Ann: Mount Hope Discovery - 37m @ approx. 5% Copper, page-49

Carnaby have three shallow high-grade copper gold discoveries that will be a mining project with, in my view, robust economics. The fast tracking of scoping and PFS studies indicates very strongly that Carnaby have the same view. I think the initial JORC will be in the range of 20-50 million tonnes at >1% Cu and >0.2g/t Au (assuming the Ivanhoe/Duchess old JORC is upgraded and a small Mount Birnie contribution). The lack of further drilling will be the limiting factor not that the deposits and newer discoveries to be made before the JORC is out will be closed off. Some directions may be closed off by then but I would be surprised to see any of the three discoveries closed off in all directions by the time of the initial JORC being released.

The felsic intrusion at Mount Hope is interesting. The presence of a felsic intrusion can be seen on the right hand plan below and Carnaby drilling has shown that it extends to North Mount Hope and now it appears it extends to the Mount Hope Central pit. The Large IP anomalies in the central area of the Mount Hope mining lease may be associated with the contact zone of the felsic intrusive, these are becoming far more interesting to start putting a few drill holes into. Perhaps a chalcocite-chalcopyrite zone along the felsic intrusive contact breccia?



Old plan of Mount Hope with my annotations. Note that North is to the right of page. Mount Hope North is on the right hand side and Mount Hope Central pit is the left hand side of the diagram.



DYOR. Not investment advice or a guarantee.