Nov 20, 2024

Carnaby Resources Hits 10m @ 2.2% Cu, 0.3g/t Au at Mohawk, Greater Duchess Project, Queensland

Introduction:

Carnaby Resources (ASX: CNB) (Market Cap: $63M | Last Close: $0.365 | Cash: $6.5M ) has reported copper-gold intercepts from its Greater Duchess Copper Gold Project in Mt Isa, Queensland, highlighted by 10m @ 2.2% Cu, 0.3g/t Au from 142m at the Mohawk Prospect.

Drill Results:

10m @ 2.2% Cu, 0.3g/t Au from 142m (within 40m @ 0.8% Cu, 0.1g/t Au from 130m) (MKRC015)
3m @ 2.2% Cu, 0.1g/t Au from 37m (within 40m @ 0.5% Cu, 0.05g/t Au from 37m) (MKRC012)
7m @ 1.0% Cu, 0.4g/t Au from 100m (within 13m @ 0.7% Cu, 0.2g/t Au from 95m) (MKRC010)‍
3m @ 1.1% Cu, 0.5g/t Au from 172m (within 7m @ 0.7% Cu, 0.3g/t Au from 172m) (MKRC011)

Project Overview:

The Greater Duchess Copper Gold Project covers 1,946 km2 of tenure in the Mt Isa inlier of Queensland. The project area hosts numerous camp-scale Iron Oxide Copper Gold (IOCG) deposits, including the Mount Hope, Nil Desperandum, and Lady Fanny discoveries.

A maiden interim Mineral Resource Estimate for Greater Duchess stands at 21.8Mt @ 1.4% CuEq for 315kt CuEq. The project is located in a Tier 1 jurisdiction with established infrastructure access.

Program Details:

The current program includes RC drilling at the Pronuba and Mohawk prospects. At Pronuba, a maiden first-pass drilling program of 8 RC holes for approximately 1,000m has commenced. At Mohawk, assay results have been received for six RC holes, with mineralization remaining open in all directions. The program is part of a broader 2,000m campaign targeting multiple prospects along the >4km Mohawk corridor.

Understanding These Results:

The reported intersections at Mohawk represent significant copper-gold mineralization over substantial widths. The results demonstrate continuity of the growing discovery, with assays generally reconciling higher than previously reported pXRF grades.

The Mohawk discovery has only been shallowly drilled over a 160m strike to date, indicating significant potential for expansion. The identification of numerous undrilled VTEM conductors along the 4km Mohawk corridor suggests further exploration upside.

Management Commentary:

Rob Watkins, Managing Director of Carnaby Resources:

“The Pronuba Prospect is the strongest conductor identified from the recent highly successful 194 line km VTEM survey. With high grade copper mineralisation discovered at surface coincident with the location of the conductor, this clearly represents one of the best walk-up drill targets we have seen at Greater Duchess. Mohawk results continue to demonstrate strong continuity of the growing discovery and pleasingly, assays reconciled generally higher than the pXRF grades. We look forward to extension drilling at Mohawk and maiden drilling at Mohawk 3 along the emerging >4km Mohawk corridor.”

Next Steps & Catalysts:

Drilling is ongoing at the Pronuba Prospect, with results pending from the initial 8-hole program. Follow-up drilling will be planned based on these results.

Further drilling is planned to test the potential 500m north extension of mineralization at Mohawk, where moderate to strong VTEM anomalies have been detected. Maiden drilling is also planned for the Mohawk 3 Prospect, where initial fieldwork has discovered a large quartz iron oxide vein breccia coincident with a 435m long conductor plate.

Commodity Outlook:

Copper and gold continue to be strategic metals with strong long-term demand fundamentals. The Greater Duchess Project's location in the established Mt Isa mining district of Queensland provides a supportive environment for resource development and potential future production.

Conclusion:

The latest results from Carnaby Resources' Greater Duchess Copper Gold Project demonstrate the growing potential of the Mohawk discovery and the broader project area. With high-grade intercepts, numerous untested VTEM conductors, and an expanding exploration footprint, the project continues to show characteristics of a copper-gold system with growth potential.

Sources:

CNB Drill Results Announcement

Additional Figures:

Australia

ASX

Gold

Nov 5, 2024