Why Carnaby Resources is Excited about the Greater Duchess Project?

$CNB Why Carnaby Resources is Excited about the Greater Duchess Project?

Carnaby Resources Limited (ASX: CNB) has just announced an exciting milestone in their Greater Duchess Copper Gold Project. The company is pleased to present the maiden interim Mineral Resource Estimate for the project located in Mt Isa, Queensland. So, what does this mean for Carnaby and the potential of the Greater Duchess Project?

Impressive Resource Estimate

According to the Mineral Resource Estimate (JORC 2012), the Greater Duchess Project has a total interim resource estimate of 21.8 million tonnes, with a grade of 1.3% copper (Cu) and 0.2 grams per tonne of gold (g/t Au). The estimate calculates a copper equivalent (CuEq) grade of 1.4% and a total of 315,400 tonnes of CuEq.

The estimate is divided into two categories: Indicated and Inferred. The Indicated classification comprises 11.9 million tonnes with a grade of 1.5% Cu and 0.2 g/t Au. The Inferred classification includes 9.8 million tonnes with a grade of 1.1% Cu and ... 0.2 g/t Au. These figures represent a significant resource base for future development and exploration.

Multiple Discoveries

The Greater Duchess Project hosts three notable discoveries: Mount Hope, Nil Desperandum, and Lady Fanny. These deposits contain iron oxide copper gold (IOCG) mineralization within the Mt Isa inlier, Queensland. The Mount Hope Prospect alone accounts for a total of 10.3 million tonnes with a grade of 1.5% Cu and 0.2 g/t Au. The Nil Desperandum Prospect contributes 4.3 million tonnes with a grade of 1.3% Cu and 0.2 g/t Au. Additionally, the Lady Fanny Prospect adds 3.1 million tonnes with a grade of 1.3% Cu and 0.2 g/t Au.

Positive Comments from Management

Rob Watkins, the Managing Director of Carnaby Resources, expressed his satisfaction with the maiden Mineral Resource Estimate. He highlighted the exceptional work done by the Carnaby team in swiftly progressing from discovery to resource. Watkins also emphasized the ongoing efforts to expand the resource through further exploration.

Watkins mentioned that extensive drilling is in progress to explore the potential of Mount Hope and Lady Fanny, where recent results have shown promising mineralization at depth. Drill intersections of 61 meters at 3.3% Cu and 0.6 g/t Au, as well as 23 meters at 3.3% Cu and 0.2 g/t Au, have confirmed the open nature of these deposits along the plunge.

Future Development and Exploration

With the completion of the interim Mineral Resource Estimate, Carnaby Resources is now focusing on scoping studies, anticipated to conclude in the first quarter of 2024. Following the completion of these studies, the company plans to undertake a Pre-feasibility Study. These critical assessments will help determine the economic viability and further potential of the Greater Duchess Project.

It is important to note that the Mineral Resource Estimate was compiled by Payne Geological Services Pty Ltd., an independent geological services provider. The main deposits within the project, including Mount Hope, Nil Desperandum, and Lady Fanny, have also received independent review by industry consultants Snowden Optiro.

Carnaby Resources is excited about the future of the Greater Duchess Project, as the interim Mineral Resource Estimate serves as the foundation for ongoing exploration and the potential discovery of additional copper and gold resources.

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