Trek 1 Main Lode Extended 90m Down Dip with 25.5m at 2.0% CuEq

Significant High-Grade Discoveries at Trek 1

Carnaby Resources Limited (ASX – CNB) has delivered a compelling update from its Greater Duchess Copper Gold Project in Mt Isa, Queensland, revealing new high-grade copper-gold mineralisation that promises to reshape the project's resource profile. The standout result comes from the Trek 1 prospect, where a new Footwall Lode has been intersected with an impressive 6 metres grading 12.6% copper equivalent (CuEq), including 7.9 grams per tonne (g/t) gold. This intersection lies approximately 30 metres below historical underground workings and 70 metres beneath the current pre-feasibility study pit design, opening a fresh zone of high-grade mineralisation previously untested.

Extending the Main Lode Deeper

Adding to the excitement, a wedge drill hole (CBDD017W4) has extended the Main Lode mineralisation by 90 metres down dip, intersecting 25.5 metres at 2.0% CuEq from a depth of 646.5 metres. Within this, a 4-metre section returned a remarkable 9.6% CuEq, underscoring the continuity and strength of the breccia-hosted mineralisation over a vertical extent exceeding 400 metres beyond the existing resource. These results suggest that the high-grade breccia zone remains robust at depth, with potential for further extensions along strike and down plunge.

Broader Mineralisation at Inheritance Prospect

Beyond Trek 1, Carnaby also reported encouraging assay results from the Inheritance prospect, where broad zones of copper-gold mineralisation were intersected, including 39 metres at 0.6% CuEq and 19 metres at 0.9% CuEq. These intersections extend mineralisation further south and lie outside the current Mineral Resource Estimate, highlighting the prospect’s potential to contribute additional tonnage to the Greater Duchess portfolio.

Strategic Positioning and Next Steps

The company’s Managing Director, Rob Watkins, emphasised the significance of these findings, describing the emerging high-grade discovery at Trek 1 as one of Australia’s most promising copper-gold developments. Carnaby plans to resume drilling in mid-January 2026 with two rigs, aiming to delineate the full extent of the new Footwall Lode and deepen understanding of the Main Lode continuity. These drilling campaigns will feed into the ongoing pre-feasibility study, targeted for completion in the first quarter of 2026.

Importantly, Carnaby has secured binding tolling and offtake agreements with Glencore International AG, providing a clear pathway for future production and marketing of the project’s copper and gold output. The company’s strong cash position, bolstered by a recent $12.5 million placement to the QIC Critical Minerals and Battery Technology Fund, underpins its capacity to advance exploration and development activities aggressively.

A Project with Growing Momentum

The Greater Duchess Project, encompassing nearly 2,000 square kilometres of tenure, hosts multiple iron oxide copper gold (IOCG) deposits, including Mount Hope, Trekelano, Nil Desperandum, and Lady Fanny. The recent drill results at Trek 1 and Inheritance add to a growing body of evidence that Carnaby’s assets are maturing into a significant copper-gold resource base within a globally strategic mining jurisdiction.