CNB - Carnaby Resources

[Sean K]

CNB chart - a weekly spinning top candle ushering an impulse higher or just another brick in the wall. You be the judge, I have chosen the former interpretation for the Oct comp.

Not Held

Weekly
View attachment 147544

Might be some interest in this on the open.

Haven't seen a ramp like this before ' phenomenal' results? They are very good, but keep your hat on MD.

 

[Sean K]

Gapped up as you'd expect on that intersection. Has still come way off since all the excitement on the discovery holes back in Dec-Jan. It's a matter of volume now for these deposits and if they add up to some decent tonnage. Impossible to work on any clear dimensions at this stage.

Their last placement for $20m was done at $1.30 so there's a few 'sophisticated' investors in the red at the moment. OZ Exp doesn't seem to have increased it's stake since buying in. Holding just over 4%.

 

[Dona Ferentes]

and happy tipping. Arise, Lord Carnaby

The outstanding result of 60m @ 3.1% copper in MHRC029 is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole at Nil Desperandum.

got as high as $1.07 ... but now only 20% up

 

[frugal.rock]

For the October comp... Go @finicky ?

(Although, it's a bit like I go for any team, except Manly, if you catch my drift...) ?

 

[rcw1]

For the October comp... Go @finicky ?

(Although, it's a bit like I go for any team, except Manly, if you catch my drift...) ?

For the October comp... Go @finicky ?

(Although, it's a bit like I go for any team, except Manly, if you catch my drift...) ?

rcw1 will ask Hasler

 

[finicky]

Although, it's a bit like I go for any team

How deeply moving

 

[frugal.rock]

How deeply moving

You know your special fin. ?

 

[Sean K]

Another good headline, but the true width of this looks like it's about 20m. Dimensions from surface about 100x20 and 100x20m. It's a T shape but open so not sure what it turns into. Current depth is about 200m. So, somewhere between 1- 2m tons. There's some high grade copper in there, much like the other discoveries. Just needs more volume.

This is along strike of the other discoveries so there's every chance there will be a few of these adding up to a considerable resource.

One thing of interest may be when BHP buy Oz they will end up with 4.5% of this as well.

 

[Sean K]

Keeps firming up as a potentially significant copper district. Grades are there, still not sure about volume.

 

[Gringotts Bank]

Keeps firming up as a potentially significant copper district. Grades are there, still not sure about volume.

View attachment 150404

View attachment 150403

Yeh, turnover tends to suggest the banks are not involved here. Otherwise the chart does look interesting.

My estimate for bank/insto involvement is >$2mill/day over at leat 2 weeks.

 

[Sean K]

Yeh, turnover tends to suggest the banks are not involved here. Otherwise the chart does look interesting.

My estimate for bank/insto involvement is >$2mill/day over at leat 2 weeks.

Yeah, agree on the unit volume movement, but I was more talking about tonnage of dirt as the 'volume'. They need something in the 100s of 1000s of tons of ore at about 1% overall, or better, to be a decent project of interest to a major. Long way off.

 

[finicky]

CNB has been up 15% intraday on decent vol, looks like up about 10% now. Looks like it might be breaking above the more recent downtrend resisistance. Curses.

Not Held

 

[houtman]

My 3rd pick, CNB.

Is this the year of Copper?
Was Betteridge right?

Positives-

• Low SOI, 145m
• $15m cash, raised $20m about 12 months ago with OZL becoming the No. 1 shareholder with just under 5%.
• Drills continually spinning
• MRE due 1st half 2023
• Excellent metallurgical test results/recoveries.
• Mount Hope has an existing mining license, this may expedite development.
• Team has a track record.
• Operating near Mt Isa, great infrastructure available.

Negatives-

• Low turnover, CNB needs a substantial announcement to get some some traction, but we have 12 months. Macquarie has just started covering CNB so this may add some volume with good results.

 

[Sean K]

I doubt anybody knew that there was a boundary dispute at Mt Hope. Continuous disclosure anyone?

