Carnaby Resources (ASX:CNB) shares soar on “exceptional” Greater Duchess drilling results – The Market Herald

• Carnaby Resources (CNB) unveils a fresh string of “exceptional” drilling results from its Greater Duchess copper-gold project in Mt Isa, Queensland
• At the Nil Desperandum prospect, a new diamond drill hole struck a down-plunge continuation of a major discovery hole first highlighted in late December 2021
• Meanwhile, Carnaby says diamond drilling at the Lady Fanny prospect has continued to return strong results and visual intersections
• The company is continuing drilling at the prospects, with a dedicated reverse circulation and diamond rig operating in the area
• Shares in Carnaby Resources are up 31.58 per cent to $1.62 at 1:25 pm AEST

Shares in Carnaby Resources (CNB) spiked on Monday after the company announced a fresh string of “exceptional” drilling results from its Greater Duchess copper-gold project in Mt Isa, Queensland.

The company said it continued to strike high-grade copper through diamond and reverse circulation (RC) drilling at the Nil Desperandum and Lady Fanny prospects in the project area.

At Nil Desperandum, a new diamond drill hole struck a down-plunge continuation of a major discovery hole first highlighted in late December 2021. The new hole intersected a 31-metre hit grading 3.9 per cent copper and 1 gram of gold per tonne (g/t gold) from 313 metres.

This hit included a 24-metre zone at 5 per cent copper and 1.3 g/t gold and a 12-metre zone at 8.1 per cent copper and 2.2 g/t gold.

Carnaby said it was becoming clear that these results came from a new high-grade breccia shoot separate from a previously defined shallower shoot in the area.

Another RC hole also struck this new breccia shoot around 70 metres up-plunge from the initial December 2021 discovery.

Meanwhile, Carnaby said diamond drilling at Lady Fanny had continued to return strong results and visual intersections. Some of the best new results from Lady Fanny include a 22-metre hit at 2.4 per cent copper and 0.5 g/t gold and a 19-metre hit at 2.4 per cent copper and 0.9 g/t gold.

Carnaby Managing Director Rob Watkins said the company was still in the early stages of unearthing the scale and significance of Nil Desperandum and Lady Fanny.

“The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess copper-gold project,” Mr Watkins said.

The company said it was continuing drilling at the prospects, with a dedicated RC and diamond rig operating in the area.

Shares in Carnaby Resources were up 31.58 per cent to $1.62 at 1:25 pm AEST. The company has a $232 million market cap.

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