Carnaby Resources has ramped up exploration at its Greater Duchess Copper Gold Project with a new drilling campaign at Trekelano and robust assay results across multiple prospects, backed by a strong cash position following a $4.2 million capital raise.
- Initiation of ~3,400m drilling program at Trekelano targeting high-grade copper-gold deposits
- Significant assay results confirming substantial copper and gold mineralisation at Mount Hope, Lady Fanny, Burke & Wills, and Nil Desperandum
- Pre-Feasibility Study for Greater Duchess on track for Q3 2025 completion
- Successful Tranche 2 placement raised approximately $4.2 million
- Strong cash position of $17.7 million as of 31 March 2025
Exploration Momentum at Greater Duchess
Carnaby Resources Limited has delivered a solid March 2025 quarterly update, underscoring its commitment to advancing the Greater Duchess Copper Gold Project in Queensland. The company has commenced a significant drilling campaign at the recently acquired Trekelano tenement, marking the first drilling activity there since 2012. This ~3,400-metre program aims to delineate and extend resources at the high-grade Inheritance and Trekelano 1 deposits, with historical drill intersections boasting impressive grades such as 93 metres at 5.2% copper and 1.2 grams per tonne gold.
Alongside the Trekelano program, Carnaby released assay results from ongoing geotechnical and resource delineation drilling at multiple prospects within the Greater Duchess project area. Notably, the Mount Hope deposit continues to demonstrate robust copper-gold mineralisation, with intersections like 14 metres at 5.8% copper and 1.6 grams per tonne gold. Other prospects such as Lady Fanny, Burke & Wills, and Nil Desperandum have also yielded encouraging results, confirming the project's potential to support a substantial resource base.
Strategic Study and Funding Progress
The company is progressing a Pre-Feasibility Study (PFS) for the Greater Duchess project, targeting completion in the third quarter of 2025. The integration of Trekelano into the PFS is a key focus, leveraging new drilling data to refine resource estimates and project economics. This study will be critical in advancing the project towards development decisions.
Financially, Carnaby strengthened its position through a successful Tranche 2 placement completed during the quarter, raising approximately $4.2 million via the issuance of around 13.5 million new shares. This capital injection, which included participation from company directors and was approved by shareholders, bolsters the company's cash reserves to $17.7 million as of 31 March 2025. These funds are earmarked to support ongoing exploration, the PFS, and general working capital needs.
Exploration Incentives and Regional Activity
Carnaby also secured exploration grants from the Queensland government’s Competitive Exploration Initiative (CEI), totaling $386,000. These grants will fund exploration programs at the Devoncourt Project and the Magna Lynn Southern Corridor, both highly prospective areas near recent gold discoveries. Additionally, a co-funded grant in Western Australia will support detailed aeromagnetic and radiometric surveys over the Malmac Copper & Gold Project, enhancing regional geological understanding.
While no mining production or development activities were reported during the quarter, the company’s strategic focus remains on expanding and defining its resource base through systematic drilling and study work. Binding tolling and offtake agreements with Glencore International AG further underpin the project’s commercial potential.
Outlook and Market Position
With a tight capital structure, a proven management team, and a strong cash position, Carnaby is well placed to advance its portfolio of copper and gold assets. The upcoming months will be pivotal as drilling results from Trekelano and other prospects feed into the PFS, shaping the project’s development pathway. Investors will be watching closely for updates on resource growth and study outcomes that could unlock value in this emerging Queensland copper-gold play.
Bottom Line?
Carnaby’s drilling and study progress set the stage for a defining phase in Greater Duchess’s development story.
Questions in the middle?
- How will the new Trekelano drilling results impact the overall resource and project economics?
- What are the implications of the Glencore tolling and offtake agreements for project financing and future production?
- How might exploration grants accelerate discovery and resource expansion in Carnaby’s Queensland and Western Australia projects?