 

[finicky]

I think that was the boundary between CNB and Hammer Metals (HMX) that was not so much in dispute but ambiguous and requiring precision. HMX was hoping for a bit of a look-in closer to CNB's drilling success at the Mt Hope mining lease. HMX down .001

 

[Sean K]

I think that was the boundary between CNB and Hammer Metals (HMX) that was not so much in dispute but ambiguous and requiring precision. HMX was hoping for a bit of a look-in closer to CNB's drilling success at the Mt Hope mining lease. HMX down .001

So, HMX own everything around CNBs little red box on this map?

I can see the eastern edges of Mt Hope North or south of Mount Hope Central could have flowed into HMX's and may still do down the track.

The 'new' mining lease boundary on the bottom picture is only 50m to the right of that decent shoot of Cu.

 

[peter2]

Selecting CNB for the Feb monthly comp. This is mainly due to the bullish price chart and my underlying bullishness for copper.

CNB and HMX hold adjacent exploration leases. If they're sitting on a tier 1 copper resource (and its going to take years to find out) I can anticipate a merger between them or a buyout of both eventually.

 

[finicky]

CNB up 16% in early trading. Volume not high yet.
With that chart it's hard to believe it won't break clear of the 1.20 to 1.30 band of resistance before too long, although I won't be onboard to see it happen. Looks like that test of the 0.70 low was the opportunity to get on with hindsight. I've got a sniff of their ground with HMX.

Not Held

Daily

 

[Sean K]

CNB up 16% in early trading. Volume not high yet.
With that chart it's hard to believe it won't break clear of the 1.20 to 1.30 band of resistance before too long, although I won't be onboard to see it happen. Looks like that test of the 0.70 low was the opportunity to get on with hindsight. I've got a sniff of their ground with HMX.

Not Held

Daily
View attachment 152769

Bit of a rounded bottom too, which I always like the look of.

The grades continue to be very impressive but I’m not convinced on scale yet, unless the shoots go to 2km depth and widen. They should invest in a couple of very deep holes tracking these purple shoots to get a better idea. Otherwise, I’m not sure what this is other than extending the old workings a little deeper.

I’ve tried to do a tonnage based on current dimensions in previous posts, which shouldn’t be too far off the mark, and to look prospective for a tier 1 asset they need much, much more volume.

 

[Dona Ferentes]

Insider Trades: 3 small cap directors selling after share price surges​

By Kerry Sun
Tue 21 Feb.
A summary of director transactions .

Top Insider Moves by Value​

Code	Company	Date	Director	Type	Price	Value	Notes
CNB	Carnaby Resources	10/02/23	Gregory Barrett	Sell	$1.15	$1,150,000	On-market trade.
CNB	Carnaby Resources	10/02/23	Peter Bowler	Sell	$1.15	$1,150,000	On-market trade.
CNB	Carnaby Resources	10/02/23	Robert Watkins	Sell	$1.15	$1,150,000	On-market trade.

KEY POINTS​

• Directors from Carnaby Resources, AML3D and EV Resources sold shares following news driven rallies
• All three stocks are down between 30-70% in the last twelve months

A summary of director transactions among mid-to-small cap resource companies between 6 to 17 February.

Top 15 Insider Moves by Value​

							.

Interesting Sells​

The three transactions below all have a rather similar narrative:

• The stocks are down 30-70% in the last twelve months.
• The stocks rallied on good news.
• Directors sold a part of their holdings on the day (or a few days later).

The orange circle in the price charts below represents the day the director transaction takes place.

Carnaby Resources (ASX: CNB)​

Carnaby shares rallied 10.6% on February 2nd following the release of "a significant new high grade copper gold discovery" at the company's Mount Hope Central discovery in Queensland.
The price action over the next few days was rather volatile and on no additional news:

• 3-7 February: -10% to $1.08
• 8-9 February: +21.8% to $1.315

On February 10, three directors exercised a collective 900,000 options at 45 cents each but sold 3 million shares at around $1.15 per share.

Carnaby Resources chart (Source: TradingView)​