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Source: Carnaby Resources
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  • Carnaby Resources (CNB) extends the Strelley Gold Corridor to more than four kilometres of strike in Western Australia’s Pilbara region
  • The company has received composite results from reverse circulation (RC) drilling at the Alcazar and Stockade Prospects and is awaiting results from a further eight holes
  • Managing Director Rob Watkins says Strelley is showing hallmarks of Hemi-style gold mineralisation
  • CNB is planning a more-than-5000-metre RC program across the Bastion, Alcazar and Stockade Prospects
  • Shares are down 3.33 per cent to trade at 29 cents each

Carnaby Resources (CNB) has updated the market on exploration progress at its Strelley gold project in Western Australia’s Pilbara region.

The project lies in the Mallina Basin, where strong reverse circulation (RC) results from the Alcazar and Stockade prospects have reportedly increased the intrusion and shear-hosted Strelley Gold Corridor to more than four kilometres of strike.

According to Carnaby, composite results from the first RC drill section traverse at Alcazar intersected high-grade gold mineralisation that was hosted in an intrusion more than 200 metres wide.

Notably, one drill hole returned five metres at 4.83 grams of gold per tonne (g/t) from 110 metres.

Meanwhile, composite results from drilling at the Stockade prospect hit broad zones of mineralisation.

One of these RC holes returned five metres at 0.59g/t gold from 85 metres, as well as five metres at 0.45g/t gold from 105 metres, and 10 metres at 1.62g/t gold from 115 metres.

The company’s managing director Rob Watkins commented on the progress.

“We are clearly starting to see the emergence of a major gold mineralised system along the newly identified more-than-four-kilometre-long Strelley Gold Corridor whereby extensive mineralised intrusions and structures are present and showing all the hallmarks of Hemi-style gold mineralisation from De Grey Mining’s 6.8 million-ounce deposit,” he said.

“Critically, we continue to intersect significant gold mineralisation in first pass RC drilling beneath the shallow air core drilling anomalies that have only scratched the surface of the bedrock beneath the sand cover.

“We are extremely excited as we await the remaining eight RC drill results and commence the upcoming more-than-5000-metre RC drilling program where we can home in and drill out the newly discovered gold rich zones at the Bastion, Stockade and Alcazar Prospects.”

Shares were down 3.33 per cent to trade at 29 cents each at 12:45 pm AEDT.

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