Carnaby Resources Resumes Copper Drilling at Greater Duchess with Strong Cash Position

Carnaby Resources Ltd (ASX: CNB) has recommenced drilling at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

A Scoping Study is on track to be completed and reported in May 2024.

Following a prolonged and heavy wet season, drilling is forging ahead with two rigs.

At the Wimberu prospect, within the Devoncourt Rio Tinto Ltd (ASX: RIO) joint venture where Carnaby is earning 51%, a maiden seven-hole diamond program is underway.

The program is targeting large scale magmatic hydrothermal breccia hosted IOCG mineralisation.

Over at the wholly-owned Mount Hope project, diamond and reverse circulation drilling is targeting an upgrade to the current resource of; 10.3 million tonnes 1.7% copper equivalent for 173,000 tonnes copper equivalent.

This maiden resource is expected to grow, as there have already been other intersections outside of the current estimate including; 87 metres at 2.3% copper and 0.5g/t gold.

Cashed-up

Carnaby holds a strong cash position of $18.4 million at the end of 2023.

The company also has a tight capital structure for a $100 million capped company, with 162.8 million shares in issue.

Board and management hold 12.3%.

Other key assets

Carnaby’s portfolio extends to Western Australia, with the Strelley Gold and Lithium Project in the Pilbara covering 442 square kilometres.

Strelley is located in the Mallina Basin, 70 kilometres from De Grey Mining Ltd’s (ASX: DEG) Hemi Gold Deposit hosting 236 million tonnes at 1.3g/t gold for 9.5 million ounces.

There is also the Malmac Copper and Lithium Project covering 621 square kilometres.

 

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