CRB - Carbine Resources

[Joe Blow]

Carbine Resources Limited (CRB) is a minerals exploration company. The Company is focused on exploration at the Red Dam Project, which is located 50km from Kalgoorlie, and was acquired from Allied Gold Limited.

http://www.carbineresources.com.au

 

[JiggyJigs]

Carbine are actually focussed on gold projects in West Africa in JV with Ampella Mining which as some may now is one of the best performing stocks in the ASX over the last year or so.

First scout drilling results found gold and my understanding is that aeromagnetic imaging has shown some tasty targets for next drilling which should commence when the wet season is over or eases.

 

[JiggyJigs]

Carbine is making new 5 year highs today. Currently at 40c with options at a small discount trading at 22c.

With recent success at Ampella (same management team) I can't say I'm overly surprised. We should see regular news from drilling results over the coming year as they (hopefully) find more and more gold and sure up a resource.

Gold in Africa is certainly the space to be watching at the moment.

 

[JiggyJigs]

The highs have continued, currently at 44c up 10% for the day. Again options appear discounted.

Gold at highs, links to AMX, drilling to start again soon (IMO), lots to like should they continue to find gold, which I think they will.

 

[JiggyJigs]

Carbine today announced that they have doubled their land holding in Burkina Faso to well over 1000km². Drilling on new land (no historical drilling) and existing targets to start immediately.

Great news for holders.

 

[djones]

Some great results out for CRB today at a very tasty market cap for new investors currently as well.

 

[springhill]

MC - $6.9m
SP - 3.6c
Shares - 140m
Options - 9m
Cash - $4.5m

Madougou Project
 Follow up reverse circulation drilling of gold anomalism has identified primary gold mineralisation extending over 600 metres strike at Goussirdou Prospect
 Best results include:
- 11m at 2.91g/t gold from 60m (GSRC001)
- 32m at 1.00g/t gold from 100m (GSRC006)
- 7m at 1.23g/t gold from 105m (GSRC011)
- 6m at 1.15g/t gold from 107m (GSRC014)
- 14m at 0.85g/t gold from 112m (GSRC018)
- 5m at 50.37g/t gold from 13m (GSRC027)
- 5m at 2.23g/t gold from 19 and 6m at 1.88g/t gold from 69m (GSRC028)

KANDY PERMIT
 Initial reconnaissance aircore drilling of gold anomalism in geochemistry at the Foufaka Prospect on the Kandy Permit has identified multiple, large down hole gold mineralisation zones.
Best results include:
 10m at 3.5g/t gold from 12m (KDAC216);
 32m at 0.73g/t gold from 2m (KDAC283);
 11m at 1.17g/t gold from 34m (KDAC057);
 10m at 1.02g/t gold from 12m (KDAC241);
 16m at 0.63g/t gold from 16m (KDAC278);
 14m at 0.86g/t gold from 30m (KDAC054); and
 6m at 2.37g/t gold from 22m (KDAC168).

NAZALA PROSPECT
 Follow up reverse circulation drilling of gold mineralisation in aircore drilling has identified primary gold mineralisation on seven (7) sections, extending over more than 1 kilometre strike at Nazala Prospect.
Best results include:
 12m at 1.70g/t gold from 48m (NZRC051)
 6m at 8.59g/t gold from 98m (NZRC053)
 5m at 1.14g/t gold from 55m and 5m at 4.04g/t gold from 119m (NZRC008)
 4m at 1.09g/t gold from 50m (NZRC009)
 4m at 1.08g/t gold from 54m (NZRC031)
 3m at 1.11g/t gold from 70m (NZRC034)
 2m at 6.34g/t gold from 56m and 1m at 9.16g/t gold from 119m (NZRC007)
 2m at 8.80g/t gold from 18m (NZRC016)

Goussirdou Prospect
Thirty three RC drill holes for 4,393m were completed in November and December 2011 on the Goussirdou Prospect at Carbine’s Madougou Project in northwest Burkina Faso (Figure 5). Drilling targeted two previously identified distinct gold mineralised intervals (the first up to 30m wide) on three sections spaced 200m apart, around North-South striking lithological contacts with associated quartz veining and shearing.
Results showed a strong correlation at depth in the primary geochemistry of these previously identified gold zones in aircore drilling. Of particular encouragement is the continued large widths observed in the RC, including:
 11m at 2.91g/t gold from 60m (GSRC001);
 32m at 1.00g/t gold from 100m (GSRC006);
 7m at 1.23g/t gold from 105m (GSRC011);
 6m at 1.15g/t gold from 107m (GSRC014);
 14m at 0.85g/t gold from 112m (GSRC018);
 5m at 50.37g/t gold from 13m (GSRC027); and
 5m at 2.23g/t gold from 19 and 6m at 1.88g/t gold from 69m (GSRC028).
The North-Northwest striking mineralisation is now defined with RC drilling over approximately 600m, and
still has no drilling to the north or south. More RC drilling is required to define the full extent of gold
mineralisation prior to any resource definition drilling on the area.

