Carnaby Resources (ASX:CNB) discovers broad high grade copper-gold at Nil Desperandum

• Carnaby Resources (CNB) has discovered broad high-grade copper gold at its Nil Desperandum Prospect within the Greater Duchess copper gold project
• Recent assay results reveal a reverse circulation diamond hole has intersected a strong down plunge of the main broad high-grade breccia shoot, with 60.3 metres at 0.9 percent copper and 0.1 grams per tonne of gold from 256 metres
• Further results show 3 metres at 1.1 percent copper and 0.2 grams per tonne of gold from 238 metres
• The company said the results show a continuity of the main high grade breccia shoot, which has now been traced for over 500 metres down plunge
• CNB shares were down 19.6 per cent, trading at $1.11 at 1130am AEDT

Carnaby Resources (CNB) has discovered broad high-grade copper gold at its Nil Desperandum Prospect within the Greater Duchess copper gold project in Mt Isa, Queensland.

Recent assay results reveal reverse circulation diamond hole NLDD042 has intersected a strong down plunge of the main broad high-grade breccia shoot, with 60.3 metres at 0.9 percent copper and 0.1 grams per tonne of gold from 256 metres.

Further results show 3 metres at 1.1 percent copper and 0.2 grams per tonne of gold from 238 metres.

The company said the results show a continuity of the main high grade breccia shoot, which is directly down plunge from the previously reported drill hole NLRC017, which intersected 87 metres at 0.9 percent copper, including 30 metres at 1.8 per cent copper.

Carnaby Resources said further drilling is required to confirm the continuity between multiple drill holes and to test for further extension of high-grade mineralisation, which remains open up, down dip and down plunge.

Results from numerous other holes drilled at the end of 2021 at Nil Desperandum, Lady Fanny and Burke & Wills prospects are also awaited.

Follow up exploration is being rapidly escalated with extensive IP surveys and multiple drill rigs to commence this month.

Carnaby Resources Managing Director Rob Watkins said the result confirmed the strong continuity of the broad high-grade Nil Desperandum breccia which has been traced for over 500m and getting bigger and better at depth.

“We look forward to receiving more results shortly and the imminent start of 2022 exploration. We are also highly excited about the regional upside potential of the extensive new land tenure announced today,” Mr Watkins said.

The company said major new tenement applications targeting the southern continuation of a structural corridor south of Nil Desperandum have increased landholdings by 638 square kilometres at Greater Duchess to 1,022 square kilometres.

Carnaby Resources shares were down 19.6 percent, trading $1.11 cents at 11.30am AEDT.