Carnaby Unveils High-Grade Copper-Gold Hits at Greater Duchess Project

Strong Drill Results Reinforce Greater Duchess Potential

Carnaby Resources Limited (ASX: CNB) has released a compelling set of assay results from its Greater Duchess copper-gold project located in the Mt Isa region of Queensland. The latest drilling highlights substantial widths and grades of copper and gold mineralisation, notably a standout 12.2 metres at 6.8% copper and 1.8 grams per tonne gold intersected at the Mount Hope Central prospect.

These results build on a growing body of evidence that the Greater Duchess project hosts multiple high-quality iron oxide copper gold (IOCG) deposits with significant upside for resource expansion. The drilling campaign has successfully delineated mineralisation continuity at key prospects including Mount Hope North, Burke & Wills, Lady Fanny, and Nil Desperandum, with many zones remaining open for further extension.

Advancing Pre-Feasibility and Strategic Partnerships

The company is progressing its pre-feasibility study (PFS) with a targeted completion in the third quarter of 2025. Detailed metallurgical and geotechnical studies are well underway, supported by ongoing infill and extensional drilling. Carnaby’s Managing Director, Rob Watkins, emphasised the project’s momentum, noting the imminent commencement of drilling at the newly acquired Trekelano prospect, which is expected to add further value.

Latitude 66 Limited (ASX: LAT), holding a 17.5% free-carried interest in several Greater Duchess tenements, has welcomed the positive results, which underpin the potential for substantial resource growth. The project benefits from binding tolling and offtake agreements with industry heavyweight Glencore, providing a clear pathway to market and operational scalability.

Exploration Highlights and Regional Context

Among the notable drill intersections, the Mount Hope Central Chalcus Lode continues to impress with high-grade continuity, including a 14m interval averaging 5.8% copper and 1.6g/t gold. Similarly, the Burke & Wills prospect has delivered consistent mineralisation from shallow depths, indicating potential for resource expansion and an enlarged open pit design.

Exploration at the Lady Fanny prospect has extended the main lode true width to 35 metres, with pending results from deeper zones expected to further enhance the resource base. The Nil Desperandum deposit shows promising down-plunge extensions of high-grade breccia pipes, while early drilling at Mohawk and Pronuba prospects has identified new mineralised zones warranting follow-up.

Outlook and Market Implications

The Greater Duchess project’s extensive tenure of nearly 2,000 square kilometres encompasses multiple camp-scale IOCG deposits, positioning Carnaby and Latitude 66 as significant players in the Queensland copper-gold landscape. With a pro forma mineral resource estimate of approximately 27 million tonnes at 1.5% copper equivalent, the project is shaping up as a substantial development opportunity.

As Carnaby advances its PFS and exploration programs, investors will be watching closely for further resource upgrades and confirmation of economic viability. The combination of strong drill results, strategic partnerships, and a robust cash position provides a solid foundation for the next phase of growth.