Carnaby Resources Limited (ASX:CNB) Reports Strong Drill Results at Greater Duchess Project
Drill Results
Carnaby Resources Limited (ASX:CNB) announced assay results from its Greater Duchess Copper Gold Project in Mt Isa, Queensland. Significant intersections include 12.2m (true width ~8m) at 6.8% Cu and 1.8 g/t Au from 558m in Mount Hope Central. Additional notable results are 18m at 1.3% Cu from Mount Hope North and multiple intersections at Burke & Wills, Nil Desperandum, and Lady Fanny prospects, demonstrating consistent copper and gold mineralisation across the project area.
Project Development
The company is progressing its Pre-Feasibility Study (PFS) with a targeted completion date in Q3 2025. Binding tolling and offtake agreements have been secured with Glencore, supporting the project’s potential. Carnaby is also set to commence its maiden drilling at the new Trekelano acquisition, further expanding its resource base.
Financial Position
Carnaby Resources maintains a strong cash position of $18.9 million, supported by $4.2 million from recent placement proceeds. The company has a tight capital structure with 228.4 million shares on issue and a market cap of $91.4 million at 40.0 cents per share.
Executive Comments
Managing Director Rob Watkins stated, “The Greater Duchess project continues to advance and grow through drilling as part of the Pre-Feasibility Study and ongoing exploration. The results announced today continue to demonstrate the enormous upside for future mineral resource growth through extensions and new exploration discoveries in the region. The PFS remains on track with Carnaby’s maiden drilling at the new Trekelano acquisition about to commence.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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