CNB 5.00% 52.5¢ carnaby resources limited

I'm a little baffled how can you be watching closely if you...

  1. 20 Posts.
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    I'm a little baffled how can you be watching closely if you don't know what they are intending to do? They have clearly stated that their main priority is to pursue offset repetitions of the historically mined Tick Hill orebody that produced 513,000 ounces at 22.6 gpt. These systems rarely precipitate that type of orebody with such a tenor of grade without there being similar orebodies nearby. Think Bellevue analogy where historically mined open pit, was devoid of deeper exploratory drilling. Through the application of modern geophysics and modern exploration eyes, they have identified further lodes which have cumulatively added up to become a multi million ounce project.

    Having spoken with Rob,(and articulated in company announcements) management are of the view it's a complex system with a small mineralisation halo, which makes it's overall footprint slightly harder to target. That said, it also means you can have a significant deposit in a very discrete halo, such as the historical Tick Hill orebody that was contained in only 80m of strike.

    This is where is gets really exciting.... the Tick Hill deposit whilst having a small alteration halo... was hosted in a "lodestone" unit.

    They hit 10m of lodestone unit, in the very last hole of their last drilling program... There was no significant mineralisation in that particular hole but it demonstrated they have at least vectored into the right host rock type.....

    The idea behind this remnant mining exercise is to capitalise on the historically high gold prices that now render the project economics highly attractive whilst it concurrently allows them preserve to the capital structure and fund the main game... drilling to Tick Hill 2.0.


 
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