"I don't doubt your faith, but one person being convinced doesn't necessarily correlate to gold or copper in the ground"...Very true indeed :)
I didn't buy CNB because of the gold and copper that we currently have (there are many other companies on the ASX with huge resources), BUT the potential of a likely huge discovery,,,
And in some parts, there may be very little economical minable gold / copper or none at...
But this doesn't change the facts regarding the MASSIVE POTENTIAL of CNB... And I choose to look at the bigger picture here along with all of the fundamentals...
But I do emphasise, exploration does take time and patience... And for those with such patience and conviction, the rewards could be potentially handsome indeed...
Faith?
I would not risk so much money on pure faith, illalong ...
For me, and most of the Top 20 I am sure, it is a carefully calculated risk / reward ratio... And my analysis points to very little risk Vs potentially humungous rewards :)
Ok, so why do I see very minimal risk?*
Our Tick Hill Open Mine!! which has historically produced 180,000 oz @ 18 grams (18.1 g/t), has recently been drilled in which new high grade RC drill results have confirmed that the Tick Hill Main Lode extends 20m into the north wall of this historical open pit (Ann 27 Jan 2021) - This alone is worth anything between 15-20 Million for CNB, whether we decide to mine it or sell it. The Tick Hill open pit cutback is forecast to produce 63,300t @ 6.1 g/t for 12,500oz generating pre-tax cashflows of ~$15M at AISC of A$1,190/oz, and probably more the way the price of gold is headed :) This alone significantly reduces the risk of being invested in CNB...
* As of March 31,
CNB has $8 Million CASH. Funds from the sale of the Tick Hill Tailing Retreatment Project continue to accumulate with payments totalling $2,000,000 received during the December quarter with a further $750,000 already received on 4 March 2021 due to full-scale production from the Project officially commencing on 19 January 2021. In addition, Carnaby is expected to start receiving proceeds from a 5% royalty on the
Project’s gold production which is forecast to total approximately $2,000,000 over the next 18 months. Further, Carnaby will receive a further $500,000 cash from the divestment of the Lainejaur Project and an additional 2 payments of $500,000 with the issue of an unsecured convertible note with a face value of $500,000 convertible into securities (or cash equivalent) 16 and 36 months from settlement.
THIS IS A LOT OF CASH to aggressive explore our land tenements
3 times the size of Singapore...
* And another reason just sprung to mind as to why I see very minimal risk:
Very little dilution ... CNB is already sufficiently funded to undertake its exploration activities for a long time to come... This means no risk of an imminent Capital Raise...!!
Summary:
- TH open mine (Asset)
- Ship loads of CASH
- Huge highly prospective tenements
- Very little dilution
- Highly invested management team (last purchase at 30 cents)
- Top 20 with STRONG Conviction!!
- Proven track record of Management (500M + 800M MC)
I could go on forever, but I wouldn't want to bore you all with my repetition
These are some of the reasons I see CNB as a low risk investment...
What about the potential rewards? Oooohhh, this is where I could write a 5000 word essay... But you have all heard it all before so I will spare you this time... (or will I)?
Potential of Strelley (and Pilbara):* Through this AC drilling, we have identified even more targets* Rob himself says in the announcement that this now "greatly increases the potential of the area..."* Still awaiting 20 % of AC holes* 1.4km strike of Bastion Intrusion
* Numerous newly identified intrusions !! ("several new lookalike intrusions")* 3000M RC drilling Program ALREADY COMMENCEDNow, if our recent AC results were so bad, as the markets "over-reaction" would suggest, I find it difficult to fathom why our
highly experienced Rob and his expert team of geoligists are going to spend a lot of money to commence an RC drilling program in a area of no potential?
The answer is simple... We are sitting on HUGE POTENTIAL at Strelley alone, and they KNOW IT!!
But geeee, I wonder what clues they used in deciding to proceed with an RC Drilling Campaign?
Could it possibly be this???
"REVEALS THE SCALE AND POTENTIAL"
Hmmm, I still can't figure out why they would want to spend valuable cash, time and resources in commencing an RC Drilling Program Here
Ohh, hang on, I just read that:
“Hitting potentially “Hemi Style” intrusion hosted gold mineralisation atthe BastionProspect in the first ever diamond drill holes drilled at Strelley is highly significant and has materially increased the potential of the entire region.
