Shares in Carnaby Resources (ASX: CNB) closed up by over 70% on Wednesday after the company announced an ‘extremely high-grade’ copper-gold discovery at the Nil Desperandum Prospect within its Greater Duchess Copper Gold Project in Mt Isa, Queensland.
The intersection is considered by Carnaby to be one of the most significant in Australia since the Degrussa copper-gold deposit was discovered by Sandfire Resources in 2009.
Results from hole NLDD044 include:
- 41m @ 4.1% Cu, 0.5 g/t Au from 247m; including
- 24m @ 6.5% Cu, 0.7g/t Au from 251m; including
- 9m @ 10.3% Cu, 1.2g/t Au from 264m
- 24m @ 6.5% Cu, 0.7g/t Au from 251m; including
The hole was the first to test the NLIP4 IP chargeability anomaly, which the company believes is attributable to copper sulphide mineralisation.
“Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth“
Speaking on the discovery, Carnaby Resources Managing Director Rob Watkins said: “Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth. The scale of the mineralised system we are seeing is exceptional. We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.”
Results from a series of other holes at the Nil Desperandum, Lady Fanny and Burke & Wills prospects remain outstanding, including a further RC/diamond hole situated 80m to the northeast of NLDD044 which is reported to have intersected an 80m downhole zone of copper sulphide mineralisation.
Drill Section displaying significant intersections from hole NLDD044 along with the NLIP4 IP chargeability anomaly. Image: Carnaby Resources LimitedFollowing the result, Carnaby has fast-tracked and expanded exploration activity including ‘extensive’ new IP geophysical surveys due to commence in mid-January 2022, along with multiple additional diamond and RC drill rigs set to commence work in January and February.
The company notes that the copper intersection in hole NLDD044 remains open at depth and along strike.
