JV partners DiscovEx Resources and Carnaby Resources look to have made it onto Santa’s nice list after drilling at their Greater Duchess project near Mt Isa in Queensland outlined an “extremely” high-grade copper gold discovery. ASX-listed Carnaby Resources, which owns the majority rights to the project, confirmed a striking summarised result of 41 metres at 4.1 per cent copper with 0.5 grams per tonne gold from 274m.
The summarised results include 24m at 6.5 per cent copper and 0.7 g/t gold from 251m. Carnaby says its latest figures include a higher grade component of 9m going 10.3 per cent copper with 1.2 g/t gold from 264m.
The summarised results takes in a series of 1m assay grades to produce a combined figure.
Carnaby’s shares vaulted more than 60 per cent higher during intraday trading with DiscovEx stock following suit, up more than over 30 per cent on news of the discovery.
According to Carnaby, the single hole plunged into the Nil Desperandum prospect, which forms part of the larger Greater Duchess copper-gold project, was aimed at zeroing in on an induced polarisation, or “IP” anomaly parallel with the plunge of the prospect’s main shoot breccia zone.
The latest result comes as a major coup for DiscovEx, with its partner Carnaby, suggesting the figures are amongst the highest copper drill hole grades and widths reported in the country since the $6 billion dollar market capped Sandfire Resources’ discovery of the Degrussa copper gold deposit more than a decade ago.
Importantly for DiscovEx, the joint venture deal is nearly 18 per cent free carried, meaning they are not required to spend another cent into the project with all future costs being carried by Carnaby.
Carnaby says the high-grade copper intersection, which was unveiled through a combination of RC and diamond drilling, is completely open at depth and along strike to the southwest.
Carnaby Resources Managing Director, Robert Watkins said:“Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth. The scale of the mineralised system we are seeing is exceptional. We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.”
Both companies are now awaiting additional results from a series of supplementary holes plunged across the Queensland tenement, including a neighbouring hole that unveiled close to 80m of copper sulphide mineralisation. Results are also pending for additional work at the Nil Desperandum and the nearby Lady Fanny and Burke & Wills prospects.
After sniffing out the solid copper gold hits at its Greater Duchess project, Carnaby is now putting together a rapid plan of attack that will see it complete extensive geophysical surveys and pepper its mineral-rich ground in the new year.
Amid a booming copper market that has seen the commodity trade at near decade highs of about US$9,700 per tonne, DiscovEx could be entering the new year on a high. If its joint venture partner, Carnaby can continue to stack up more top shelf results to match these initial strikes, both companies could find themselves with a conga line of new followers.
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By Matt Birney
