Ann: New Copper Discovery, page-35

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06/08/24

17:13

Post #: 75096083
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Originally posted by eastwest101: ↑

Its just a guess but I have two answers in mind to your questions.

1. Maybe HMX had already done FLTEM data/surveys done over the area previously so just a case of using existing data, as it looks like this stuff is in the recently acquired HMX ground. Another possibility is that maybe CNB always wanted to trial FLTEM because they are starting to think that there are so many massive sulfide targets out there that it might be worth a go using FLTEM and concentrating on the late time conductors as these tend to be high grade and deep conductors and are often high-grade massive sulfides? If they are seeing massive sulfides in drilling then might not be worthwhile using a method that detects disseminated sulfides? The plunge to the south is also a bit of a giveaway as much as being in the 010-degree strike trend that these are the two main structural and geophysical fingerprints of high grade ISCG orebodies in the region, as they say 010-degree trends is seen at Trekelano, many of the Starra orebodies, Duchess and Burke & Wills so definitely a common story around there. Looks like HMX did at least some VTEM as well although that might have been because they were seeing how useful it was to CNB.

2. Costeans - possibly uncovered putting in a new access track and the machine was there (just opportunistic?) or possibly HMX already had costeans permitted so a case of "may as well do it seeing as we have the surface disturbance permit for it"? Or all rigs are already committed to other drill programs. Not sure of the exact regulations in QLD now as to how much permitting or not is required for costean work in QLD, someone with more recent experience in QLD would be able to answer these questions. I expect the costean was also put in to confirm the width/dip and strike of Mohawk before planning any drilling to make it easier to decide where to get native title survey stuff done (if needed), and work out which way to drill it from. The announcement seems to indicate lots of scree and some physical releif around Mohawk so all the more reason to figure out the dip and strike before spending money of lots of expensive and difficult site prep and access roads.

3. Aerial VTEM is planned for Sept 2024 which will throw up a lot more targets. Very expensive but covers a lot of ground quickly but will take Southern Geoscience a while to process it, so realistically some/many of these targets may not be drill-tested until 2025.

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Mohawk is in the 100% CNB ground, not part of the recent acquisition from HMX - though reasonably close to the boundary with the newly acquired land, so any mineralisation could run into it (also the acquisition will likely help optimise drilling).

Note the announcement states 'final administrative permitting requirements' still required prior to drilling. Hopefully can get through quickly.

CNB Price at posting: 47.0¢ Sentiment: Buy Disclosure: Held
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