Dore Prospect
Fourteen RC drill holes for 2,366m were completed in November 2011 on the Dore Prospect at Carbine’s Madougou Project in northwest Burkina Faso. The program was designed subsequent to re-logging of previous RC drill chips and further mapping which produced a revised geological model to explain the extent and nature of gold mineralisation around previous good results such as 56m at 1.6g/t gold from 94m (DORC034). Whilst eleven of the fourteen holes intersected mineralisation, the zones were generally
narrow. Best results included:
 1m at 7.33g/t gold from 36m (DORC036);
 2m at 3.98g/t gold from 126m (DORC041);
 2m at 4.41g/t gold from 107m (DORC042);
 2m at 3.27g/t gold from 68m (DORC044);
 1m at 4.18g/t gold from 61m (DORC047); and
 1m at 35.75g/t gold from 17m (DORC048).
A detailed review of the Prospect is required prior to any more drilling to ascertain the remaining potential of the large mineralised zones previously intersected in RC drilling.

 

[burglar]

...
A detailed review of the Prospect is required prior to any more drilling to ascertain the remaining potential of the large mineralised zones previously intersected in RC drilling.

Some interesting numbers ... worth reviewing IMO

 

[greggles]

Carbine Resources has been hammered today after announcing that an economic review of its Mount Morgan Gold Project in Queensland has found that the forecast all-in sustaining cost (AISC) has increased to A$862/oz from the A$549/oz contained in the feasibility study estimate announced to the market on 8 December 2016.

That is quite a significant increase to the AISC and an unfortunate outcome for all concerned.

From the announcement:

Upon completion and compilation of the demonstration plant and economic review results, the revised AISC, combined with a relatively high pre-production capital cost of $87M, means Mount Morgan will not generate the level of shareholder returns needed to justify development of the Project based on current parameters.

It sounds like the project is in serious danger of being mothballed. Lots of holders dumping the stock today with CRB closing down 56.25% to finish the day at 3.5c.

 

[Miner]

Carbine Resources has been hammered today after announcing that an economic review of its Mount Morgan Gold Project in Queensland has found that the forecast all-in sustaining cost (AISC) has increased to A$862/oz from the A$549/oz contained in the feasibility study estimate announced to the market on 8 December 2016.

That is quite a significant increase to the AISC and an unfortunate outcome for all concerned.

From the announcement:


It sounds like the project is in serious danger of being mothballed. Lots of holders dumping the stock today with CRB closing down 56.25% to finish the day at 3.5c.

what has been done to the consultancy company who produced the feas report ? Taken shelter under client provided information on ore body, mine planning bla bla ?

 

[Dona Ferentes]

December 2020: The proposed acquisition of Cockatoo Iron NL as originally announced to the ASX on 22 January 2020 will no longer be proceeding.

After 18 months of protracted negotiations and incurring significant costs associated with legal and technical due diligence, the Company is disappointed to have been notified by Cockatoo Iron of their withdrawal from the Transaction.

The Company appreciates the patience of its shareholders and acknowledges the frustrations associated with its suspension. The Company will now focus its attention on seeking a suitable asset to enable the Company to undertake a recompliance and return to trading on the ASX as soon possible.

...---... ...---...​

April 2021 : Now with a market valuation of $12 million, Carbine has acquired the Muchea West silica sand project in Western Australia (close to the VRX Muchea project). Mapping and drilling has defined a target area of 100 sq.km.

• Carbine will acquire Australian United Silica Corporation Pty Ltd; the consideration consists of 200,000,010 ordinary shares and 50,000,003 unquoted options with an exercise price of $0.06 and a 5 year expiry date.
• The Company has issued a Prospectus to raise up to $3 million at $0.03 per share.


CRB relisted on 22 July 2021 and is trading around 4c a share

 

[Dona Ferentes]

CRB relisted on 22 July 2021 and is trading around 4c a share

Carbine has submitted applications to the WA Department of Mines for an 8,500m drilling program to enable estimation of a maiden resource.

The $11m market cap stock had $3.24m in the bank at the end of June. Up 20% from recent lows on Friday (to 3.6c) <mentioned in tip sheets; no Announcements though>