Carnaby Extends High-Grade Copper-Gold Mineralisation 170m at Trek 1

Significant Extension at Trek 1

Carnaby Resources Limited (ASX – CNB) has revealed a major breakthrough at its Greater Duchess Copper Gold Project in Mt Isa, Queensland, with the discovery of a 170-metre down dip extension of high-grade mineralisation at the Trek 1 prospect. The latest drill hole, CBDD017, returned an impressive 8 metres at 2.8% copper equivalent (CuEq), including a standout 3 metres at 5.9% CuEq, confirming continuity of the mineralised shoot well beyond the existing resource boundary.

This extension now spans over 300 metres down dip and remains open in all directions, highlighting the potential for further resource growth. The results come as part of a broader exploration effort that has consistently delivered high-grade intersections, reinforcing the prospect’s significance within Carnaby’s portfolio.

Upcoming Drilling and Resource Development

Building on these promising results, Carnaby is set to launch a 5,000-metre reverse circulation and diamond drilling program next week, deploying two drill rigs. This campaign aims to delineate the full extent of the Trek 1 extension and to infill and expand mineralisation at the Inheritance and Trek 2 deposits. These efforts are critical to updating the Mineral Resource Estimate (MRE) and feeding into the ongoing Pre-Feasibility Study (PFS) for the Greater Duchess Project, which targets completion in the first quarter of 2026.

The company’s Managing Director, Rob Watkins, emphasised the importance of the new results, noting that the high-grade extension outside the current resource boundary could materially enhance the project’s economics and scale. The PFS is a key milestone that will inform the subsequent Feasibility Study and development decisions.

Strategic Partnerships and Project Outlook

Adding commercial validation to the exploration progress, Carnaby has secured binding tolling and offtake agreements with Glencore International AG, a global commodities giant. These agreements provide a clear pathway for future production and marketing of the copper-gold concentrate, reducing execution risk and enhancing project credibility.

Meanwhile, assay results from other prospects, including the Inheritance and Devoncourt projects, continue to show encouraging mineralisation, although the company’s primary focus remains on advancing Greater Duchess. The strong cash position of approximately $19.5 million, bolstered by a recent placement to the QIC Critical Minerals and Battery Technology Fund, supports these aggressive exploration and development plans.

Looking Ahead

With the Trek 1 extension drilling about to commence and the PFS nearing completion, Carnaby is positioning itself for a pivotal phase in its project development. The combination of high-grade resource growth, strategic partnerships, and a robust capital structure sets the stage for potential value uplift as the company moves towards feasibility and eventual production.