CNB - Carnaby Resources

[Sean K]

Carnaby Resources Limited notes this morning’s ASX release by Hammer Metals Limited .

Carnaby confirms that it has been engaged in preliminary discussions regarding a potential corporate transaction with Hammer. The discussions remain confidential and incomplete, and there is no certainty that any transaction will eventuate from these discussions

Maybe good for Hammer, not so much for Carnaby.

Should be a good combined company though. Highly prospective dirt. Likely to be a boutique copper miner down the track.

 

[houtman]

Should be a good combined company though. Highly prospective dirt.

CNB are presenting today at the RUI Explorers conference in Fremantle.

Can watch it live or on the tube tonight.

I flicked through the 1st 2 days last night, they must have sent out the invites 12 month ago, lots of beaten up lithium companies presenting with sad faces.

Even CHN was back on the hustings.

 

[finicky]

Is CNB in the resources sector? (shifts away while speaking, eyes seeking an escape)

 

[Sean K]

Is CNB in the resources sector? (shifts away while speaking, eyes seeking an escape)

I think it's what Rick Rule calls a 'Lifestyle Company', so I think they make banana lounges.

 

[finicky]

Chart worth a watch? Most of the air's gone out of it. Might buy if I get a spec winner to trade for once and if the price doesn't get away beforehand.
Mt Isa needs new sources of copper. Old workings, underexplorered, rail lines and roads, getting hits. That's my grok* as a non holder anyway. Liked the M.D's preso.

Not Held



WEEKLY

*grok
/ɡrɒk/
verbinformal•US
verb: grok; 3rd person present: groks; past tense: grokked; past participle: grokked; gerund or present participle: grokking
understand (something) intuitively or by empathy.
"corporate leaders seemed to grok this concept fairly quickly"
establish a rapport.
"nestling earth couple would like to find water brothers to grok with in peace"
Origin
1960s: a word invented by Robert Heinlein (1907–88), American author.

 

[houtman]

Mt Isa needs new sources of copper. Old workings, underexplorered, rail lines and roads, getting hits. That's my grok* as a non holder anyway. Liked the M.D's preso.

I still have about 20% of initial holding from a while back and will probably just hold it till the bitter end.

Originally CNB was going to be equal parts Pilbara gold and Mt Isa/Duchess copper exploration, with a chance of a "Tick Hill offset"being found.
Paul Payne(Director) is the Pilbara expert having consulted to DEG.

At an AGM I attended they were upbeat about the Pilbara ground(aren't they all), but once the Duchess drilling started producing results Pilbara got put on the backburner.

315kt MRE Cueq is a solid start with a PFS underway.

I've almost given up on the -almost here but never quite here- copper boom, so a quiet little holding of CNB will do me.

 

[finicky]

@houtman, yes, I have put it on the to do list for a spec buy in crash unless I make something in the meantime from another spec and can 'rotate' some proceeds. If we're to believe the m.d they still have a lot of unexplored ground in the Mt Isa region tenements.

 

[Sean K]

Great grades, but lacks volume.

If they discover another pipe or drill deeper to see the current ones telescope then it's game on.

Throwing darts with this one at the moment.

 

[finicky]

 

[Dona Ferentes]

View attachment 188485

raising $15M
...Euroz Hartleys was offering fund managers shares at 31¢ a piece – a 13.9 per cent discount to the last-traded price or a 15 per cent discount to the five-day VWAP.

Interested parties were told Carnaby has received a commitment from Glencore International to apply for $3.4 million of the placement. This will give Glencore a 4.99 per cent holding in Carnaby after the raise.

Carnaby has also entered a binding tolling and offtake term sheet with Glencore to process the ore from its Greater Duchess gold and copper project, south of Mount Isa.

 

[Dona Ferentes]

Trekelano Acquisition:
• Carnaby has agreed to acquire 100% of the high grade Trekelano copper deposit located within a 20km radius of Greater Duchess.
• Trekelano JORC Inferred MRE of 5.2Mt @ 1.6% CuEq, 85,000t CuEq.
• Consolidated Greater Duchess MRE grows 27% to proforma: 27Mt @ 1.5% CuEq, 400,300 CuEq tonnes.
• Spectacular drill results beneath the Inheritance open pit that are unmined due to a historical Mining Lease boundary constraint, including 93m @ 5.2% Cu, 1.2g/t Au.
• Potential to have a materially positive impact on the Greater Duchess production target from ~15,000kt to 20-25,00kt CuEq per annum, to be incorporated into the current Pre-Feasibility Study.

Processing Solution Unlocked:
• Carnaby has entered into a binding term sheet agreement with Glencore for Tolling and Offtake for 100% of the fresh sulphide ore and concentrate from the Project.

Capital Raise:
• Firm commitments received for $17.0M in a two-tranche placement.
Directors have committed to subscribe for $500,000 on the same terms as the placement subject to shareholder approval.
.
well received... placement at 31c, trading now between 35c and 38c

 

[Dona Ferentes]

Trekelano Acquisition...Capital Raise:
• $17.0M in a two-tranche placement.

well received... placement at 31c, trading now between 35c and 38c

endorsement ... holding well above 31c