Carnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce a regional exploration update at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.
Highlights Mount Hope Region Delivers Exceptional Targets: New undrilled Mohawk Discovery 1.5km SE of Mount Hope; o Strong end of line VTEM anomaly o Up to 28.3% Cu, 0.94g/t Au outcropping copper gold mineralisation over a 200m x 150m area o High priority target for follow up geophysics and first pass drilling is imminent New undrilled Deejay Jude Prospect 3km NE of Mount Hope; o 400m strike of undrilled historical workings o Up to 11.8% Cu, 0.34g/t Au in outcropping mineralisation o Follow up geophysics and first pass drilling imminent New undrilled Plus Prospect 2km SW of Mount Hope; o Spectacular historical workings with Mount Hope style vuggy quartz-chalcopyrite breccia mineralisation o 7.6% Cu, 0.29g/t Au in rock chip o First pass drilling is imminent Nil Desperandum Region Targets: New undrilled Nil Secundo Prospect 2.0km SW of Nil Desperandum; o Up to 15.4% Cu and 3.79g/t Au in rock chip o Large 1km x 1km soil anomaly o Coincident with newly mapped outcropping breccia zone New undrilled Breccia Hill Prospect 1.4km SE of Nil Desperandum; o Rock chip results up to 8.91% Cu o Large 1.5km long x 700m wide soil anomaly completely open to the south and east where the strongest soil result of 0.13% Cu is on the end of line o Extensive breccia zone linked to Nil Desperandum
The Company's Managing Director, Rob Watkins commented: 'Carnaby has systematically been advancing and generating numerous new undrilled exceptional targets in the Nil Desperandum to Mount Hope corridor that we are confident will deliver a new growth phase in the mineral resource. We are particularly excited about the Mount Hope Regional targets where we are seeing some incredible outcropping mineralisation which remains completely untested by any drilling. Geophysics and drilling of these targets is imminent with two drill rigs currently in operation.'
GREATER DUCHESS COPPER GOLD PROJECT
Targeted reconnaissance mapping, rock chip and soil sampling has been in progress at Greater Duchess for several months and results from that work have highlighted numerous new highly significant targets which are outlined below. The new targets will form the basis of first pass geophysical and aggressive exploration drilling programs in the second half of 2024 with great anticipation of delivering additional mineral resource growth.
The consolidated Mount Hope Region is a key focus area of exploration where a large IOCG surface geochemical footprint in excess of 5km2 is characterised by numerous historical workings and outcropping copper mineralisation, most of which to date have not been tested by a single drill hole.
MOHAWK (CNB 100%)
The Mohawk discovery is located 1km southeast of Mount Hope and is characterised by a 2km long strike of anomalous surface geochemistry and coincident VTEM conductor anomalies. In 2023 Hammer Metals Limited (HMX) defined a late time VTEM conductor anomaly on the boundary of Carnaby's tenure with the source of the conductor interpreted to be located approximately 300m east and within Carnaby's 100% owned tenure (see HMX ASX release dated 28 November 2023). The end of line VTEM anomaly was recorded over three successive lines. Follow up reconnaissance mapping and rock chip sampling has discovered widespread outcropping copper mineralisation (malachite & azurite), with rock chip results including 28.3% Cu & 0.94g/t Au, 4.3% Cu & 0.87g/t Au, 3.8% Cu & 0.11g/t Au and 3.5% Cu & 0.51g/t Au over an area in excess of 200m strike by 100m wide and hosted by gossan breccia style mineralisation. No historical exploration has been recorded in this area and it represents an outstanding target for follow up exploration which will include electromagnetic surveys and first pass drilling
NIL DESPERANDUM REGIONAL (CNB 82.5%)
Carnaby recently commenced exploring south of Nil Desperandum in an area where no systematic historical exploration appears to have been completed. Exploration by Carnaby has included detailed aeromagnetic and radiometric surveys flown in 2023. The aeromagnetic data clearly defines a strong southwest striking fault which is considered to be a major control on the location of the Nil Desperandum breccia pipe mineralisation which plunges to the southwest. Radiometrics have also been an important data set that appears to map the surface location of the Nil Desperandum breccia pipe, however validation of this finding is required. Carnaby completed first pass field mapping, rock chip sampling and gridded soil sampling of the target areas south of Nil Desperandum and has discovered two significant new prospects named Nil Secunda and Breccia Hill which are discussed below.
