Carnaby Resources Extends High-Grade Copper-Gold at Trek 1 Over 300m
Carnaby Resources reports robust new drill results from its Greater Duchess Project, revealing significant high-grade copper-gold mineralisation at the Trek 1 and Inheritance prospects. The ongoing drilling program and upcoming Pre-Feasibility Study signal advancing project development.
- 6m at 5.0% CuEq including 3m at 9.6% CuEq at Trek 1
- High-grade lode extended over 300m down dip at Trek 1
- Broad mineralisation zones up to 47m at 0.7% CuEq at Inheritance
- 5,000m drilling program ongoing with two rigs
- Pre-Feasibility Study targeted for Q1 2026 completion
Strong Momentum at Trek 1
Carnaby Resources Limited (ASX – CNB) has unveiled compelling new exploration results from its flagship Greater Duchess Copper Gold Project in Mt Isa, Queensland. The latest assays from the Trek 1 prospect confirm the presence of a high-grade copper-gold lode extending over 300 metres down dip, with standout intercepts including 6 metres at 5.0% copper equivalent (CuEq), featuring a 3-metre section grading 9.6% CuEq. These results underscore the continuity and robustness of the mineralisation beneath historical underground workings last mined in the mid-20th century.
Expanding the Resource Footprint
Beyond Trek 1, the Inheritance prospect has delivered encouraging broad zones of mineralisation, with drill holes intersecting up to 47 metres at 0.7% CuEq. This complements the company's existing Mineral Resource Estimate of 27 million tonnes at 1.5% CuEq for the Greater Duchess Project, highlighting the potential for resource growth. The ongoing 5,000-metre reverse circulation and diamond drilling campaign, utilizing two rigs, aims to further delineate these deposits and explore extensions along strike and at depth.
Strategic Positioning and Development Pathway
Carnaby’s strong cash position of $19.5 million, bolstered by a recent placement to the QIC Critical Minerals and Battery Technology Fund, supports its aggressive exploration and development agenda. The company is progressing a Pre-Feasibility Study (PFS) for the Greater Duchess Project, targeting completion in the first quarter of 2026. Binding tolling and offtake agreements with Glencore International AG provide commercial validation and a clear pathway to market for future production.
Geological Context and Exploration Confidence
The mineralisation at Trek 1 is characterised by a shear-controlled breccia lode with high-grade chalcopyrite matrix infill, demonstrating excellent geological continuity even with wide drill spacing. The deposit remains open in multiple directions, with potential for additional high-grade extensions along strike and at depth. Similarly, the Inheritance deposit shows promise as a core component of the PFS, with ongoing drilling planned to test off-hole electromagnetic conductors and untested plunge positions.
Looking Ahead
As Carnaby Resources continues to unlock the potential of the Greater Duchess Project, the combination of strong drill results, a solid financial base, and strategic partnerships positions the company well for the next phase of development. The upcoming PFS will be a critical milestone, providing greater clarity on the project's economic viability and scale.
Bottom Line?
Carnaby’s expanding high-grade discoveries and solid commercial agreements set the stage for a pivotal 2026 development phase.
Questions in the middle?
- How will the upcoming Pre-Feasibility Study impact resource classification and project economics?
- What are the prospects for further high-grade extensions beyond the current drill footprint at Trek 1?
- How might commodity price fluctuations affect the commercial terms of the Glencore offtake agreements?
