Major Discovery Confirmed At Nil Desperandum From Drilling And Ip Geophysical Surveys

Carnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to confirm a major copper gold discovery at the Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

Highlights

• RC drill hole NLRC066 has intersected a strong 50m down hole zone of copper sulphide mineralisation from 250m to bottom of hole (BOH) containing up to 30% chalcopyrite based on visual estimates with results pending (refer Table 1 & 2 in Appendix 1 of this report).
• Critically, the visual intercept in NLRC066 has confirmed that the copper mineralisation in the adjacent drill hole NLDD044, which intersected 41m @ 4.1% copper (see ASX release 29 December 2021), has a similar dip to shallower parts of the deposit and therefore downhole widths are close to true width intersections for both NLDD044 and NLRC066 (See Figure 1).
• Also of material importance, results from the first three new lines of Induced Polarisation (IP) southwest of NLDD044 have outlined a continuous >300m long chargeability anomaly consistent with the chargeability anomaly associated with the copper sulphide mineralisation in NLDD044 (see Figure 2). Results from a further three lines of IP are being modelled and will be reported shortly.
• Extensive drilling and IP surveys are ongoing. Short Covid related heritage survey delays are being experienced and are required before drilling of the new IP anomalies can take place southwest of NLDD044.

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