Geologist looking at RC drill chips. Source: Carnaby Resources
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  • Carnaby Resources (CNB) shares soar after the company announced “stunning” gold and copper hits from the first round of reverse circulation drilling at its Lady Fanny prospect in Queensland
  • The company drilled five holes at the prospect, part of the wider Greater Duchess Copper Gold Project, and returned grades as high as 2.8 per cent copper
  • Carnaby says the broad intervals of mineralisation at Lady Fanny demonstrate shallow mineable open-pit widths and grades
  • The company plans ground induced polarisation surveys at Lady Fanny and the nearby Burke & Willis prospect to help with drill targeting for future exploration
  • CNB shares surge 34.1 per cent to $1.67

Carnaby Resources (CNB) shares have risen sharply in early trade after the company unveiled “stunning” gold and copper hits from a maiden round of drilling at its Lady Fanny prospect in Queensland.

The explorer drilled five reverse circulation (RC) holes at the prospect, which forms part of the Greater Duchess Copper Gold Project in the Mt Isa region.

Some of the best assay results from the drilling program included a 27-metre intersection grading 2.8 per cent copper and 0.8 grams per tonne gold from 61 metres.

This stellar intercept contained a nine-metre zone at 4 per cent copper and 0.3 g/t gold from 65 metres and 11 metres at 3.3 per cent copper and 1.6 g/t gold from 77 metres.

Two other holes returned 20 metres at 2.3 per cent copper and 0.5 g/t gold from 30 metres and 17 metres at 2.1 per cent copper and 0.9 g/t gold from 74 metres.

“These stunning first pass drill results from Lady Fanny just three kilometres north of the spectacular Nil Desperandum high-grade discovery really demonstrate the untapped potential of the greater than five kilometre-long IOCG (iron oxide copper-gold) corridor that is rapidly emerging within the Greater Duchess Copper Gold Project,” Managing Director Rob Watkins said.

Lady Fanny lies just three kilometres north of Carnaby’s Nil Desperandum discovery in the project area.

Broad intervals of mineralisation encountered at Lady Fanny point to potentially shallow mineable open-pit widths and grades, according to the company, which said mineralisation remains open both along strike and at depth.

The company was still awaiting results from another four holes drilled in the area, as well as from two holes drilled at the nearby Burke & Willis prospect.

Carnaby said it would also undertake ground induced polarisation surveys at Lady Fanny and Burke & Willis to help generate drill targets as it planned more exploration work.

CNB shares had surged 34.1 per cent to $1.67 by 11:24 am AEDT.

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