Trekelano Acquisition and Drilling Results Could Reshape Carnaby’s Growth Path

Exploration Highlights at Trekelano

Carnaby Resources Limited (ASX – CNB) has released compelling new drill assay results from its Trekelano and Mount Hope North prospects, both integral parts of the Greater Duchess Copper Gold Project in Queensland's Mt Isa inlier. The standout result comes from drill hole CBMH002 at Trekelano, which intersected a broad zone of mineralisation measuring 154 metres at 1.0% copper equivalent (CuEq), including higher-grade intervals up to 4.8% CuEq. This confirms strong continuity of the Inheritance orebody and highlights mineralisation that was previously left behind due to historical mining lease boundaries.

Mount Hope North – Shallow, High-Grade Potential

At Mount Hope North, Carnaby reported several shallow, broad, and high-grade intersections from reverse circulation drilling, including intervals such as 24 metres at 2.3% CuEq and 21 metres at 2.5% CuEq. These results underscore the prospect’s potential for open-pit mining and are being incorporated into an updated Mineral Resource estimate. The mineralisation here consists predominantly of floatable transitional and fresh rock sulphides, which bode well for metallurgical processing, with ongoing test work to refine recovery characteristics.

Advancing the Greater Duchess Project

The Greater Duchess Copper Gold Project, covering nearly 2,000 square kilometres, hosts multiple iron oxide copper gold (IOCG) deposits, including Mount Hope, Nil Desperandum, and Lady Fanny. Carnaby is progressing a Pre-Feasibility Study (PFS) targeted for completion in the second half of 2025. The recent drill results from Trekelano and Mount Hope North are expected to enhance the project’s resource base and support the economic assessment. Additionally, Carnaby has secured binding tolling and offtake agreements with Glencore International AG, providing a clear pathway for future production and sales.

Strategic Acquisition and Exploration Outlook

The company is in the process of acquiring 100% ownership of the Trekelano prospect, with settlement anticipated shortly. This acquisition will enable Carnaby to accelerate exploration drilling and integrate Trekelano into the Greater Duchess PFS. Managing Director Rob Watkins expressed optimism about the exploration upside, emphasizing that the company is “only just getting started” at Trekelano and remains encouraged by the broad and high-grade results at Mount Hope North. The combination of a tight capital structure, a strong cash position of $17.7 million, and a proven management team positions Carnaby well to advance these assets.

Context in a Proven IOCG District

The Greater Duchess Project lies within the well-established Mt Isa inlier, a prolific IOCG district with a rich mining history. The project benefits from extensive historical data, including thousands of drill holes and assays, which Carnaby is leveraging to refine its exploration and development strategy. The recent results reinforce the potential for expanding the mineral resource inventory, which currently stands at approximately 27 million tonnes at 1.5% CuEq, equating to around 400,000 tonnes of copper equivalent.