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CNR - CANNON RESOURCES LIMITED


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  • 17 years later...

.... one that did not get better with age

 

Coonawarra Premium Vineyards Limited (CNR) (the Trustee and Responsible Entity of Coonawarra Australia Property Trust)

in liquidation ... September 2013

deregistered.... February 2017

 

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  • 1 month later...

Cannon Resources Limited (CNR) is a mineral exploration company, established to implement the demerger currently being undertaken by Rox Resources Limited (RXL) for the purpose of maximising the value of the Fisher East Nickel Project and the Collurabbie Nickel Project.

 

Fisher East Project

 

The Fisher East Project is located approximately 430km north of Kalgoorlie and includes eleven granted exploration licences in the North eastern Goldfields region of Western Australia. Historical exploration at the project has focussed on three nickel deposits, being Camelwood, Cannonball and Musket where a combined Mineral Resource estimate of 4.2Mt at 1.9% nickel has been estimated. The Fisher East Project also hosts significant additional nickel exploration targets at multiple prospects on the basal contact of the greenstone belt, with mineralisation identified to date consisting of massive, matrix and disseminated nickel sulphides. These additional targets include the partly drilled Sabre prospect where an exploration target has been defined based on wide spaced drilling and geophysical surveys. Planned exploration activity will focus on the drilling out of these exciting opportunities.

Collurabbie Project

 

The Collurabbie Project is located approximately 65km to the east of the Fisher East Project and consists of three granted exploration licences. Previous exploration has resulted in a JORC 2012 intrusive nickel copper cobalt PGE Mineral Resource estimate of 0.573Mt at 1.63% Nickel; 1.19% Copper; 0.082% Cobalt; 1.49g/t Palladium and 0.85g/t Platinum. The Collurabbie Project presents considerable potential for additional intrusion related base metal mineralisation along with exploration potential for gold.

 

CNR raised $6million by way of prospectus, at 20c a share.

Cannon Resources listed today, managing a small stag profit for some. .... CNR opened at 25c, ran quickly to 31c and settling back to 27c a share.

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  • 2 months later...

and a pop to above 40c for CNR

First Drill Results Extend Nickel Mineralisation at Musket

 

Highlights

• First 3 diamond holes from the Fisher East Nickel Project have intersected:

o 14.94m @ 1.90% nickel from 366.15m in hole MFED083

o 4.94m @ 1.79% nickel from 559.77m in hole MFED084

o 5.81m @ 2.29% nickel from 584.35m in hole MFED088

• Mineralisation at Musket extended down dip by 100 metres

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Looks like I got this one wrong.

It is a recent spin-off from Rox Resources which I started watching mid last year. Rox had been into the nickel but had not made any progress with their blocks so moved into the Youanmi area of the Murchison. They got a 70% holding on an old mine from Venus Metal and in May June last year they released some very promising hits from near the old pit, in an area they called Grace. Was unusual in that the hits came in the granite, not the greenstone and in one of their ASX announcements they showed a pan of visible gold which they said had come from a hole they were in the process of assaying. There was some reasonable prospect of replicating the success of Spectrum at the nearby Penny West (which from memory they picked up one or two million and sold to Ramelius for $300m).

 

Bottom line is the holes and many others turned out to be as good as dusters and the management went all tight-lipped and kept missing self-imposed deadlines. All up Rox does have some good ounces in and around Youanmi but my personal view is that the management have butchered the opportunity up till now.

 

One of the problems they had was the legacy nickel ground, which was hanging around like a dag. First up they said that they would get BHP to toll treat the nickel (good grades just sub-commercial amount of it), when that didn't happen they said that they would sell it off in a trade sale, but that didn't happen. Then they said they would open IPO it - nah - so in the end they gave some Cannon shares to Rox holders and got Rox and its holders to buy the rest.

 

I thought Cannon might struggle because if there was much to it then surely Rox would have made the best of it already. But looks like it is doing okay, which is great news for the Rox holders that decided to hang on in there. For me though, I apply the geriatric Warren Buffet's mantra of buying the company for the quality of management. Not the right choice in this case but ya can't be always right :).

 

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