The drilling is finished. The discoveries are in. Now the focus shifts to turning Greater Duchess into a mine.
Carnaby Resources (ASX:CNB) has wrapped up its latest drilling campaign at the Greater Duchess Copper-Gold Project near Mount Isa, with final results reinforcing two discoveries that could add incremental value ahead of the proposed takeover by Evolution Mining.
The standout results come from Miniboom at Mount Hope and Trek 1 at Trekelano, both sitting within a project already carrying a 29Mt @ 1.5% CuEq Mineral Resource and 8.4Mt @ 1.9% CuEq Probable Ore Reserve.
Miniboom packs a punch
Miniboom may be compact, but the grades have caught attention.
Sitting on the edge of the existing Mount Hope Central Ore Reserve open pit, new drilling returned:
- 20m @ 2.2% CuEq from 33m, including 5m @ 5.4% CuEq
- 12m @ 2.3% CuEq from 28m, including 5m @ 4.1% CuEq
- 42m @ 0.7% CuEq from 180m, including 18m @ 1.2% CuEq
The high-grade portion has a strike length of less than 70m, but remains open at depth.
That’s important because Miniboom is already sitting beside a planned open pit.
Carnaby will now incorporate the discovery into an updated Mount Hope Mineral Resource before re-optimising the Ore Reserve pit, potentially bringing additional copper-gold mineralisation into the development picture.
Figure 1: Miniboom Lode Cross Section showing new drill results.
Trek 1 goes wide
Trek 1 delivered the scale.
One hole returned 88.6m @ 1.2% CuEq from 69.5m, including 35.6m @ 1.8% CuEq.
Another hit two separate zones:
- 39m @ 0.7% CuEq from 243m, including 14m @ 1.2%
- 38m @ 1.9% CuEq from 290m, including 15m @ 3.2%
The latter sits where the Main and Footwall lodes appear to converge, creating a wider mineralised zone that remains open down plunge.
It’s another piece of the Greater Duchess growth story and potentially another source of future tonnes.
Figure 2: Trek 1 Cross Section showing new Footwall Lode drill results.
Evolution enters the equation
The timing matters.
Carnaby Resources has entered a binding Scheme Implementation Deed under which Evolution Mining (ASX:EVN) proposes to acquire 100% of the company.
The strategic attraction is clear. Greater Duchess sits ~70km from Evolution’s Ernest Henry operation, where latent processing capacity and existing infrastructure could offer a lower-risk development pathway.
Managing Director Rob Watkins said the two discoveries were expected to add incremental value, with the company now focused on progressing Greater Duchess towards development.
What comes next
The drill rigs have done their job. Now the numbers go back into the model.
Carnaby will incorporate the latest drilling into updated Mineral Resource Estimates while continuing critical Greater Duchess development work ahead of the proposed transaction.
If the scheme proceeds, Evolution Mining intends to update the Feasibility Study and assess how Greater Duchess can be optimally integrated with Ernest Henry.
For investors, that makes these final assays more than the end of a drilling campaign.
They could be the final pieces added to Greater Duchess before a much bigger copper producer takes control.
