Nov 6, 2024

Carnaby Resources Hits 40m @ 1.9% Cu, 0.3g/t Au at Greater Duchess Project, Queensland

Introduction:

Carnaby Resources (ASX: CNB) has reported significant copper-gold intercepts from drilling at its Greater Duchess Project in Mt Isa, Queensland, highlighted by 40m (true width ~20m) @ 1.9% Cu, 0.3g/t Au from 284m.

Drill Results:

40m (TW ~20m) @ 1.9% Cu, 0.3g/t Au from 284m (Boomerang Lode) (MHDD202)
20m (TW ~12m) @ 2.1% Cu, 0.2g/t Au from 191m (within 36m @ 1.4% Cu, 0.1g/t Au) (Boomerang Lode) (MHGT06)
12m (TW ~6m) @ 3.3% Cu, 0.5g/t Au from 481m (Chalcus Lode) (MHDD200)
39m @ 0.5% Cu, 0.02g/t Au from 46m (Mohawk Prospect) (MKRC006)‍
9m @ 1.5% Cu, 0.4g/t Au from 261m (Mohawk Prospect) (MKRC005)

Project Overview:

The Greater Duchess Copper Gold Project covers 1,946 km2 of tenure in the Mt Isa inlier of Queensland. It hosts numerous camp-scale Iron Oxide Copper Gold (IOCG) deposits, including the Mount Hope deposit which has a maiden Mineral Resource Estimate of 10.3Mt @ 1.7% CuEq for 173kt CuEq. The project is located in a Tier 1 mining jurisdiction with established infrastructure access.

Carnaby only began drilling at Mount Hope two years ago, and the deposit remains open at depth. The company recently announced a maiden interim Mineral Resource Estimate for the Greater Duchess Project of 21.8Mt @ 1.4% CuEq for 315kt CuEq.

Program Details:

The current drilling program has focused on infill and extension drilling at the Mount Hope Central Prospect, as well as exploration drilling at the newly discovered Mohawk Prospect 2km southeast of Mount Hope. At Mount Hope, drilling targeted the Boomerang and Chalcus lodes, with mineralization remaining open at depth. At Mohawk, initial shallow drilling has intersected mineralization over a 160m strike length that remains open in all directions.

Understanding These Results:

The reported intersections represent significant extensions to known mineralization at Mount Hope, particularly on the Chalcus Lode where hole MHDD195W2 intersected 67m @ 0.6% Cu, 0.1g/t Au from 783m, the deepest intersection to date.

Management Commentary:

Rob Watkins, Managing Director of Carnaby Resources:

“Carnaby continues to advance and grow the Greater Duchess project through new discoveries and resource definition and extension drilling as part of the Greater Duchess Pre-Feasibility Study. Numerous drill results are pending and we are extremely encouraged by what we are seeing on the ground at the new undrilled VTEM conductors at Mohawk, Mohawk 3, Pronuba and San Quentin, which are rapidly advancing to first pass drill testing this month.”

Next Steps & Catalysts:

Numerous drill assay results remain outstanding from the current program. The company is fast-tracking first-pass drilling of newly identified VTEM conductors in the project area, with drilling to commence soon.

A Pre-Feasibility Study (PFS) for the Greater Duchess Project is well underway, with geotechnical drilling completed and results pending from several strongly mineralized drill holes. Carnaby is targeting completion of the PFS by mid-2025, which will include an updated Mineral Resource Estimate for the Greater Duchess Project.

Commodity Outlook:

Copper continues to have strong fundamentals driven by electrification trends and green energy transition. The Mt Isa region of Queensland represents a premier mining jurisdiction for copper development with established infrastructure and a supportive regulatory environment.

Conclusion:

The latest results from Greater Duchess demonstrate potential to expand the current resource base, particularly at depth at Mount Hope. With mineralization remaining open and multiple new targets still to be tested, the project continues to demonstrate characteristics of a copper-gold system with growth potential. The upcoming PFS and resource update in 2025 will be key catalysts for the project.

Sources:

CNB Drill Results Announcement

Additional Figures:

Australia

ASX

Dec 2, 2024