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Carnaby Resources Ltd. ( (AU:CNB) ) has shared an announcement.
Carnaby Resources has begun a 3,000-metre reverse circulation drilling campaign at its Greater Duchess Project in Queensland, targeting extensions of recent high-grade copper-gold discoveries at the Trekelano area. The program will test Trek 2, Trek 1 and the Inheritance prospect, where previous drilling intersected standout intercepts including 18 metres at 5.0% copper equivalent and 6 metres at 12.6% copper equivalent.
Management says the drilling follows the recently completed pre-feasibility study and is aimed at supporting a full feasibility study and project development pathway at Greater Duchess. With additional diamond drilling results still pending, the company is signalling an aggressive push to expand resources and firm up mine plans, positioning itself to enhance project economics and shareholder value if the high-grade trends continue.
The most recent analyst rating on (AU:CNB) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Carnaby Resources Ltd. stock, see the AU:CNB Stock Forecast page.
More about Carnaby Resources Ltd.
Carnaby Resources Ltd. is an Australian mineral exploration and development company focused on copper and gold, with its flagship Greater Duchess Copper Gold Project in the Mount Isa inlier of Queensland. The company controls a large 1,900 square kilometre landholding hosting several Iron Oxide Copper Gold deposits and maintains a strong balance sheet and offtake agreements with Glencore for future production.
Average Trading Volume: 834,148
Technical Sentiment Signal: Buy
Current Market Cap: A$125.6M
See more insights into CNB stock on TipRanks’ Stock Analysis page.