Carnaby Uncovers New VTEM Conductors in Underexplored Queensland Corridor
Carnaby Resources has revealed preliminary VTEM survey results identifying multiple new conductors at its Greater Duchess Copper Gold Project, highlighting promising targets in a largely unexplored southern corridor.
- 435 line km VTEM survey completed over Magna Lynn southern corridor
- New high-priority conductors found at Droughtmaster, Speckle Park, and Charolais prospects
- Survey funded by Queensland government’s Collaborative Exploration Incentive grant
- Pre-Feasibility Study underway targeting H2 2025 completion
- Binding tolling and offtake agreements signed with Glencore International
Exploration Breakthrough in the Magna Lynn Southern Corridor
Carnaby Resources Limited (ASX, CNB) has announced encouraging preliminary results from a recent Versatile Time-Domain Electromagnetic (VTEM) survey conducted over the Greater Duchess Copper Gold Project in Queensland. The extensive 435 line kilometre aerial survey targeted the largely underexplored Magna Lynn southern corridor, a 75-kilometre stretch of terrain south of the Nil Desperandum deposit that has seen minimal modern exploration.
The survey has identified several new bedrock conductors at three newly named prospects, Droughtmaster, Speckle Park, and Charolais. These conductors, detected over multiple consecutive VTEM lines, represent high-priority targets for Carnaby’s next phase of exploration. Notably, the Droughtmaster Prospect conductor aligns with historical copper workings where rock chip samples have assayed up to 10% copper, underscoring the potential significance of this discovery.
Strategic Funding and Regional Context
This VTEM survey was supported by the Queensland government’s Collaborative Exploration Incentive (CEI) grant program, reflecting public-private collaboration to unlock mineral potential in the northwest Queensland minerals province. VTEM technology has proven highly effective in the Greater Duchess region, exemplified by last year’s Mohawk Prospect discovery, where drilling returned 21 metres at 2.0% copper and 0.6 grams per tonne gold.
The Greater Duchess Project itself is a substantial copper-gold system with a pro forma Mineral Resource Estimate of 27 million tonnes at 1.5% copper equivalent, containing approximately 400,000 tonnes of copper equivalent. Carnaby is progressing a Pre-Feasibility Study (PFS) with a targeted completion in the second half of 2025, aiming to advance the project towards development.
Next Steps, Ground Truthing and Drilling
While the VTEM results are preliminary and require further data processing, Carnaby plans to undertake first-pass surface exploration including soil and rock chip sampling, geological mapping, and eventually drilling to test these newly identified conductors. The company’s Managing Director, Rob Watkins, emphasised the importance of validating the VTEM anomalies on the ground to assess their mineralisation potential.
Additionally, Carnaby is in the process of acquiring the Trekelano Mining Leases, subject to environmental bond approvals, which would consolidate its tenure in the region. The company also maintains binding tolling and offtake agreements with Glencore International AG, providing a commercial pathway for future production.
Balancing Optimism with Caution
One should note that the strength of VTEM conductors does not always directly correlate with copper grades due to the complex mineralogy of IOCG deposits. Some conductors may be caused by conductive gangue minerals rather than copper sulphides. Nonetheless, Carnaby’s track record of successful geophysical targeting in the region lends confidence to these new targets.
As the company awaits the final processed VTEM data and advances its field programs, investors and observers will be watching closely for drilling results that could unlock further value in this promising copper-gold province.
Bottom Line?
Carnaby’s new VTEM discoveries could reshape exploration prospects in a key Queensland corridor, but drilling will be the true test.
Questions in the middle?
- Will the upcoming drilling confirm significant copper-gold mineralisation at the new VTEM conductors?
- How will the completion of the Trekelano acquisition impact Carnaby’s project consolidation and development timeline?
- What insights will the Pre-Feasibility Study reveal about the economic viability of the Greater Duchess Project?