Carnaby Uncovers Shallow High-Grade Copper-Gold at Trek 1, Boosting Open Pit Prospects
Carnaby Resources has reported significant shallow, high-grade copper and gold drill results at its Trek 1 prospect, reinforcing the potential for an open pit development within the Greater Duchess Copper Gold Project.
- 7m at 8.9% copper equivalent from 35m depth
- 13m at 5.1% copper equivalent from 26m depth
- Results extend beyond historical underground stopes
- Pre-Feasibility Study for open pit underway, due Q1 2026
- Binding tolling and offtake agreements with Glencore secured
Exploration Breakthrough at Trek 1
Carnaby Resources Limited (ASX, CNB) has announced a compelling set of exploration results from its Trek 1 prospect, part of the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The recent drilling campaign has revealed shallow, high-grade zones of copper and gold mineralisation, with standout intercepts including 7 metres at 8.9% copper equivalent from 35 metres and 13 metres at 5.1% copper equivalent from 26 metres. These findings significantly extend the known mineralisation beyond the narrow stopes mined underground between 1911 and 1945.
Implications for Open Pit Development
The results bolster the case for developing an open pit mine at Trek 1, a scenario currently being evaluated in a Pre-Feasibility Study (PFS) targeted for completion in the first quarter of 2026. Unlike the historical underground mining which focused on narrow, high-grade veins averaging just one metre wide, the new drilling has demonstrated continuous mineralisation over approximately 15 metres true width. This wider zone is more amenable to open pit mining methods, potentially enabling a more cost-effective and scalable operation.
Managing Director Rob Watkins highlighted the significance of these shallow, high-grade intercepts, noting they “clearly demonstrate the start-up development potential” of the open pit. The company has also resumed drilling to test a 400-metre extension of the mineralised zone, with results pending.
Project and Market Context
The Greater Duchess Project hosts multiple iron oxide copper gold (IOCG) deposits across nearly 2,000 square kilometres of tenure, with a current Mineral Resource Estimate of 29 million tonnes at 1.5% copper equivalent, containing 441,000 tonnes of copper equivalent metal. Carnaby’s strong cash position of $16 million and binding tolling and offtake agreements with Glencore International AG provide a solid commercial foundation as the project advances.
Notably, the shallow oxide ores at Trek 1 are not included in the current PFS due to metallurgical complexities requiring leaching, but ongoing test work aims to clarify their potential contribution. The transitional sulphide ores, meanwhile, are included in the study and are amenable to flotation processing.
Looking Ahead
Additional drilling at Trek 1 and the nearby Trek 2 prospect continues, with the latter showing promising mineralisation open at depth. The company’s broader portfolio includes several other deposits within the Greater Duchess project and gold projects near Northern Star Resources’ Hemi Development Project, positioning Carnaby well within a highly prospective copper-gold region.
As Carnaby moves towards finalising its PFS and further delineating resources, investors will be watching closely to see how these high-grade shallow intercepts translate into a viable mining operation amid robust copper and gold price environments.
Bottom Line?
Carnaby’s latest drill results at Trek 1 sharpen the focus on open pit development potential, setting the stage for a pivotal feasibility update.
Questions in the middle?
- How will the final Pre-Feasibility Study quantify the economic impact of these high-grade shallow zones?
- What are the prospects and timelines for incorporating oxide ores into the project’s processing plan?
- How might ongoing drilling at Trek 1 and Trek 2 further expand the resource base and influence mine design?
