Carnaby Extends High-Grade Copper-Gold Mineralisation 150m Beyond Historic Mine

A Breakthrough at Trek 1

Carnaby Resources Limited (ASX – CNB) has unveiled a significant milestone in its Greater Duchess Copper Gold Project with the announcement of a high-grade drill intercept at the Trek 1 prospect. The company’s first exploration hole, CBRC001, returned an impressive 7 metres grading 9.3% copper equivalent (CuEq), including a 5-metre section at 12.5% CuEq. This result not only confirms the presence of very high-grade mineralisation but also extends the known orebody 150 metres down plunge beyond the limits of historical mining and current resource models.

Context and Historical Significance

The Trek 1 deposit, formerly known as the Trekelano Mine, was historically mined underground from 1911 to 1943, reaching depths of approximately 245 metres. The mine was renowned for its high-grade copper and gold, averaging 10.9% copper and 2 grams per tonne gold. Carnaby’s recent drilling demonstrates that the mineralised system continues well beyond the historical workings, with the new intercept completely open at depth and along strike. This suggests that the deposit is considerably larger than previously understood.

Resource Growth Potential and Ongoing Exploration

The new drill result lies outside the current Mineral Resource Estimate (MRE) for Trek 1, which currently stands at 1.5 million tonnes at 2.0% CuEq. The high-grade intercept points to substantial upside potential for resource expansion. Carnaby has already mobilised two drill rigs to follow up – one rig is testing further down plunge extensions with a diamond tail following an RC precollar, while another is drilling up plunge to close the gap between new and historical high-grade zones. These efforts aim to delineate the full extent of the mineralisation and upgrade the resource classification.

Strategic Positioning and Project Development

The Greater Duchess Project, located in the prolific Mt Isa region of Queensland, benefits from a strong management team, a tight capital structure, and a robust cash position of $15.8 million as of June 2025. Carnaby is progressing a Pre-Feasibility Study (PFS) targeting completion in the second half of 2025, which includes open pit optimisations at Trek 1. The company has also secured binding tolling and offtake agreements with Glencore International AG, underscoring the commercial viability of the project and providing a clear pathway to production.

Looking Ahead

While the true widths of the mineralised zones are yet to be confirmed and further drilling is required to refine resource estimates, this breakthrough result at Trek 1 marks a pivotal moment for Carnaby. The combination of historical mining legacy, recent high-grade drill results, and ongoing exploration activity positions the Greater Duchess Project as a compelling copper-gold development opportunity in a globally significant mining district.