Carnaby Resources Begins Drilling at Pronuba, Reveals Strong Mohawk Assay Results
CNB (CNB) Share Update November 2024 Tuesday 19th
Carnaby Resources Initiates Drilling at Pronuba, Reports Promising Mohawk Assay Results
Carnaby Resources Limited (ASX: CNB) has announced the commencement of drilling at the Pronuba Prospect and released promising assay results from the Mohawk Prospect, both part of the Greater Duchess Copper Gold Project in Mt Isa, Queensland.
Instant Summary:
- Drilling at Pronuba Prospect has begun with 8 RC holes planned.
- High-grade copper discovered at Mohawk with assays showing up to 2.2% Cu.
- Mohawk mineralization remains open in all directions.
Introduction to the Greater Duchess Copper Gold Project
The Greater Duchess Copper Gold Project, located in the Mt Isa region of Queensland, is a significant focus for Carnaby Resources. The project area is known for its potential to host large Iron Oxide Copper Gold (IOCG) deposits, with several discoveries already made, including Mount Hope and Lady Fanny.
Pronuba Prospect Drilling
Carnaby has commenced its maiden drilling program at the Pronuba Prospect, targeting a strong VTEM conductor identified in a recent survey. The initial program consists of 8 reverse circulation (RC) holes, each approximately 1000 meters deep. This marks an exciting phase for Carnaby as they explore what is considered one of their best drill targets within the Greater Duchess Project.
Mohawk Prospect Assay Results
The Mohawk Prospect continues to yield encouraging results. Recent assays from drill hole MKRC015 revealed 10 meters at 2.2% copper and 0.3 g/t gold from a depth of 142 meters. This is within a broader 40-meter section grading 0.8% copper. Another hole, MKRC012, returned 3 meters at 2.2% copper from 37 meters, indicating strong continuity of mineralization.
Exploration Strategy and Future Plans
Carnaby's exploration strategy involves extending drilling along the emerging Mohawk corridor, which spans over 4 kilometers. The company plans further drilling to test the potential northward extension of mineralization, where moderate to strong VTEM anomalies have been detected.
The commencement of drilling at Pronuba and the promising results from Mohawk are likely to positively impact Carnaby's stock. The high-grade copper findings enhance the project's potential, attracting investor interest. However, the market will closely watch the outcomes of the ongoing drilling programs for further confirmation of resource size and quality.
Investor Reaction:
Analysts are optimistic about the high-grade copper results from Mohawk, which could signify a significant resource. The ongoing drilling at Pronuba is also seen as a positive step in unlocking further potential at the Greater Duchess Project.
Conclusion:
Investors should keep an eye on Carnaby Resources' progress at the Pronuba and Mohawk Prospects. The results of these drilling programs could significantly impact the company's valuation and future prospects. Staying informed on subsequent announcements will be crucial for making informed investment decisions.