Carnaby Secures Trekelano, Boosting Greater Duchess Copper-Gold Ambitions
Carnaby Resources has completed its acquisition of the Trekelano mining leases, advancing exploration and integration efforts within its Greater Duchess Copper Gold Project.
- Acquisition of 100% interest in Trekelano mining leases finalized
- Cash payment of $5.7 million plus prior $3 million deposit completed
- Exploration drilling targeting extensions of known deposits underway
- Trekelano integrated into Greater Duchess Pre-Feasibility Study on track
- Binding tolling and offtake agreements signed with Glencore
Acquisition Completion Marks Strategic Milestone
Carnaby Resources Limited (ASX – CNB) has officially completed the acquisition of three mining leases at Trekelano from Chinova Resources Osborne Pty Ltd. This transaction, first announced in late 2024, consolidates Carnaby’s ownership to 100% of the Trekelano assets, a key component of its broader Greater Duchess Copper Gold Project in Queensland’s Mt Isa inlier.
The acquisition involved a $5.7 million cash payment on completion, supplementing a $3 million deposit paid earlier, alongside a $1.3 million environmental bond lodged with Queensland Treasury. This financial commitment underscores Carnaby’s confidence in the project’s potential and its commitment to responsible environmental stewardship.
Exploration and Development Momentum
With ownership secured, Carnaby is poised to accelerate exploration activities at Trekelano, focusing on drilling programs aimed at extending the known mineralisation at the Inheritance and historical Trekelano 1 deposits. These efforts are integral to the ongoing Pre-Feasibility Study (PFS) for the Greater Duchess Project, which remains on schedule for completion in the second half of 2025.
Key geotechnical and metallurgical drilling has already been completed, providing valuable data to refine the project’s development plans. The integration of Trekelano’s deposits into the PFS is expected to enhance the overall resource base and project economics.
Robust Project Fundamentals and Commercial Agreements
The Greater Duchess Copper Gold Project boasts a substantial mineral resource estimate of approximately 27 million tonnes at 1.5% copper equivalent, translating to around 400,000 tonnes of copper equivalent metal. This includes multiple iron oxide copper gold (IOCG) deposits such as Mount Hope, Nil Desperandum, Lady Fanny, and now Trekelano.
Importantly, Carnaby has secured binding tolling and offtake agreements with global commodities giant Glencore International AG. These agreements provide a clear pathway for processing and marketing the project’s copper-gold output, mitigating commercial risks and enhancing project viability.
Strong Management and Financial Position
Carnaby’s management team, led by Managing Director Rob Watkins and Non-Executive Chairman Peter Bowler, brings proven expertise to the project’s advancement. The company maintains a tight capital structure with approximately 228 million shares on issue and a market capitalisation near $78 million at current prices, supported by a cash balance of $15.8 million as of June 2025.
This financial strength positions Carnaby well to fund ongoing exploration, development, and environmental obligations as it progresses the Greater Duchess Project towards production.
Bottom Line?
Carnaby’s Trekelano acquisition cements its foothold in a promising copper-gold province, setting the stage for critical exploration results and project milestones in the months ahead.
Questions in the middle?
- What new resource estimates will emerge from the upcoming Trekelano drilling programs?
- How will integration of Trekelano impact the overall economics and timeline of the Greater Duchess Project?
- What are the terms and potential volumes under the tolling and offtake agreements with Glencore?
