Carnaby Resources VTEM Survey Highlights Exploration Potential at Greater Duchess
LATITUDE 66 LIMITED (LAT) Share Update September 2024 Thursday 26th
Carnaby Resources Unveils Promising VTEM Survey Results at Greater Duchess Project
Carnaby Resources Limited (ASX: CNB) has announced preliminary results from a recently completed VTEM (Versatile Time-Domain Electromagnetic) survey at their Greater Duchess Copper Gold Project in Queensland. The results indicate significant exploration potential, with multiple strong conductors identified.
Instant Summary:
- 194 line km aerial VTEM survey completed over Mount Hope and Nil Desperandum regions.
- Multiple strong late channel bedrock conductors identified at new undrilled locations.
- Four conductors drilled to date show 100% correlation with copper mineralization.
- Emerging >4km long Mohawk NS corridor with numerous new strong undrilled conductors.
- Strong late time conductor identified at the undrilled Pronuba Prospect.
VTEM Survey Preliminary Data Highlights
The VTEM survey, covering 194 line km, was conducted over the Mount Hope and Nil Desperandum regions. Preliminary data indicates multiple strong late channel bedrock conductors at numerous new undrilled locations. Of the moderate to strong conductors identified, only four have been drilled (Mount Hope Central, Mount Hope South, Mohawk, and Nil Desperandum), all of which are associated with copper mineralization.
This 100% correlation bodes well for the numerous other undrilled moderate to strong late channel conductors identified in this VTEM survey. Of particular interest is the emerging >4km long Mohawk NS corridor, which has numerous new strong undrilled conductors identified north of the discovery drill hole that intersected 21m @ 2.0% Cu, 0.6g/t Au.
Mohawk Corridor and Pronuba Prospect
The Mohawk corridor is emerging as an exceptional target zone where only a handful of holes have been drilled to date. The VTEM survey at Mohawk has recorded moderate to strong double peak late time conductors for 500m north of the nearest drill hole at Mohawk, significantly expanding the potential mineralized footprint to over 700m strike.
A very strong late time conductor has also been identified at the undrilled Pronuba Prospect, coinciding with a large >1.5km long by 500m wide surface geochemical anomaly. This strong conductor is supported over three consecutive 200m spaced VTEM lines.
South Hope and Smith Store Prospects
At the South Hope Prospect, a moderate to strong late time conductor has been recorded over two consecutive 200m spaced VTEM lines, confirming the location of known high-grade copper mineralization. Similarly, the Smith Store area has four weak to moderate late time conductors delineated, with two located close to the tenement boundary with Hammer Metals Ltd.
The VTEM survey results indicate that electrical geophysics has been working exceptionally well at locating copper-bearing mineralization at Greater Duchess, with a 100% success rate over the known deposits that were flown over in the VTEM survey. This bodes well for the multiple VTEM conductors that are yet to be drilled.
The VTEM survey results are promising and suggest significant exploration potential at the Greater Duchess Copper Gold Project. The identification of multiple strong conductors, particularly in new undrilled locations, could lead to increased investor interest and a potential rise in Carnaby Resources' stock price. The correlation between conductors and copper mineralization is particularly encouraging.
Investor Reaction:
Analysts are likely to react positively to the VTEM survey results, given the strong correlation with copper mineralization and the identification of new exploration targets. Investors may see this as an opportunity to invest in Carnaby Resources, anticipating further positive developments from ongoing exploration activities.
Conclusion:
Investors should keep an eye on further updates from Carnaby Resources as they continue their exploration activities at the Greater Duchess Project. The promising VTEM survey results indicate significant potential for new discoveries, which could positively impact the company's stock price and overall market position.