Carnaby Resources has unveiled a significant new high-grade copper-gold mineralised structure at its Trek 1 prospect in the Greater Duchess Project, Queensland, with drill results pointing to resource expansion beyond current estimates.
- New Trek 1 Footwall Lode intersects 19m @ 7.1% CuEq
- Discovery lies outside existing Mineral Resource Estimate
- 400m extension confirmed for Trek 1 Main Lode
- Strong mineralisation at Trek 2 supports resource growth
- Feasibility Study on track for mid-2026 completion
Significant Footwall Lode Discovery at Trek 1
Carnaby Resources (ASX:CNB) has announced a breakthrough at its Greater Duchess Copper Gold Project with the discovery of a substantial new mineralised structure dubbed the Trek 1 Footwall Lode. The highlight drill intercept, 19 metres at 7.1% copper equivalent (CuEq) from 256 metres downhole, confirms the presence of a high-grade, continuous tabular lode outside the current Mineral Resource Estimate (MRE). This discovery follows the initial December 2025 intercept of 6 metres at 12.6% CuEq, expanding the footprint of the deposit beneath the existing Ore Reserve pit design and opening up new avenues for resource growth.
The Footwall Lode strikes approximately 010 degrees and dips steeply west, linking off the Main Lode which trends roughly 350 degrees. This orientation aligns with several major deposits in the region, suggesting it could be a primary feeder conduit for the Trek 1 deposit. With drill spacing between 20 to 70 metres and mineralisation remaining open down plunge and along strike to the north, Carnaby is aggressively drilling to delineate the full extent of this structure.
Extensions at Trek 1 Main Lode and Trek 2 Reinforce Growth
Alongside the Footwall Lode, Carnaby has extended the Trek 1 Main Lode breccia shoot by 400 metres below the existing MRE, with a new lateral strike intercept of 6.8 metres at 2.0% CuEq received from 469 metres depth. This deep extension lies 600 metres below the current Pre-Feasibility Study (PFS) Ore Reserve open pit, signalling continuity of high-grade mineralisation well beyond current mine plans.
Meanwhile, at the nearby Trek 2 prospect, a diamond hole intersected 104 metres at 1.7% CuEq including higher-grade zones of 43 metres at 3.1% CuEq and 11.2 metres at 7.4% CuEq. This result supports previous strong drill outcomes and highlights the potential to convert Inferred Resources to Indicated status, facilitating an expanded Ore Reserve open pit. The northern half of Trek 2, currently dominated by Inferred Resources, could see significant growth pending further drilling and resource updates.
Strategic Implications and Development Timeline
These discoveries come at a pivotal time for Carnaby, which recently completed a robust PFS and declared a maiden Ore Reserve at Greater Duchess, underpinning a 12-year mine life and targeting first ore production in H2 2026. The new Footwall Lode and Main Lode extensions are expected to be incorporated into updated MREs and Ore Reserve optimisations, potentially expanding open pit boundaries and enhancing project economics. Carnaby plans to complete underground scoping studies on the Trek 1 deposit in the second half of 2026, maintaining its development timeline toward a Final Investment Decision (FID) and production ramp-up.
Managing Director Rob Watkins emphasised the significance of the Footwall Lode discovery, noting it may be the primary driver of the Trek 1 deposit and could materially increase the size of the Ore Reserve open pit. With a strong cash position of A$13 million and binding tolling and offtake agreements with Glencore International AG, Carnaby is well positioned to advance the Greater Duchess Project through to production.
These results build on Carnaby’s recent robust Pre-Feasibility Study and maiden Ore Reserve and follow the company’s earlier extension of Trek 1 high-grade copper-gold shoot by 600m, reinforcing the narrative of a growing, high-quality copper-gold asset in Queensland’s prolific Mt Isa region.
Bottom Line?
Carnaby’s new Footwall Lode discovery at Trek 1 materially expands the Greater Duchess resource base, setting the stage for updated reserves and potentially larger open pit operations ahead of planned production in H2 2026.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact the overall project valuation and mine plan?
- What are the metallurgical characteristics and recoveries expected from the Footwall Lode mineralisation?
- To what extent can further drilling delineate the down plunge and lateral continuity of the new Footwall Lode?