Carnaby Resources reports a significant off-hole electromagnetic conductor at its Trekelano prospect alongside robust copper-gold drill results, advancing its Greater Duchess Project in Queensland towards a Pre-Feasibility Study.
- Discovery of a large off-hole EM conductor down plunge of Trekelano's Inheritance orebody
- Strong drill intercepts including 20m @ 1.3% CuEq and 7m @ 3.9% CuEq from multiple prospects
- Two drill rigs poised to target extensions at Inheritance and Trekelano Mine
- Pre-Feasibility Study for Greater Duchess Project targeted for completion in H2 2025
- Binding tolling and offtake agreements secured with Glencore International AG
Exploration Breakthrough at Trekelano
Carnaby Resources Limited (ASX – CNB) has announced a compelling new development at its Greater Duchess Copper Gold Project in Mt Isa, Queensland. The company identified a significant off-hole electromagnetic (EM) conductor beneath the main Inheritance orebody at the Trekelano prospect, a discovery that could signal a substantial extension to the known mineralisation.
This off-hole conductor, modelled as a sizeable 50m by 70m EM plate, lies more than 200 metres down plunge from recent high-grade intersections, including a notable 41 metres at 2.7% copper equivalent. The conductor’s strength is particularly intriguing given the mineralisation is dominated by chalcopyrite, a mineral less conductive than pyrrhotite, suggesting a robust sulphide presence.
Robust Drill Results Across Multiple Prospects
Alongside the EM discovery, Carnaby reported strong assay results from several drill holes. At Trekelano, drill hole CBGT007 intersected 20 metres at 1.3% copper equivalent, including higher-grade zones of 11 metres at 2.1% CuEq. Similarly, Burke & Wills prospect delivered shallow, high-grade sulphide mineralisation with intercepts such as 7 metres at 3.9% CuEq.
Other prospects within the Greater Duchess portfolio, including Lady Fanny and Mount Hope, also returned encouraging results, reinforcing the project's potential. For instance, Mount Hope’s MHRC291 hole yielded 9 metres at 2.0% CuEq, highlighting continuity in mineralisation near existing open pits.
Advancing Towards Development
With two drill rigs ready to resume operations, Carnaby is set to focus on high-priority extensions at both the Inheritance orebody and the historical Trekelano Mine. The company’s Managing Director, Rob Watkins, expressed optimism about Trekelano’s potential to evolve into a significant baseload deposit, emphasizing the upcoming drilling campaign as a critical step.
Meanwhile, Carnaby is progressing a Pre-Feasibility Study (PFS) for the Greater Duchess Project, aiming for completion in the second half of 2025. This study will integrate the latest drilling data and resource estimates, which currently stand at approximately 27 million tonnes at 1.5% copper equivalent, underpinning a 400,000-tonne copper equivalent resource.
Strategic Partnerships and Ownership Consolidation
Further strengthening its position, Carnaby has secured binding tolling and offtake agreements with Glencore International AG, a major player in the global metals market. Additionally, the company is finalizing acquisitions to consolidate 100% ownership of key assets within the Greater Duchess Project, including the Trekelano leases, subject to environmental approvals.
These moves not only streamline Carnaby’s operational control but also enhance its ability to advance the project efficiently towards production.
Looking Ahead
While assay results from some areas, such as the Wimberu prospect, remain pending, the current data paints a promising picture for Carnaby’s copper-gold ambitions. The combination of geophysical anomalies, consistent high-grade drill results, and strategic agreements positions the Greater Duchess Project as a compelling development story in the Australian mining sector.
Bottom Line?
Carnaby’s latest exploration success and strategic moves set the stage for a pivotal year ahead as it advances Greater Duchess towards production.
Questions in the middle?
- How will the new off-hole EM conductor impact the overall resource estimate and mine plan?
- What are the timelines and potential hurdles for completing the Trekelano acquisition and environmental approvals?
- How might the binding agreements with Glencore influence project financing and market positioning?