Carnaby strikes biggest high-grade intercept yet at Trek 2 copper-gold prospect

Carnaby Resources Ltd. ( (AU:CNB) ) has issued an update.

Carnaby Resources has reported a standout drill intercept from the Trek 2 prospect at its Greater Duchess Copper Gold Project, including 18 metres at 5.0% copper equivalent within a broader 35-metre zone at 2.9% copper equivalent from 105 metres depth. The new high-grade zone sits outside the current mineral resource, is open to the north beneath shallow drilling, and represents the largest drill hit recorded at Trek 2, with further drilling already planned to test its extent.

Additional holes at Trek 2 were designed to infill and extend largely Inferred resources in the northern sector, where only Indicated material is currently used in the Pre-Feasibility Study open pit design. These results, together with ongoing work that feeds into a Definitive Feasibility Study, suggest significant potential to expand the planned Trek 2 open pit and enhance the overall scale and economics of the Greater Duchess development, complementing recent growth at the nearby Trek 1 discovery.

The most recent analyst rating on (AU:CNB) stock is a Sell with a A$0.43 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 ASX-listed mineral exploration and development company focused on copper and gold, anchored by its Greater Duchess Copper Gold Project in the Mount Isa inlier of Queensland. The company controls a large 1,946 square kilometre tenure package with several iron oxide copper gold deposits and is advancing a Pre-Feasibility Study supported by binding tolling and offtake agreements with Glencore.

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Technical Sentiment Signal: Buy

Current Market Cap: A$129.8M

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