DiscovEx Resources and JV partner Carnaby Resources have confirmed a major copper-gold discovery at the Nil Desperandum prospect, which forms part of the larger Greater Duchess project in Mt Isa, Queensland. Carnaby’s shares soared more than 40 per cent higher during intraday trading, with DiscovEx stock following suit, up more than 30 per cent on news of the find.
The project is proving to be a bit of a boon for the duo, with prior work at Greater Duchess leading to a to a tripling of Discovex’ share price and a nine-fold escalation for Carnaby.
According to the company, its latest work at the prospect unveiled a 50-meter zone of copper sulphide mineralisation from 250 metres to the bottom of the hole. Remarkably, the intersection housed up to 30 per cent of the copper iron sulphide mineral chalcopyrite, based on a visual review.
Importantly, Carnaby says, the high-grade copper-gold mineralisation intersected over its last few programs are of “exceptional” true widths, giving it confidence in the plunge extension potential of the high-grade Nil Desperandum breccia shoot.
In addition, the JV partners also have their hands on the results of a previously run induced polarisation or “IP” survey and they say the numbers are indicative of a very strong relationship between the chargeability inversion anomaly and copper sulphide mineralisation.
Carnaby is now awaiting the results from a trio of additional IP lines and it is gearing up to run an extensive drill testing of its new anomalies subsequent to an ongoing heritage survey.
DiscovEx offloaded 82.5 per cent of its interest in its Southern Hub exploration tenements to Carnaby a little over two years ago in return for a free carried 17.5 percent interest that will see Carnaby do most of the initial heavy financial lifting to prove the project up.
Carnaby’s latest work at Nil Desperandum follows a string of solid results from half a dozen holes drilled across its nearby Lady Fanny and Burke & Wills prospects where all holes intercepted shallow, high-grade copper-gold mineralisation. Some of the notable results from the prior campaign include a 40-metre intersection going 1 per cent copper with anomalous gold from the surface. The program also unveiled a 13m intersection going 1.5 per cent copper from 20m.
Carnaby's latest results appear to be perfectly timed, with the copper market booming amidst the base metal’s ongoing use in the electric vehicle industry.
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By Matt Birney
