Carnaby Resources has released final drill results from the Greater Duchess Project, confirming two key discoveries with significant copper-gold mineralisation. The company is advancing development plans ahead of a proposed Evolution Mining acquisition.
- Miniboom Lode confirmed with high-grade copper-gold intercepts
- Trek 1 Footwall Lode shows wide mineralised zones with strong grades
- Greater Duchess resource update and development studies underway
- Evolution Mining acquisition to integrate processing at Ernest Henry
- Glencore tolling and offtake agreements to be terminated post-acquisition
Final Drill Results Confirm New High-Grade Discoveries
Carnaby Resources (ASX:CNB) has unveiled the final tranche of drill results from its recent program at the Greater Duchess Project near Mount Isa, Queensland, cementing the significance of two discoveries: the Miniboom Lode at Mount Hope Central and the Trek 1 Footwall Lode at Trekelano. These results add fresh momentum to Carnaby’s copper-gold portfolio just as it prepares for a proposed takeover by Evolution Mining.
The Miniboom Lode, situated on the edge of the Mount Hope Central Ore Reserve open pit, delivered notable intercepts including 20 metres at 2.2% copper equivalent (CuEq) from 33 metres depth and a standout 12 metres at 2.3% CuEq from 28 metres, with high-grade zones within these intervals reaching up to 5.4% CuEq over 5 metres. Despite its limited strike length of less than 70 metres, the lode remains open at depth, offering potential for further resource growth.
Trek 1 Drilling Expands Known Mineralisation
At the Trek 1 prospect, infill and extension drilling confirmed wide zones of mineralisation, including an 88.6-metre intersection averaging 1.2% CuEq from 69.5 metres, and a 38-metre interval at 1.9% CuEq from 290 metres depth in the Footwall Lode. The drilling suggests the Main and Footwall Lodes may converge, forming a broad mineralised zone that remains open down plunge. These results underpin the potential for incremental value addition within the Greater Duchess project’s resource base.
Strategic Development and Acquisition Plans
Carnaby is advancing development studies, incorporating these latest drill results into updated mineral resource estimates to support a forthcoming updated Feasibility Study. This work is critical as Evolution Mining moves to acquire Carnaby through a binding Scheme Implementation Deed. Evolution plans to process Greater Duchess ore at its Ernest Henry operation, leveraging latent mill capacity and existing infrastructure, which is expected to optimise project economics and reduce development risk.
Following the acquisition, existing binding tolling and offtake agreements with Glencore International AG will be terminated. Carnaby is deferring certain non-essential activities, including finalising the Feasibility Study, pending Evolution’s updated assessments. The company remains focused on delivering the Greater Duchess project into development under what it describes as a "superior risk weighted pathway".
Project Scale and Resource Base
The Greater Duchess Project encompasses multiple deposits over 1,900 square kilometres, including Mount Hope, Trekelano, Nil Desperandum, and Lady Fanny. The current Mineral Resource Estimate stands at 29 million tonnes at 1.5% CuEq, containing approximately 441,000 tonnes of copper equivalent. The Probable Ore Reserve totals 8.4 million tonnes at 1.9% CuEq, equating to 164,000 tonnes of contained copper equivalent. These figures provide a solid foundation for the planned development and integration into Ernest Henry’s processing operations.
Managing Director Rob Watkins highlighted the significance of the discoveries and the strategic alignment with Evolution Mining, noting the potential to unlock value through synergies and existing infrastructure. The company’s tight capital structure and strong cash position, with $10.8 million as of June 30, 2026, support ongoing exploration and development efforts.
Bottom Line?
Carnaby’s confirmed discoveries and strategic partnership with Evolution Mining position Greater Duchess for accelerated development, but resource expansion and feasibility updates remain critical next steps.
Questions in the middle?
- How will Evolution Mining’s integration plans impact the timeline for Greater Duchess’s development?
- What potential exists for extending the Miniboom Lode at depth beyond the current limited strike length?
- How might termination of Glencore tolling and offtake agreements affect project economics post-acquisition?