Carnaby’s Drilling at Trekelano Could Make or Break Greater Duchess Project’s Future

Drilling Resumes at Trekelano After More Than a Decade

Carnaby Resources Limited (ASX: CNB) has officially commenced a maiden drilling program at its Trekelano Copper Gold Project, located within the prolific Mt Isa region of Queensland. This marks the first drilling activity at Trekelano since 2012, signaling renewed momentum for the project and the broader Greater Duchess Copper Gold portfolio.

The current program involves approximately 3,400 metres of reverse circulation (RC) and diamond drilling. The results from this campaign will be integrated into the ongoing Greater Duchess Pre-Feasibility Study (PFS), which targets completion in the third quarter of 2025. The drilling aims to enhance the mineral resource base, while also providing critical metallurgical and geotechnical data to refine project economics.

Strategic Positioning and Financial Strength

Carnaby’s management team, led by Managing Director Rob Watkins, emphasizes the strategic importance of Trekelano within the Greater Duchess project, which currently holds a pro forma Mineral Resource Estimate of 27 million tonnes at 1.5% copper equivalent, equating to approximately 400,000 tonnes of copper equivalent metal. The company’s tight capital structure and robust cash balance of $18.9 million provide a solid foundation to advance exploration and development activities without immediate capital constraints.

In addition, Carnaby has secured binding tolling and offtake agreements with global commodities giant Glencore International AG. These agreements are expected to streamline future processing and sales, potentially de-risking the pathway to production and enhancing the project's commercial viability.

Broader Exploration Pipeline and Government Support

Beyond Trekelano, Carnaby is advancing exploration across its extensive tenure in the Mt Isa inlier, including notable discoveries such as Mount Hope, Nil Desperandum, and Lady Fanny. The company also holds gold projects near De Grey Mining’s Hemi gold discovery, underscoring the prospective nature of its portfolio.

Importantly, Carnaby benefits from Queensland government-funded exploration initiatives, including a 409 line-kilometre Versatile Time Domain Electromagnetic (VTEM) survey at the Magna Lynn project, due for completion in May 2025. Additionally, a 600-metre exploration drill hole targeting the high-priority Wimberu prospect at Devoncourt is planned following the Trekelano drilling program. These initiatives could provide valuable new targets and accelerate resource growth.

Outlook and Market Implications

With drilling underway and a suite of strategic agreements in place, Carnaby Resources is positioning itself to unlock significant value from the Greater Duchess Copper Gold Project. The integration of new drilling data into the PFS will be a key catalyst, potentially extending mine life and improving project metrics. Investors will be watching closely for assay results and updates on the PFS progress, as well as the outcomes of government-supported exploration activities.