Carnaby Unveils High-Grade Copper-Gold Intersections at Greater Duchess

Strong Drill Results Bolster Greater Duchess Prospects

Carnaby Resources Limited (ASX: CNB) has delivered a compelling update on its Greater Duchess Copper Gold Project in Mt Isa, Queensland, with assay results confirming substantial widths and grades of copper and gold mineralisation. The standout intersection at Mount Hope Central’s Chalcus Lode returned 12.2 metres at 6.8% copper and 1.8 grams per tonne gold, underscoring the continuity of this high-grade zone which remains open at depth.

Additional drilling at Mount Hope North and Burke & Wills prospects has further validated the deposit’s structural consistency and resource expansion potential. Notably, Burke & Wills yielded multiple high-grade intervals, including 5 metres at 3.2% copper and 1.7 g/t gold, reinforcing the prospect’s capacity to augment the existing mineral resource and potentially enlarge the open pit design under evaluation.

Advancing the Pre-Feasibility Study and Exploration Pipeline

The company’s Pre-Feasibility Study (PFS) is progressing steadily, with detailed metallurgical and geotechnical investigations underway across key deposits such as Mount Hope, Lady Fanny, Burke & Wills, and Nil Desperandum. Carnaby’s Managing Director, Rob Watkins, highlighted that these results not only support resource growth but also enhance confidence in the project’s economic viability. The PFS remains on track for completion in the third quarter of 2025.

Meanwhile, Carnaby is preparing to commence maiden drilling at the recently acquired Trekelano project, despite minor delays due to weather-related site access issues. Exploration at the Mohawk prospect is also poised to intensify, targeting a significant VTEM anomaly that could reveal further mineralisation along a corridor extending over 4 kilometres.

Strategic Partnerships and Financial Position

Complementing its exploration momentum, Carnaby has secured binding tolling and offtake agreements with industry heavyweight Glencore, providing a clear pathway for future production and revenue. The company maintains a strong cash position of approximately $18.9 million, bolstered by recent capital raises, and a tight capital structure with 228.4 million shares on issue.

With a pro forma mineral resource estimate at Greater Duchess standing at 27 million tonnes at 1.5% copper equivalent, Carnaby is well positioned to leverage its extensive tenure of nearly 2,000 square kilometres in a prolific IOCG district. The combination of high-grade drill results, strategic partnerships, and ongoing feasibility work signals a promising trajectory for the company’s flagship project.