Carnaby Resources Expands Trek 1 Footwall Lode with 38m at 1.9% CuEq

Trek 1 Footwall Lode Grows with Significant Step-Out

Carnaby Resources Limited (ASX:CNB) has reported a substantial extension to its Trek 1 Footwall Lode discovery within the Greater Duchess Copper Gold Project near Mt Isa, Queensland. The latest drill hole, CBRC086, returned 38 metres at 1.9% copper equivalent (CuEq) from 290 metres, including a higher-grade 15 metres at 3.2% CuEq starting at 295 metres. This intercept lies approximately 50 metres down plunge from a previously announced 19 metres at 7.1% CuEq, confirming excellent continuity of high-grade mineralisation.

The Footwall Lode remains completely open both down plunge and along strike to the north, with very few holes historically testing this prospective horizon. Notably, this new discovery zone sits outside Carnaby’s existing Mineral Resource Estimate (MRE), underscoring its potential to add significant new ounces to the project’s inventory. The company is actively drilling the area with further results pending, aiming to delineate the full extent of this emerging lode.

The ongoing expansion of Trek 1’s Footwall Lode builds on a series of encouraging results that have been reshaping the project’s resource profile. This includes a 400-metre extension to the Main Lode and previous high-grade intersections, all pointing to a richly mineralised system that remains sparsely drilled along its prospective strike. The latest intercepts reinforce the potential for meaningful resource growth beyond current estimates, a theme highlighted in recent updates such as the new high-grade Footwall Lode intercepts.

Encouraging Results at Trek 2 and Mount Hope Central

Alongside Trek 1, Carnaby has reported positive step-out drilling at the adjacent Trek 2 prospect. Drill hole CBRC070 returned 23 metres at 1.0% CuEq from 193 metres, including 10 metres at 1.4% CuEq. This intercept lies about 60 metres down dip from a previously reported 35 metres at 2.9% CuEq, suggesting the potential to expand the Mineral Resource and open pit production target at Trek 2. Carnaby plans to update the MRE in the coming months and re-optimise the open pit design, although the current Feasibility Study will use the existing Ore Reserve as the baseline.

At Mount Hope Central, a diamond drill hole for geotechnical and metallurgical sampling confirmed broad mineralisation with a notable 96.9 metres at 1.8% CuEq from 71 metres, including 30.2 metres at 2.6% CuEq. This result underscores the quality of the Mount Hope orebody, which is already part of the project’s Probable Ore Reserve. Additional RC drilling results from Mount Hope are expected soon, further informing the project’s development plans.

Path to Production and Commercial Agreements

Managing Director Rob Watkins emphasised that the new discoveries at Trek 1 and Trek 2 do not alter the company’s timeline to complete the Greater Duchess Project Feasibility Study by mid-2026. The study will precede the final investment decision (FID) and first ore production, which is targeted for the second half of 2026 from open pit mining at Trekelano. Carnaby’s strong cash position of A$13 million and binding tolling and offtake agreements with Glencore International AG provide a solid foundation for advancing the project into production.

The Greater Duchess Project holds a Mineral Resource Estimate of 29 million tonnes at 1.5% CuEq for 441,000 tonnes of copper equivalent, with a Probable Ore Reserve of 8.4 million tonnes at 1.9% CuEq for 164,000 tonnes of copper equivalent. The recent drill results, including the new Footwall Lode discoveries, are poised to enhance these figures as Carnaby continues its aggressive exploration and resource definition programs. The company’s approach aligns with its recent robust Pre-Feasibility Study and maiden Ore Reserve announcements, which have set a strong development trajectory.