Shares in DiscovEx Resources soared more than 20 per cent on intraday trading after its JV partner Carnaby Resources seized another stunning set of drill results from ongoing work at its Greater Duchess copper-gold project near Mt Isa in Queensland.
Carnaby has been peppering the region with a spate of holes in recent times and is set to continue its base and precious metals onslaught with an RC and diamond drill rig.
Some of the highlights from the campaign include the widest high-grade intercept at the Lady Fanny prospect to date, with a 68m hit going 2.4 per cent copper and 0.4 grams per tonne from 40m, with a richer 42m component grading 3.6 per cent copper and 0.5g/t 63m.
According to the company, it has now intersected broad, high-grade copper-gold mineralisation at shallow depths across a 300m strike length that remarkably remains open.
Carnaby has also got its hands on a portfolio of new results from work at Lady Fanny, including a 30m zone of visually-strong copper sulphides that are yet to be reviewed by an assay laboratory.
Given its ongoing success at the prospect, the joint venture believes it could be nurtured into a significant open pit resource.
Meanwhile, at the nearby Nil Desperandum prospect, DiscovEx says a recent diamond core probe has yielded a 33m section at 4 per cent copper and 0.5 grams per tonne gold from 264m, with an 18m inclusion grading 6.7 per cent copper and 0.8 g/t gold from 274m.
According to the explorer, the work at Nil Desperandum has extended a high-grade breccia shoot a further 180m down plunge with one hole delivering a 26m intersection going 2.4 per cent copper and 0.3g/t gold and another pulling out a 17 section at 2.2 per cent copper and 0.4g/t gold from 146m.
Carnaby believes results from the breccia shoot could bolster the project’s resource and development potential given the structure has excellent grade, scale and importantly continuity.
Perth-based DiscovEx divested more than 80 per cent of its interest in the Greater Duchess hosting Southern Hub exploration tenements to Carnaby two years ago in exchange for a free carried interest. The play looks to be delivering the goods, with Carnaby sweeping up a string of strong results and allowing DiscovEx to focus on its core activities – namely sniffing out large-scale gold resources in Western Australia.
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By Matt Birney
