Environmental Approval Pending as Carnaby Confirms High-Grade Mineralisation at Trekelano

Significant Drill Results at Trekelano

Carnaby Resources Limited (ASX: CNB) has announced its first assay results from the Trekelano Project, part of the broader Greater Duchess Copper Gold Project in Mt Isa, Queensland. The initial drill holes have intersected substantial zones of copper-gold mineralisation beneath the historical Inheritance open pit, with true widths reaching up to 50 metres. Notably, hole CBRC014 returned 41 metres at 2.3% copper and 0.5 grams per tonne gold, underscoring the high-grade nature of the deposit.

These results validate historical drilling by Barrick and confirm that significant mineralisation remains unexploited due to previous mining lease constraints. The broad and high-grade intersections suggest strong potential to expand the mineral resource base at Trekelano.

Strategic Importance within Greater Duchess

Trekelano is poised to become a cornerstone asset within Carnaby’s Greater Duchess project portfolio, alongside other high-grade discoveries such as Mount Hope, Lady Fanny, and Nil Desperandum. Managing Director Rob Watkins highlighted the project’s capacity to add substantial open-pittable inventory, which is critical for the ongoing Pre-Feasibility Study (PFS) targeting completion in the second half of 2025.

The integration of Trekelano into the PFS reflects Carnaby’s confidence in its potential to underpin a new mine development in the prolific Mt Isa region, a globally recognised copper-gold province.

Ongoing Drilling and Acquisition Progress

The current drilling campaign, comprising approximately 3,400 metres, aims to further delineate the mineral resource, while also collecting geotechnical and metallurgical samples essential for mine planning. The program is ongoing, with additional results expected to refine resource estimates and support the PFS.

Completion of the Trekelano acquisition remains subject to environmental authority de-amalgamation approval from Queensland regulators. This regulatory step is the final condition precedent before settlement, anticipated within the coming months.

Commercial Agreements and Market Position

Carnaby has secured binding tolling and offtake agreements with Glencore International AG, a major global commodities trader. These agreements provide a clear pathway for future production and market access, enhancing the project’s commercial viability.

With a tight capital structure and a strong cash position of $17.7 million as of March 2025, Carnaby is well positioned to advance its exploration and development agenda.

Looking Ahead

The Trekelano results mark a significant milestone for Carnaby, reinforcing the Greater Duchess project’s potential to become a major copper-gold operation. As drilling progresses and the PFS advances, investors will be watching closely for further assay results and regulatory updates that could shape the project’s trajectory.