- Carnaby Resources (CNB) sees further high grade exploration results as work continues across its Queensland-based Greater Duchess project
- New results from the Lady Fanny prospect peaked at 13 metres at 4.4 per cent copper and 0.2 grams of gold per tonne, and intersected a new western lode
- At Nil Desperandum, extension drilling has increased the overall size of the discovery with the down plunge extent now reaching 800 metres below surface
- CNB is undertaking extensive induced polarisation surveys between Lady Fanny and Nil Desperandum and is also gearing up for its first round of drilling at Mount Hope
- Shares are up 2.3 per cent trading at 77.8 cents at 1:29 pm AEST
Carnaby Resources (CNB) has seen further high grade exploration results as work continues across its Queensland-based Greater Duchess project.
The company received a fresh bout of results from reverse circulation and diamond drilling across the Lady Fanny, Nil Desperandum and Burke and Wills discoveries.
At the Lady Fanny prospect, step out drilling has delineated wide and shallow copper gold mineralisation over a 500 metre strike zone which CNB said is open to the north and at depth.
The latest results peaked at 4.4 per cent copper and 0.2 grams of gold per tonne (g/t) over a 13-metre interval from 122 metres downhole, which included a three-metre hit grading 17.1 per cent copper and 0.3 g/t gold.
Additionally, a new western lode of copper-gold mineralisation has been found around 50 metres to the west of the main lode.
Results from this area included six metres at 3.8 per cent copper and 1.4 g/t gold from 88 metres downhole.
With a focus on the main lode, Carnaby said the western lode has only been sparsely drill tested.
Over at Nil Desperandum, which is 82.5 per cent owned by CNB with DiscovEx Resources (DCX) holding a 17.5 per cent interest, extension drilling is continuing to expand the footprint of the discovery.
New results included 19 metres at 2.3 per cent copper from 216 metres downhole, including five metres at seven per cent copper from a further 230 metres downhole.
Step out drilling is also in progress and has so far intersected a six metre wide vein with copper sulphide mineralisation around 150 metres down plunge of previous drilling.
The latest results take the down plunge extent at Nil Desperandum to 800 metres from surface.
Commenting on the results from both Lady Fanny and Nil Desperandum, Carnaby’s Managing Director Rob Watkins said the company is witnessing the emergence of two “outstanding copper gold discoveries”.
A three-metre corridor exists between the Nil Desperandum and Lady Fanny discoveries where historical copper and gold workings exist.
The company is undertaking extensive induced polarisation surveys to test this area as well as north of Lady Fanny up to Vampire lady.
A 50 metre line spaced aeromagnetic survey is also underway to identify fault zone networks that Carnaby believes are critical pathways and controls for the mineralisation.
Burke and Wills
Burke and Wills is situated to the West of Lady Fanny where a total of seven reverse circulation holes have been completed, marking the first drilling completed in this area.
The latest results included five metres at 3.9 per cent copper and 0.4 g/t gold from 60 metres downhole, as well as a further two metres at nine per cent copper and 0.8 g/t gold.
Carnaby plans to complete further drilling to test the extent of the mineralisation.
In April, CNB acquired the Mount Hope mining lease from private company Integrated Global Resource.
Now, it’s gearing up for its maiden reverse circulation program at the prospect with drill pad access currently being prepared.
Carnaby also plans to undertake geophysical surveys across this area which it said will commence shortly.
Company shares were up 2.3 per cent, trading at 77.8 cents at 1:29 pm AEST.