Carnaby to Drill 3,400m at Trekelano, Boosting Greater Duchess Copper-Gold Resources

Carnaby Advances Trekelano Drilling Program

Carnaby Resources Limited (ASX: CNB) has announced the imminent start of a maiden drilling campaign at its Trekelano deposit, part of the Greater Duchess Copper Gold Project near Mt Isa, Queensland. The 3,400-metre drilling program is scheduled to commence in early February 2025 and marks the first drilling at Trekelano since 2012.

The program will focus on the high-grade Inheritance and Trekelano 1 deposits, which have previously yielded impressive historical drill results, including intercepts of up to 93 metres grading 5.2% copper and 1.2 grams per tonne gold, and 8 metres at 10.6% copper and 3.3 grams per tonne gold. These grades underscore the potential for significant resource expansion and underpin Carnaby’s strategy to fast-track Trekelano into the Greater Duchess Pre-Feasibility Study (PFS).

Integration into Greater Duchess Pre-Feasibility Study

The drilling program will not only target resource infill and extensions but also include geotechnical and core drilling to support metallurgical sampling. Carnaby is progressing well with the overall PFS, with mining and civil engineering studies set to begin in the first quarter of 2025 alongside updated Mineral Resource estimates. The Trekelano acquisition, anticipated to close in the first half of 2025, is expected to be a highly accretive addition to the project’s resource base, currently standing at a proforma 27 million tonnes at 1.5% copper equivalent (CuEq), equating to approximately 400,000 tonnes of copper equivalent.

Exploration and Operational Challenges

Carnaby also reported that assay results from 1,442 samples collected during the December 2024 quarter remain outstanding, including those from the Pronuba and Mohawk prospect drill programs. The company faced some operational delays due to early wet season rains, which prevented completion of drilling at the Mohawk 3 and San Quentin targets. These pending results will be critical in refining the resource model and guiding further exploration efforts.

Management Perspective and Strategic Outlook

Managing Director Rob Watkins expressed enthusiasm about the upcoming drilling, highlighting the significant exploration upside at Greater Duchess and Trekelano. He emphasized the project's clear pathway to a low capital expenditure development, reflecting confidence in the project's economic potential and the quality of the mineralisation. The Greater Duchess Project's extensive tenure of nearly 2,000 square kilometres and multiple IOCG-style deposits position Carnaby well within a highly prospective copper-gold region.

With the drilling program set to provide fresh data and the PFS advancing towards completion in Q3 2025, Carnaby is poised to deliver critical milestones that could reshape investor perceptions and project valuation. The integration of Trekelano into the broader project framework is a pivotal step in consolidating Carnaby’s resource base and advancing towards development decisions.