of some 200,000t >10% Cu. The confirmation of the IP anomaly at Nil Desperandum being because of copper sulphides gives more incentive to test the big anomaly below the Duchess mine (which we know had very high grade lodes). However drilling out Nil Desperandum is a company maker and should take priority. It will leave us some large blue sky targets for another day.
If the observed thickening continues down plunge then the tonnage of spectacular grade semi massive copper sulphides also increases considerably. The IP anomaly NLIP4 is consistent with this interpretation. More IP work to show what happens further down plunge (500-1500m) will be helpful to understanding the true potential of this part of the broader Nil Desperandum mineralised system.
2 of 5 IP anomalies at Nil Desperandum are due to copper sulphides. Are the other three IP anomalies at Nil Desperandum also because of copper sulphides? Given their location they would be new shoots not part of the one being drilled by Carnaby or are they part of a much larger interconnected system? Does the old IP anomaly to the NE, but along strike, of the current SW plunging shoot represent a continuation of this shoot but perhaps with a plunge to the NE or a different direction to the current shoot?
The great paper to overview deposits in the region for those who have read it yet. 23_Glen_Litte.pdf
We have no idea how big this will get, the upside has very few limits at present so holding tight is my course of action. Enjoy!
CNB Price at posting:
$1.19 Sentiment: Buy Disclosure: Held
(20min delay)