Carnaby Resources reports compelling high-grade drill results at its Trek 1 Prospect, confirming continuity of mineralisation and significant upside potential beyond current estimates.
- 6m at 7.1% copper equivalent including 3m at 12.8% CuEq
- 23m true width at 2.4% CuEq highlights broad orebody
- Results extend beyond current Mineral Resource Estimate
- Pre-Feasibility Study underway targeting H2 2025 completion
- Multiple underexplored targets identified in Trekelano corridor
Strong Continuity Confirmed at Trek 1
Carnaby Resources Limited (ASX – CNB) has delivered a fresh wave of optimism for its Greater Duchess Copper Gold Project in Mt Isa, Queensland, with new drill results from the Trek 1 Prospect. The standout intercept of 6 metres at 7.1% copper equivalent (CuEq), including a blistering 3 metres at 12.8% CuEq, confirms the continuity of a very high-grade mineralised shoot. This intercept lies 100 metres up dip from a previously reported 7 metres at 9.3% CuEq, underscoring the robustness and depth potential of the deposit.
Broad Orebody Suitable for Open Pit Mining
Another significant result from drill hole CBGT002 revealed a 23-metre intersection (true width approximately 21 metres) averaging 2.4% CuEq, including 13 metres at 4.0% CuEq. This broad mineralised zone is located at the base of a conceptual open pit, highlighting the potential for near-surface, high-grade extraction. Historically, Trek 1 was mined underground with narrow stopes, but these results suggest substantial mineralisation remains unexploited, offering a compelling case for open pit development.
Resource Growth and Exploration Upside
Importantly, these new drill results fall outside the current Mineral Resource Estimate (MRE) for Trek 1, which stands at 1.5 million tonnes at 2.0% CuEq. The continuity and grade of mineralisation demonstrated by the recent drilling provide strong evidence for a material increase in resource size pending further drilling and modelling. Carnaby is actively progressing a diamond tail to test down-plunge extensions and planning an extensive drill out to delineate the high-grade zones further.
Advancing the Pre-Feasibility Study
The company is concurrently advancing a Pre-Feasibility Study (PFS) for the Greater Duchess Project, with a targeted completion in the second half of 2025. The PFS will incorporate these new results, particularly the potential for a significant open pit at Trek 1, which could materially enhance project economics. Binding tolling and offtake agreements with Glencore International AG add commercial credibility and underpin the project's development pathway.
Underexplored Corridor Offers Further Potential
Beyond Trek 1, Carnaby highlights the broader Trekelano corridor as starkly underexplored, with multiple high-priority targets identified along a north-south fault network. The company plans first-pass drilling of these targets imminently, aiming to unlock additional discoveries that could complement the existing resource base and support long-term project growth.
Bottom Line?
With high-grade continuity confirmed and open pit potential emerging, Carnaby’s next drilling phase could redefine the Greater Duchess project’s scale and value.
Questions in the middle?
- How quickly will Carnaby incorporate these new results into an updated Mineral Resource Estimate?
- What impact will the expanded open pit potential have on project economics and development timelines?
- Can the underexplored Trekelano corridor deliver further high-grade discoveries to sustain long-term growth?