Carnaby Resources Discovers Significant VTEM Conductors at Greater Duchess Project
CARNABY RESOURCES LIMITED (CNB) Share Update September 2024 Thursday 26th
Carnaby Resources Uncovers Promising VTEM Conductors at Greater Duchess Project
Carnaby Resources Limited (ASX: CNB) has announced preliminary results from their recent VTEM survey at the Greater Duchess Copper Gold Project in Queensland, revealing multiple strong bedrock conductors.
Instant Summary:
- Completion of a 194 km aerial VTEM survey over Mount Hope and Nil Desperandum regions.
- Identification of multiple strong late channel bedrock conductors at new undrilled locations.
- 100% correlation between drilled conductors and copper mineralization.
- Emergence of a >4km long Mohawk NS corridor with new strong undrilled conductors.
- Discovery of a very strong late time conductor at the undrilled Pronuba Prospect.
- Identification of a Nil Desperandum look-alike conductor 2km southeast of the deposit.
Survey Overview
The VTEM survey, completed over the Mount Hope and Nil Desperandum regions, covered a total of 194 line kilometers. The survey revealed multiple strong late channel bedrock conductors at numerous new undrilled locations, indicating significant potential for copper mineralization.
Of the moderate to strong conductors identified, only four have been drilled to date, all of which showed copper mineralization. This 100% correlation bodes well for the other undrilled conductors identified in the survey.
Key Findings
The most notable discovery is the >4km long Mohawk NS corridor, which has numerous new strong undrilled conductors. This corridor is north of the discovery drill hole that intersected 21m @ 2.0% Cu, 0.6g/t Au.
Additionally, a very strong late time conductor was identified at the undrilled Pronuba Prospect. A Nil Desperandum look-alike conductor was also found 2km southeast of the deposit, which has not been drilled or soil sampled to date.
Regional Insights
The Mount Hope region VTEM survey covered various tenements, including the 100% owned Big Beauty and Mount Hope Mining Lease, the 82.5% owned Spring Creek tenement, and the 51% owned Hammer Metals sub-block JV tenement.
In the Mohawk Corridor, multiple new strong undrilled late time conductors were delineated along a 010 degree striking trend, potentially linking up to the Glencore owned Little Beauty Prospect.
At the Pronuba Prospect, a very strong late time conductor coincides with a large surface geochemical anomaly, indicating significant potential for copper mineralization.
Future Exploration
The VTEM survey results have provided numerous new drill targets, with the Mohawk corridor emerging as a key focus area. Step-out drilling is planned to test the extension of the Mohawk mineralization to the north of the current drilling.
Further analysis and processing of the VTEM data are underway, with final data and images expected within a month. The company aims to drill as many of these targets as possible in the coming quarter.
The discovery of multiple strong VTEM conductors at the Greater Duchess Project is a significant development for Carnaby Resources. These findings suggest substantial potential for copper mineralization, which could positively impact the company's stock price as investors react to the promising exploration results.
The identification of new drill targets and the correlation between drilled conductors and copper mineralization provide a strong foundation for future exploration efforts. This could lead to an increase in the company's mineral resources, further boosting investor confidence.
Investor Reaction:
Analysts are likely to react positively to the news, given the strong potential for copper mineralization indicated by the VTEM survey results. The emergence of the Mohawk corridor as a key target zone and the identification of new drill targets are expected to generate significant interest among investors.
However, the final impact on the stock price will depend on the results of the upcoming drilling programs and the overall market conditions for copper and gold.
Conclusion:
Investors should keep a close eye on Carnaby Resources' upcoming exploration activities at the Greater Duchess Project. The preliminary VTEM survey results indicate significant potential for copper mineralization, and the company's strategic focus on drilling new targets could lead to substantial resource growth.
Stay informed on the latest developments and consider the potential long-term impacts on your investment portfolio.