Shares in Carnaby Resources (ASX: CNB) closed up over 55% on Friday following the announcement of a ‘spectacular’ copper discovery at the Nil Desperandum prospect within its Greater Duchess Copper Gold Project in Mt Isa, Queensland.
The results from an RC pre-collar to diamond hole NLDD044, which returned a ‘strong’ 24m zone of primarily semi massive copper sulphide from 34m down hole, are described by Carnaby as the ‘by far’ the widest yet at Nil Desperandum.
This hole is the first to test the ‘NLIP4’ IP chargeability inversion anomaly, which is coincident with the predicted plunge of the Nil Desperandum main shoot breccia zone. The compamy believes that the IP anomaly is ‘almost certainly’ attributable to copper sulphide mineralisation, and notes that the intersection occurred at the exact location of the anomaly.
“Nil Desperandum is rapidly emerging as a major copper gold discovery in one of Australia’s premier copper districts”
Speaking on the drill result, Carnaby Resources Managing Director Rob Watkins said: “Nil Desperandum is rapidly emerging as a major copper gold discovery in one of Australia’s premier copper districts located only 70km from Mt Isa and surrounded by world class infrastructure. The deposit appears to be getting bigger and better at depth and we are now fast-tracking further IP geophysical surveys to help guide a follow-up drilling program which will commence in Q1 2022.”
The NLDD044 hole is situated around 80-100m along strike from the closest previous drill work, including the recently-announced NLDD042 which intersected an 80m downhole interval of copper sulphide mineralisation from 235-315.7m.
Drill Section displaying hole NLDD044 intersecting the NLIP4 IP chargeability anomalyHigh grade, continuous copper mineralisation has now been defined over 500m, with further extensional and infill drilling planned to better-understand the orientation and true width of mineralisation intersected in NLDD044.
Carnaby reports that the copper mineralisation intersected in NLDD044 remains open at depth and along strike, where the plunge appears to be flattening, resulting in a strengthening of the IP anomaly.
Drilling is continuing through to 20 December at the prospect, and will recommence early in 2022 following the holiday period. This will be accompanied by a series of new IP surveys and the introduction of additional drill rigs to push-forward exploration on southwest extensions of copper mineralisation.
Images: Carnaby Resources Limited