This announcement has been authorised for release by the Board of Directors. Further information regarding the Company can be found on the Company's website: www.carnabyresources.com.au For additional information please contact: Robert Watkins, Managing Director +61 8 6500 3236
Competent Person Statement
The information in this document that relates to exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and shareholder of the Company and a Member of the AUSIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is undertaken to qualify as a Competent Person as defined in the December 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).
MULGA TANK EXPLORATION PROGRAMS
Exploration results from the Company's various drilling programs at the Mulga Tank Project over the last 12 months have demonstrated significant nickel sulphide mineralisation and an extensive nickel sulphide mineral system within the Mulga Tank Ultramafic Complex. WMG recently completed a 17 hole 5,534m Phase 2 RC drilling program and another EIS co-funded deep diamond hole at the project (ASX, Completion of Phase 2 RC Drilling Commencement of EIS3, 8 April 2024; High-Grade Sulphide Segregations at Depth in MTD029 (EIS3), 29 May 2024). This two pronged approach uses RC to infill and prove up the extent of shallow disseminated nickel sulphide mineralisation, defined by the Company's JORC Exploration Target modelling (ASX, Mulga Tank JORC Exploration Target, 5 February 2024), whilst the diamond drilling program continues to test deeper targets. The Company has planned a combination of both further RC and diamond drilling, funded by our recent capital raise (ASX, Capital Raise to International Mining Fund, 24 June 2024). Additional drill holes will continue to be added to these programs, with ongoing targeting work, as the Company systematically explores the Mulga Tank Ultramafic Complex.
REGIONAL RC DRILLING
A 5 hole, 2,000m regional RC program has been designed to test the interpreted komatiite channels and targets on the Minigwal Greenstone Belt. These regional RC holes will be drilled with the aid of one of WMG's current Exploration Incentive Scheme (EIS) grants. The Company was successful in Round 29 of the EIS program, with an award of $98,000 of co-funding towards 50% of the direct drilling costs of four RC holes within tenement E39/2134 (ASX, WMG Wins Two More EIS Awards to Drill Mulga Tank, 29 April 2024). In addition to the four EIS holes a fifth hole is planned targeting a magnetic feature within E39/2132 near the main body of the Complex. These RC holes will form part of the first belt-wide drilling program to begin testing the interpreted komatiite channel system emanating from the main part of the Complex in a northwest direct up the Minigwal Belt. The holes will look to both confirm the interpreted geology and also the prospectivity of the channels to host highgrade Kambalda-style massive sulphide mineralisation.
Contact:
Dr Caedmon Marriott
Managing Director
Tel: +61 475 116 798
Email: contact@westernmines.com.au
ABOUT WMG
Western Mines Group Ltd (ASX:WMG) is a mineral exploration company driven by the goal to create significant investment returns for our shareholders through exploration and discovery of high-value gold and nickel sulphide deposits across a portfolio of highlyprospective projects located on major mineral belts of Western Australia. Our flagship project and current primary focus is the Mulga Tank Ni-Co-Cu-PGE Project, a major ultramafic complex found on the under-explored Minigwal Greenstone Belt. WMG's exploration work has discovered significant nickel sulphide mineral system and is considered highly prospective for globally significant Ni-Co-Cu-PGE deposits. The Company's primary gold project is Jasper Hill, where WMG has strategically consolidated a 3km mineralised gold trend with walk-up drill targets. WMG has a diversified portfolio of other projects including Melita (Au, Cu-Pb-Zn), midway between Kookynie and Leonora in the heart of the WA Goldfields; Youanmi (Au), Pavarotti (Ni-Cu-PGE), Rock of Ages (Au), Broken Hill Bore (Au) and Pinyalling (Au, Cu, Li).
COMPETENT PERSONS STATEMENT
The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Dr Caedmon Marriott, Managing Director of Western Mines Group Ltd. Caedmon is a Member of the Australian Institute of Geoscientists, a Member of the Society of Economic Geologists and a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Caedmon consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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