As GeoFiji Commented:
The photos tell you everything you need to know. This is a game changer. The directors of CNB had no choice but to release this ASAP. We have found identical Hemi type intrusive bodies over several km and they have sulphide and gold. OK it will take more work to find the best and richest zones but there are plenty of intrusions and gold found over a wide area.
If this doesn't excite you then don't invest in mining stocks because you just don't get it.
And as Mr AlfieKnows says:
I've physically stood above "Hemi", I have also seen the drill cores. I can tell you that the significance of this is not in the concentration of gold, it is the location of intrusion hosted gold mineralisation. I can also tell you that it is not too early to compare, in fact - it is the only comparison to De Grey's "Hemi" on earth at the moment. Very significant development in the story of Pilbara gold.
Did this excite Mr Alfie? (A Picture tells a thousand words):
451,000 shares at over 40 cents 
He commented: "CNB is truly an opportunity that 'the market' has yet to wake up to. The biggest problem is liquidity and difficulty to obtain a large position without 'paying up', hence why I have been 'paying up'!"
Something tells me Alfie thinks or Alfie "Knows" we are onto something big here!!!
And still, at Strelley (besides our bastion prospect), we have:
The Stockade Prospect:"remains anexciting targetwhich is now ready for systematic RC drilling beneath the shallow and wide spaced aircore drill results.
Alcazar Prospect:We have intersectedanomalous gold and arsenicin the shallow aircore drilling including a new intrusion across both lines of drilling. It will be exciting to see what we discover with DEEPER RC DRILLING(Follow up drilling is being planned)
Palisade and Cowry Prospects:The Palisade and Conwy Prospects occur at the confluence of two major fault structures being the Tabba Tabba and Berghaus Shear Zones.Both exhibit extensive gold anomalismand remain a high priority for ongoing exploration at Strelley.
Results from a further 56 aircore holes drilled in this area are awaited and RC Drilling has COMMENCED :)
Sorry Guys, I can't seem to control my excitement from Strelley alone, but for those new here, Strelley is just a small portion of our land (442 km2) in the highly prospective Mallina Basin of Western Australia, northeast of the Hemi gold discovery of De Grey Mining Ltd (ASX: DEG), which has taken DEG to a Peak MC in excess of $2 Billion. This is Australia’s newest major and under explored gold district.
Besides Strelley (Which I am very excited about), we ALSO have:
1.Strelley Project (100% owned) – Second Phase RC Drilling COOMMENCED
2.Mount Grant Gold Project (80%) -Mount Grant is located approximately 20km East of the Company’s Strelley Gold Project and approximately 90 km northeast of the Hemi gold discovery of De Grey Mining Ltd (ASX: DEG).
Mount Grant contains 45 km of strike of greenstone effectively unexplored for gold and located under alluvial cover associated with the De Grey River catchment area.
During the second half of 2020, a high-resolution aeromagnetic survey was completed at Mount Grant. Results from the survey highlighted several new “Hemi style” intrusion targets along the main granite greenstone contact that is interpreted to represent the northern continuation of the
Tabba Tabba Shear Zone (refer ASX announcement 26 October 2020).
The Mount Grant tenement is completely overlain by alluvial cover and is unexplored for gold mineralisation. The intrusion style targets identified represent distinct bullseye targets for first pass drill testing and form a pipeline of prospects that will be tested with drilling in the future
3.New Padroo License (100%) - (The additional ground secured at Pardoo hosts several discrete magnetic anomalies also considered to be potential “Hemi style” intrusion targets)
The Pardoo exploration license application covers 110 km2 along a significant structural trend that is overlain by alluvial cover and is previously unexplored for gold mineralisation. Several distinct intrusion type targets have been identified within the tenement which form a pipeline of prospects that will be tested with drilling in the future.
4.New Goldsworthy License (100%)
The Goldsworthy tenement application contains approximately 4 km strike of unexplored granite / greenstone contact along the interpreted eastern extension of the Tabba Tabba Shear Zone. The Tabba Tabba Shear Zone is considered to be a fertile structure for gold 5 mineralisation. Systematic
exploration of the Goldsworthy tenement will be completed in due course.
