Carnaby Resources has announced a significant update to its Greater Duchess Copper Gold Project, reporting a 10% increase in total mineral resources and a 49% rise in indicated resources. With the Pre-Feasibility Study nearing completion and binding agreements in place, the company targets first ore production in the second half of 2026.
- Total mineral resources increased by 10% to 29.2Mt at 1.5% CuEq
- Indicated mineral resources rose by 49%, driven by Trekelano and Mount Hope
- Maiden resource declared at Mohawk discovery with 0.8Mt at 1.1% CuEq
- Binding tolling and offtake agreements signed with Glencore International AG
- Pre-Feasibility Study nearing completion; Final Investment Decision expected Q2 2026
Resource Upgrade Highlights Project Potential
Carnaby Resources Limited (ASX – CNB) has delivered a robust update to its Greater Duchess Copper Gold Project in Mount Isa, Queensland, revealing a 10% increase in total mineral resources to 29.2 million tonnes at 1.5% copper equivalent (CuEq). This upgrade includes a substantial 49% increase in indicated resources, underscoring growing confidence in the project's economic viability.
The updated Mineral Resource Estimate (MRE) now totals 441,000 tonnes of copper equivalent, with key deposits such as Trekelano and Mount Hope contributing significantly to this growth. Notably, the maiden resource at the recently discovered Mohawk deposit adds 0.8 million tonnes at 1.1% CuEq, signaling promising exploration upside.
Strategic Agreements and Development Timeline
Supporting the resource expansion, Carnaby has secured binding tolling and offtake agreements with industry heavyweight Glencore International AG. These agreements provide a clear pathway for processing and marketing the project's copper and gold output, enhancing the project's commercial appeal amid record metal prices.
The company is advancing its Pre-Feasibility Study (PFS), targeting completion in the first quarter of 2026. With feasibility works already underway, Carnaby anticipates a Final Investment Decision (FID) in the second quarter, aiming to commence development and first ore production by the second half of 2026. This timeline positions the project to capitalise on favourable market conditions for copper and gold.
Geological and Metallurgical Confidence
The Greater Duchess deposits predominantly consist of transitional and fresh sulphide mineralisation, which is highly amenable to conventional flotation processing. Preliminary metallurgical test work indicates excellent recoveries with minimal impurities, simplifying the processing flow sheet and reducing operational risks.
Carnaby's management team, led by Managing Director Rob Watkins, emphasises the project's strong fundamentals and the consolidation of 100% ownership with no additional production royalties beyond state government obligations. Ongoing drilling, particularly at the high-grade Trek 1 extension, is expected to further enhance the resource base, with results pending and an updated resource estimate planned for later in 2026.
Looking Ahead
As Carnaby moves closer to development, the Greater Duchess Project stands out as a compelling copper-gold opportunity in a globally significant mining jurisdiction. The combination of resource growth, strategic partnerships, and a clear development pathway sets the stage for the next phase of value creation for shareholders and stakeholders alike.
Bottom Line?
With a strengthened resource base and key agreements in place, Carnaby is poised to advance Greater Duchess towards production amid a buoyant copper-gold market.
Questions in the middle?
- How will the upcoming drilling results at Trek 1 impact the overall resource and project economics?
- What are the detailed outcomes of the ongoing metallurgical test work across all deposits?
- How will Carnaby's development plans adapt to fluctuating copper and gold prices post-FID?