Geologist looking at RC drill chips. Source: Carnaby Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Carnaby Resources (CNB) reports another round of copper hits from reverse circulation (RC) drilling at its Greater Duchess Copper Gold Project in Queensland
  • Assays from six holes the Lady Fanny and Burke & Wills prospects returned copper intersections, with one hole from Lady Fanny striking a 40-metre hit from surface
  • Carnaby Managing Director Rob Watkins says the company is now gearing up to kick off fresh exploration work in the area this week
  • The work will include induced polarisation (IP) surveys at the Nil Desperandum prospect and a 20,000-metre RC and diamond drilling program across some key project areas
  • Shares in Carnaby Resources are up 3.40 per cent this morning, trading at $1.68 each

Carnaby Resources (CNB) has reported another round of copper hits from reverse circulation (RC) drilling at its Greater Duchess Copper Gold Project in Queensland.

The explorer today said it had received strong assay results from another six holes at the Lady Fanny and the Burke & Wills prospects in the project area. At the same time, the company is gearing up to restart exploration work at the nearby Nil Desparandum discovery.

Today’s news comes just days after Carnaby shares spiked on “stunning” copper intersections at Lady Fanny.

The new round of intersections from Lady Fanny includes a 40-metre hit grading 1.0 per cent copper and 0.1 grams of gold per tonne (g/t gold) from surface. This hit included a 13-metre zone at 1.5 per cent copper and 0.1 g/t gold from 20 metres.

Another hole struck a 10-metre hit grading 1.2 per cent copper and 0.1 g/t gold from 10 metres, including a two-metre zone at 4.8 per cent copper and 0.4 g/t gold from 13 metres.

At Burke & Wills, two RC holes returned hits including a five-metre intersection at 2.2 per cent copper and 0.2 g/t gold from 44 metres and a four-metre intersection at 2.1 per cent copper and 0.2 g/t gold from 41 metres.

As for Nil Desperandum, Carnaby said the latest assays from late-December drilling recorded “weak” mineralisation, but extensive induced polarisation (IP) surveys were kicking off today to test a potential southwest expansion to a previous discovery hole.

Carnaby Managing Director Rob Watkins said the Lady Fanny, Burke & Wills, and Nil Deperandum discoveries were rapidly emerging as a “major new and vastly underexplored iron oxide copper-gold (IOCG) corridor”.

“We are looking forward to the commencement of the IP geophysical surveys today and the start of drilling by week’s end,” Mr Watkins said.

As part of its planned exploration work, Carnaby will be kicking off a 20,000-metre RC and diamond drilling program at the Nil Desperandum and Lady Fanny discoveries this week.

Carnaby owns 100 per cent of the Lady Fanny Prospect and 82.5 per cent of Burke & Wills and Nil Desperandum in a joint venture deal with fellow ASX-listed DiscovEx Resources (DCX).

Shares in Carnaby Resources were up 3.40 per cent this morning, trading at $1.68 each at 10:21 am AEDT.

CNB by the numbers
More From The Market Herald

" Wiseway Group (ASX:WWG) launches $4m entitlement offer

Wiseway Group (ASX:WWG) has launched a four to 25 pro-rata non-renounceable entitlement offer to raise up…
Pursuit Minerals (ASX:PUR) - Managing Director, Bob Affleck

" Pursuit Minerals (ASX:PUR) sells Scandinavian projects for $3m

Pursuit Minerals (ASX:PUR) has settled the sale of its nickel and vanadium projects in Norway, Sweden…
Payright (ASX:PYR) - Joint CEOs, Piers Redward (left) and Myles Redward (right)

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…
X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley

" X2M Connect (ASX:X2M) wins three contracts in South Korea

X2M Connect (ASX:X2M) has won three new contracts in South Korea for remote water monitoring and…