Exceptional Drill Results from Nil
Desperandum and Lady Fanny 24m @ 5.0% Cu, 1.3 g/t Au Inc. 12m @ 8.1% Cu, 2.2 g/t Au
Carnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce exceptional exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.
Highlights
• Nil Desperandum Prospect: NLDD084 has intersected the continuation of the high-grade breccia pipe shoot 70m down plunge from discovery hole NLDD044 with a result of 24m @ 5.0% copper, 1.3 g/t gold from 313m including 12m @ 8.1% copper, 2.2 g/t gold.
• Lady Fanny Prospect: Exceptional drill results and visual intersections continue to be received including new results of 22m @ 2.4% Cu, 0.5 g/t Au in LFRC019, 19m @ 2.4% Cu, 0.9 g/t Au in LFRC010 and 43 m of strong copper sulphide visuals in LFRC120 (See Figures 4, 5 & 6).
The Company's Managing Director, Rob Watkins commented: "We are in the early stages of unearthing the scale and significance of the Nil Desperandum and Lady Fanny discoveries. The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess Copper Gold Project."
Managing Director Rob Watkins and Chairman Peter Bowler inspecting the spectacular drill core from NLDD084 onsite at Greater Duchess, Qld.
ASX Announcement 4 April 2022
Fast Facts
Shares on Issue 143.5M
Market Cap (@ $1.235) $177M
Cash $25.8M1
1Based on cash of A$5.8 million as at 31 December 2021 and A$20m gross proceeds from recent Placement, see ASX release dated 24 January 2022.
Board and Management
Peter Bowler, Non-Exec Chairman
Rob Watkins, Managing Director
Greg Barrett, Non-Exec Director & Company Secretary
Paul Payne, Non-Exec Director
Company Highlights
▪ Proven and highly credentialed management team
▪ Tight capital structure and strong cash position
▪ Nil Desperandum and Lady Fanny Iron
Oxide Copper Gold discoveries within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.
▪ Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure
▪ Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective gold and lithium tenure
▪ 100% ownership of the Tick Hill Gold
Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines producing 511 koz at 22 g/t gold
Registered Office
78 Churchill Avenue Subiaco Western Australia 6008
1
T: +61 8 9320 2320www.carnabyresources.com.au
GREATER DUCHESS COPPER GOLD PROJECT
New RC and diamond drilling results and further visual copper sulphide estimations from ongoing drilling at the Nil Desperandum and Lady Fanny copper gold discoveries are presented below and in Appendix 1 & 2.
Drilling continues with two drill rigs, a dedicated RC and a dedicated diamond drill rig.
NIL DESPERANDUM PROSPECT (CNB 82.5%, DCX 17.5%)
Carnaby continues to extend the Nil Desperandum high-grade discovery to the southwest targeting extensions of the high-grade breccia shoot and drill testing Induced Polarisation (IP) chargeability anomalies that have been shown to correlate exceptionally well with copper sulphide mineralisation.
Figure 1. Nil Desperandum Plan coloured by copper % times down hole width, also showing location of new results and planned holes.
It is becoming clear that the high-grade breccia shoot intersected in NLDD044 and NLDD084 is a new high-grade plunging pipe-like breccia shoot separate from the shallower, previously defined breccia shoot. Both shoots appear to have similar plunges to the SSW and remain completely open at depth (Figure 1). The breccia shoots appear to have formed within a broader SW trending mineralised corridor which is also completely open.
NLDD084
Diamond drill hole NLDD084 has intersected the down plunge continuation of the high-grade breccia shoot 70m down plunge from the original discovery hole NLDD044 that intersected 41m @ 4.1% copper (See ASX release 29 December 2021) (Figure 1).
NLDD084 intersected;
31m @ 3.9% copper, 1.0 g/t gold from 313m,
Including 24m @ 5.0% copper, 1.3 g/t gold from 313m
Including 12m @ 8.1% copper, 2.2 g/t gold from 322m
Figure 2. NLDD084 drill section.
Figure 3. NLDD084 diamond drill core showing high-grade copper mineralisation from 322m to 336m.
The result confirms the excellent continuity of the high-grade breccia shoot and the orientation of the high-grade copper gold mineralisation hosted in a moderately south east dipping structure.
The copper gold mineralisation is hosted within a brecciated biotite schist with occasional polymictic clasts of mostly quartz and is composed of matrix fill chalcopyrite with lesser pyrrhotite (Figure 3).
The intersection angle of the vertical drilling to the breccia shoot results in true widths being approximately 70% of the downhole width of intercepts reported. This is consistent with the geological interpretation and has been observed in multiple diamond core holes through the mineralisation.
The plunge of the high-grade breccia shoot is interpreted to be controlled by and bounded to the west by a steeply dipping fault named the Western Bounding Fault (Figure 2). Angled diamond drilling is planned to commence shortly to test the western bounding fault structure in order to better define the western boundary of the high-grade breccia shoot.
A down dip hole NLDD072 was collared further north however drifted south onto the NLDD084 drill section and has intersected broad zones of matrix fill and breccia copper sulphide mineralisation with results pending (Figure 2).
Results are also pending from NLDD073 (See ASX release 8 March) which intersected the high-grade breccia shoot further down plunge from NLDD084.
NLRC069
RC drill hole NLRC069 has intersected the high-grade breccia shoot ~70m up plunge from the original discovery hole NLDD044 that intersected 41m @ 4.1% copper (Figure 1). The result of 4m @ 5.8% copper, 0.6 g/t gold in NLRC069 is interpreted to represent the start of the high-grade breccia shoot showing excellent continuity with the high-grade results in NLDD044 and NLDD084.
NLRC069 intersected;
4m @ 5.8% copper, 0.6 g/t gold from 210m
and 21m @ 0.5% copper, 0.1 g/t gold from 243m including 5m @ 1.4% copper, 0.2 g/t gold from 246m
This is an excerpt of the original content. To continue reading it, access the original document here.