This is a stunning result from what looked like a couple of 2-5m...

This is a stunning result from what looked like a couple of 2-5m wide shear zone hosted copper gold deposits. Multiple parallel wide deposits with high grade and from surface. This being only 3km from Nil Desperandum is a great location from a mining economics perspective.

As I posted when they proposed drilling here it was important to test the potential for wider zones at the intersection of the N-S and NE-SW shear zones. This proved up in LFRC009 with [email protected]% Cu and 0.8 g/t Au. What is less expected is the width and parallel zones in the N-S shear LFRC012 and 013. These look to be near surface expressions of a larger combined system that will benefit from the IP geophysics surveys proposed.

The most important outcome from this announcement is the belief that Carnaby (CNB) has cracked the code to find these IOCG systems in the region. If CNB have a better predictive model and exploration method than previous explorers that increases the chances of finding these deposits. There are no shortage of old copper workings, good historical drill results and IOCG alteration in the region of CNB and HMX ground. Having a better method of locating the prize in these situations will be thing that transforms Carnaby into a major mining company.

The pegging of vast additional exploration leases based upon their IOCG model demonstrates their confidence that they have unlocked the key to finding these deposits. Many explorers in the past have had good drill results and still walked away. CNB with its model is finding the ore zones and will be mining in future rather than walking away. Strong commodity prices and projected prices are helping their focus and willingness to invest in their exploration efforts.

Well done team, this exceeded my projections for the Lady Fanny drilling. If you have the key I will be patient whilst you look for the next one. With what you must have seen in the drill chips it is no wonder you didn't race to a cap raise. I think more holes into the IP4 anomaly and spectacular high grade copper gold zone at Nil Desperandum should be a priority before a cap raise.