Two drill rigs operating at Nil Desperandum. Source: Carnaby Resources
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  • Carnaby Resources (CNB) extends the Nil Desperandum prospect at its Greater Duchess Copper-Gold Project in Queensland to the southwest through its latest bout of drilling
  • The company reports on the results of step-out diamond drilling in the project area and further results from a reverse circulation (RC) drilling program at Nil Desperandum
  • Carnaby says the diamond hole, though only assessed visually, struck high-grade copper and is proof high-grade copper-gold mineralisation extends down-plunge in the area
  • The mineralisation intersected in these holes remains open to the south and southwest, where Carnaby is testing IP chargeability anomalies with ongoing drilling
  • Shares in Carnaby Resources are down 11.4 per cent to $1.40 at 10:35 am AEDT

Carnaby Resources (CNB) has extended the Nil Desperandum prospect at its Greater Duchess Copper-Gold Project in Queensland to the southwest through its latest bout of drilling.

The company this morning reported on the results of step-out diamond drilling in the project area, which struck the southwest extension, as well as further results from a reverse circulation (RC) drilling program at Nil Desperandum.

The diamond hole, which marks the first step-out hole assessed to test the south- to southwest down-plunge extension of the Nil Desperandum mineralisation, struck roughly 27 metres of copper sulphide mineralisation from 363 metres downhole.

Carnaby said the diamond hole also struck a 15-metre downhole zone of “very strong” copper sulphide mineralisation from 373 metres.

While the hole has only been assessed visually, Carnaby said it was proof high-grade copper-gold mineralisation extended down-plunge in the area and remained completely open.

Meanwhile, the latest RC results confirm the shallow south-east dip of the high-grade copper-gold discovery at Nil Desperandum. The best RC results reported by Carnaby today include a 40-metre hit at 1.5 per cent copper from 251 metres. This hit included a 30-metre zone at 1.9 per cent copper and a seven-metre zone at 2.6 per cent copper.

Carnaby Managing Director Rob Watkins said the Nil Desperandum high-grade lode was “robustly” continuing at depth from the discovery hole in the area.

He said the company now looked forward to testing induced polarisation (IP) anomalies further down-plunge and drilling up- and down-dip of today’s diamond hole.

“This is the first diamond hole to drill through the entire high-grade lode and has given us great insight into this unique looking new style of copper-gold mineralisation,” Mr Watkins said.

Carnaby said the copper mineralisation intersected in the latest drill holes at Nil Desperandum remained wide open to the south and southwest, where the IP chargeability anomalies were being tested with ongoing drilling.

Shares in Carnaby Resources were down 11.4 per cent to $1.40 at 11:35 am AEDT. The company has a $215 million market cap.

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