Carnaby Resources (ASX:CNB) shares skyrocket on major copper-gold discovery at Nil Desperandum

• Carnaby Resources (CNB) finds a major copper gold discovery at the Nil Desperandum Prospect, located within the Greater Duchess Project in Mt Isa, Queensland
• The company has received assay results for hole NLDD044, which showed an extremely high-grade copper gold discovery at the prospect
• Results include 41 metres at 4.1 per cent copper, including nine metres at 10.3 per cent copper
• Carnaby is now awaiting results from another drill hole that was drilled 80 metres northeast of the initial drill hole
• Carnaby shares have skyrocketed in early morning trading, rising 62.4 per cent to $1.21 at 10:40 am AEDT

Carnaby Resources (CNB) has found a major copper-gold discovery at the Nil Desperandum Prospect, located within the Greater Duchess Project in Mt Isa, Queensland.

The company has received assay results for hole NLDD044, which showed an extremely high-grade copper-gold discovery at the prospect.

Results are 41 metres at 4.1 per cent copper, 0.5 grams per tonne (g/t) gold from 247 metres Including 24 metres at 6.5 per cent copper, 0.7g/t gold from 251 metres including nine metres at 10.3 per cent copper, 1.2g/t gold from 264 metres.

“The tenor of the results is amongst the highest copper drill hole grades and widths reported in Australia since the Degrussa copper gold deposit was discovered by Sandfire Resources Ltd in 2009,” the company said in an announcement to the market.

This drill hole is the first one to test the NLIP4 induced polarisation (IP) chargeability inversion anomaly.

The high-grade copper intersection in hole NLDD044 is open at depth and along strike to the southwest where the plunge of the mineralisation appears to be flattening.

Carnaby is now awaiting results from another drill hole that was drilled 80 metres northeast of NLDD044.

Managing Director Rob Watkins said Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth.

“The scale of the mineralised system we are seeing is exceptional,” Mr Watkins said.

“We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.”

Follow up exploration is being rapidly escalated with extensive IP surveys and multiple drill rigs locked in to commence in January 2022.

Carnaby shares have skyrocketed in early morning trading, rising 62.4 per cent to $1.21 at 10:40 am AEDT.