Shares in Carnaby Resources Limited (ASX: CNB) closed up by 16.67% after the miner announced that it had intersected broad zones of copper-gold mineralisation at the Nil Desperandum prospect within its Greater Duchess Copper Gold Project in Queensland. The intersection extends over 300m and is open at depth.
broad zones of copper-gold mineralisation at the Nil Desperandum prospect
RC drill results from first three drill holes include:
- 30m @ 1.8% copper within 56m @ 1.2% copper in NLRC017;
- 15m @ 1.5% copper from 211m including 11m @ 2.0% copper, 0.3 g/t gold from 215m including 4m @ 4.3% copper, 0.6 g/t gold from 222m in NLRC001; and
- 52m @ 0.7% copper from 73m including 6m @ 2.5% copper from 73m from NLRC002.
RC drilling at Greater Duchess project
Drilling of the first three priority drill holes had commenced in May, as part of the expedited 4,000m RC drilling program targeting the Nil Desperandum Prospect and other key target areas.
Carnaby has completed 3,735 metres of drilling at Nil Desperandum in 18 holes in the first phase of drilling. Partial results have now been received from the first three priority drill holes at Nil Desperandum.
Drill results
The three RC drill holes, NLRC017, NLRC001, and NLRC002 returned outstanding assay results over broad zones of copper gold mineralisation and extended the southwest extent of the main zone to over 300m.
NLRC017
NLRC017 recorded standout result of 30m @ 1.8% copper from 242m within 56m @ 1.2% copper from 221m including 9m @ 3.1% copper from 268m including 3m @ 8.1% copper from 268m. The result is completely open at depth and includes the highest individual meter recorded copper grade from all drilling previously completed in the area of 11.2% copper.
NLRC001
NLRC001 intersected broad zones of copper-gold mineralisation of 11m @ 2.0% copper, 0.3 g/t gold from 211m including 4m @ 4.3% copper, 0.6g/t gold from 222m.
NLRC002
NLRC002 intersected broad zones of disseminated and vein copper sulphides hosted in a biotite schist. Results included 8m @ 0.6% copper from 33m and 9m @ 0.4% copper from 51m and 52m @ 0.7% copper from 73m including 6m @ 2.5% copper from 73m.
The broad zones of copper mineralisation intersected in NLRC002 are open east and west and require additional drilling to test the quantum of copper gold mineralisation in this up plunge section of Nil Desperandum.
Results pending for more RC holes
The completed RC drilling also targeted the shallow extension of the main zone mineralisation where the mineralised zone appears to bend around into a southeast striking orientation and join up with the Central Workings trend. Results from these holes are awaited.
Results are also pending for the RC drilling that targeted IP chargeability anomalies generated from the recent ground geophysical survey.
Next steps
A phase two follow-up RC and diamond drilling program will commence within the next two weeks.
“These outstanding results from the first three RC holes indicate that we are in a large mineralised Iron Oxide Copper Gold system at Nil Desperandum”
Management statements
Carnaby Resources’ Managing Director, Rob Watkins said: “These outstanding results from the first three RC holes indicate that we are in a large mineralised Iron Oxide Copper Gold system at Nil Desperandum which appears to be getting bigger and higher grade at depth.
We eagerly await more drill results and look forward to additional RC and diamond drilling starting within the next two weeks.”
Images: Carnaby Resources Limited