So what’s a nearology play actually worth in today’s market….Strelley specifically, but Mt Isa tenements come in to it too.
There are 23 companies with tenements within the 75km that CNB are to the DEG discovery (from what I can work out, happy to be corrected). It’s pretty clear that by the posts in various threads that many here believe in the Strelley nearology play, especially due to the sheer zones…..I was one of those people last year.
DEG was a monster find (I don’t hold there anymore) and I agree that the price action last year on their shares obvious brought plenty of attention to CNB. Reviewing early threads nearology is discussed on a very regular basis. DEG continues to find more and more gold and yet the price continues to fall, down 67 odd cents from its highs last year and not looking like there’s much recovery coming… very similar to CNB.
Could it be that the hype around DEG is what drove the CNB interest/rise and now the hype is gone it’s slowly crashing back to earth?
Looking at the charts below for the last 6 months there is definitely a similar pattern….CNB a month behind the DEG fall……very much seems to be following their lead. DEG falling, nearology being worth less and less by the day.
Even looking at Cu….Hammer, another one that drives nearology (we’ve all seen their results) is also falling on a very similar pattern to CNB.
I guess it could be argued that the sector is dropping… but it doesn’t appear to have in the same 6 month period to the same degree….
So I suppose my question is…..if the companies that drive the nearology buy up of CNB in last years ASX frenzy are now dropping back to real values as we are seeing and they actually have found great resources that are well defined then how can CNB who doesn’t have a defined resource at all (just a few mediocre drill hits) have any hope of recovering or rising in worth. Even if they do hit a mother lode like DEG it is likely in my opinion it will go south just like their SP is.
Real concerns here that shareholders, of which I’m one, are fighting a losing battle.
If the big boys have shrinking marlet caps with great hits what hope does CNB have with next to nothing in the results field…..
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