- Carnaby Resources (CNB) announces a maiden interim MRE for its Greater Duchess copper-gold project in Mt Isa, Queensland
- The MRE comprises three prospects of interest, which have undergone drilling of 260 RC holes and 106 DD holes
- The MRE includes 283,000t of contained copper, 148,000oz of gold and 315,000 tonnes of copper equivalent
- Carnaby announced the interim MRE forms a base of copper and gold inventory for the company to follow up on with further drilling
- CNB shares are down almost 15 per cent, trading at 70 cents at 1:44 pm AEDT
Carnaby Resources (ASX:CNB) has announced a maiden interim mineral resource estimate (MRE) for its Greater Duchess copper-gold project in Mt Isa, Queensland.
The company’s total maiden MRE for the Greater Duchess Project comprises three significant prospects, which have undergone drilling with 260 reverse circulation (RC) holes and 106 diamond drilling (DD) holes, totalling 93,641 metres.
The total resource for the company’s Mount Hope prospect is 10.3 million tonnes (Mt) at 1.5 per cent copper, 0.2 grams per tonne (g/t) of gold, 156,000 tonnes of copper, and 78,000 ounces of gold.
Carnaby has also reported further upgrades at its Nil Desperandum prospect, yielding a total of 4.3 Mt at 1.3 per cent copper, 0.2 g/t of gold, amounting to 54,000 tonnes of copper and 33,000 ounces of gold.
Furthermore, the company has made additional upgrades at the Fanny Hill prospect, with 3.1 Mt at 1.3 percent copper, 0.2 g/t of gold, resulting in 41,000 tonnes of copper and 23,000 ounces of gold.
These prospects collectively contribute to the total MRE for Carnaby’s Greater Duchess project, comprising 283,000 tonnes of contained copper, 148,000 ounces of gold, and 315,000 kilotonnes of copper equivalent.
Carnaby’s indicated category represents 62 per cent of the total resource by copper equivalent tonnes.
“The maiden mineral resource estimate for the Greater Duchess copper-gold project is corner stoned by three great discoveries made by Carnaby over the last two years…This is an interim Mineral Resource, and the team is already working on adding to it,” CNB Managing Director Rob Watkins said.
“The orebodies remain strongly open at depth and along strike, especially at Mount Hope and Lady Fanny…scoping studies are well underway which are anticipated to be completed in Q1 2024 and will most likely progress immediately to a pre-feasibility study.”
Mr Watkins further explained that the interim mineral resource serves as a copper and gold inventory base for the company to follow up with further drilling.
CNB shares were down almost 15 per cent, trading at 70 cents at 1:44 pm AEDT.