5.Big Hill (100 %)
The Big Hill project is favourably located on the Berghaus Shear Zone considered to be a major structural corridor northeast of the Hemi gold discovery by De Grey Mining Ltd
ANNNNDDDD, In addition to our extensive land holdings in the Pilbara (as mentioned above), CNB holds a further 972km2 gold prospective exploration package in the Yligarn Margin, which contain the Company’s Malmac and Throssel projects...
Throssel Gold Project (100%)
The Throssel Gold Project covers 162 km2 and is located 70 km north of the 6.2 Moz Gruyere Gold Mine operated by Gold Road Resources Ltd (ASX: GOR). The project area covers a potential 20 km strike of unexplored greenstone belt under shallow cover.
Malmac Gold Project (100%)
The Malmac Gold Project covers 810 km2 within the northern Yilgarn margin mobile belt. The tenements are focused on the Imbin rift associated with the highly mineralised Glenburgh Orogen with host rocks similar in age and geology to the Karalundi Formation that host Sandfire Resources
Ltd’s (ASX: SFR) Degrussa deposit...
Both Throssel and Malmac are considered prospective for orogenic gold, sedimentary exhalative (SEDEX) and volcanogenic massive sulphide (VHMS) base metals deposits, and nickel and platinum group elements (PGE’s).
As per recent Ann (Malmac West) , “The Salvation prospect is associated with a little-known outcrop of pillow basalt, a key geological criterion for Volcanic Hosted Massive Sulphide (VHMS) deposits, including the world-class Degrussa coppergold deposit. The pillow basalt unit is potentially equivalent to the Narracoota Volcanics in the Byrah Basin, reinforcing the emerging discovery potential at Malmac”.
Rob Commented:
“These early-stage results from the first ever systematic exploration at Malmac, covering 621 km2 of tenure east of Sandfire’s Degrussa coppergold deposit, ARE SIGNIFICANT”.
And as announced 9 February 2021 (Malmac East) , first pass reconnaissance mapping and sampling on broad 2 to 4 km spaced traverses totalling of 175 soils samples were submitted for Ultrafine analysis covering a suite of 52 elements including gold analysed at trace level detection limit. The soil sampling has outlined a 15 km long copper-nickel-gold soil anomaly named “Oolgahroo” which appears to be coincident with the Salvation Fault.
The sample spacing over Oolgahroo was extremely broad with 4 km spaced lines and samples taken every 500m along the lines. Follow up exploration is being planned for the 2021 field season!! :)
The Malmac project will form a small part of a $3M Carnaby exploration budget for Calendar 2021, although Carnaby’s highest priorities are in the Mallina Basin, Pilbara where an 8,000 m Aircore, RC and Diamond Drilling Program has commence at Strelley to follow up on the
extensive gold occurrences recently discovered in the Company’s first drilling program and at Tick Hill in Queensland where high grade gold and extensive copper mineralisation is present over 70 km of Iron Oxide Copper Gold (IOCG) targets immediately south of Hammer Metals (HMX) new Trafalgar copper discovery.
And this (all of the above) only covers our tenements in WA...!!!
Very exciting things to come at Duchess where a4,000m RC drilling program targeting the Mount Birnie and Nil Desperandum Prospects and other key copper target areas within the Greater Duchess Copper Gold project has commenced.
Rob knows we have got something GOOD at Duchess - hence, bringing forward the RC drilling program... :)
What did Rob say?
TheDuchess and Ivanhoe lodes have existing historical estimates yet tobe reported under JORC 2012 guidelines. Carnabyintends to update the existing estimates into reportable JORC MineralResources.
And soooo much more copper potential at Greater Duchess :)
Time to watch the latest netflix movie "Awake"... I have been hanging out for weeks awaiting its arrival...
But suffice it say, all of the above "potential" and "low risk" explains why today I topped up again at 35 c :)
Unfortunately not as much as Alfie, but for me, my holdings will be LIFE-CHANGING nonetheless!! :)
Cari
(20min delay)
