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Carnaby up 55% on spectacular copper discovery

Fri 17 Dec 21, 5:36pm (AEST)
mining technology

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Key Points

  • Period of ‘significant’ copper sulphide mineralisation found
  • Deposit appears to be getting bigger and better at depth
  • Carnaby is now fast-tracking further IP geophysical surveys

Perth-based junior explorer Carnaby Resources (ASX: CNB) was up 55.17% at the close after reporting spectacular copper discovery from its Greater Duchess Copper Gold Project in North-western Qld.

The company discovered copper at its Nil Desperandum prospect within the Greater Duchess copper gold project in Mt Isa.

The company’s first drill hole - a reverse circulation diamond hole - intersected a 34-metre downhole period of ‘significant’ copper sulphide mineralisation.

This included a 24-metre zone of semi massive copper sulphide.

It’s understood the high-grade copper intersection remains completely open at depth and along strike to the southwest, where the plunge of the mineralisation appears to be flattening.

Carnaby Resources Managing Director Rob Watkins said the deposit appears to be getting bigger and better at depth.

Further IP geophysical surveys to follow

“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.” Watkins stated.

“We are now fast-tracking further IP geophysical surveys to help guide a follow-up drilling program.”

The company is also securing additional drill rigs to help target the southwest extension to the copper mineralisation, which is completely open and untested by drilling or geophysics.

Set to target the extensions to the southwest, the program will commence in first quarter 2022.

Further extensional and infill drilling is required to confirm the orientation and true width of the copper mineralisation intersected in NLDD044.

However, the company noted that the 24m of semi massive copper sulphide mineralisation intersected is by far the widest downhole zone of semi massive copper sulphide mineralisation yet interested at Nil Desperandum.

Drilling at Nil Desperandum is continuing until 20 December 2021 and will restart early in the new year.

 

 

 

Written By

Mark Story

Editor

Mark is an award-winning investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics, a diploma in journalism and has completed the Institute of Directors course. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content.

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