Carnaby Confirms Broad High-Grade Miniboom and Extends Trek 1 Discovery

Miniboom Lode Validated as Significant High-Grade Discovery

Carnaby Resources (ASX:CNB) has confirmed the Miniboom Lode as a substantial new copper-gold discovery on the fringes of its Mount Hope Central Ore Reserve open pit in Queensland’s Mount Isa region. Two reverse circulation drill holes, MHRC295 and MHRC298, intersected broad zones of mineralisation including a standout 31 metres at 4.0% copper equivalent (CuEq) from 98 metres in MHRC298, validating the initial vertical discovery hole MHWB007 which returned 232m at 1.3% CuEq from surface.

The Miniboom Lode is hosted within a newly identified dilational bend of the Boomerang Lode structure, where the strike shifts from southeast to northeast, creating a boomerang-shaped geometry that appears to focus high-grade mineralisation. However, the high-grade zone seems confined to less than 70 metres strike length near surface, limiting its lateral extent but offering a thick and valuable addition to the ore reserve.

Trek 1 Discovery Extends with High-Grade Mineralisation Linking Key Lodes

Meanwhile, the Trek 1 prospect at the Greater Duchess Project continues to deliver encouraging results. Drill hole CBRC089 intersected 85 metres at 1.7% CuEq from 200 metres, including a high-grade 12 metres at 7.3% CuEq and a blistering 5 metres at 15.6% CuEq. This intercept is interpreted as connecting the Main Lode and Footwall Lode zones, broadening the mineralised footprint outside the current Mineral Resource Estimate and remaining open to the north and down plunge.

The linkage between these lodes at Trek 1 suggests a complex mineralisation system with potential for further resource growth. The Footwall Zone, in particular, remains underexplored at shallower depths, signalling opportunities for additional drilling to expand the resource base.

Strategic Location and Development Timeline

The proximity of the Miniboom Lode to the planned Mount Hope Central Ore Reserve open pit is a strategic advantage, potentially enabling straightforward integration into existing mining plans. Carnaby’s Managing Director Rob Watkins highlighted the importance of these results, noting the sizeable width and high grade of Miniboom and the ongoing growth at Trek 1 as key value drivers.

The company remains on schedule to complete its Feasibility Study by mid-2026, ahead of a final investment decision (FID), with first ore production targeted for the second half of 2026 from open pit mining at Trekelano. This timeline underscores Carnaby’s confidence in advancing the Greater Duchess Project towards commercialisation.

Resource and Reserve Context

The Greater Duchess Project boasts a Mineral Resource Estimate of 29 million tonnes at 1.5% CuEq and a Probable Ore Reserve of 8.4 million tonnes at 1.9% CuEq, positioning Carnaby as a notable player in the copper-gold space. Binding tolling and offtake agreements with Glencore International AG further underpin the project’s commercial prospects.

Upcoming updates to Mineral Resource Estimates incorporating the new drill results from Miniboom and Trek 1, alongside scoping studies for underground mining at Trek 1, are expected in the second half of 2026, potentially reshaping the project’s development profile.