Carnaby Resources : Strong Drill Results at Nil Desperandum - 60m @ 0.9% Copper

Published: 2022-01-09 17:58:05 ET CNB.AX

AT NIL DESPERANDUM - 60.3m @ 0.9% COPPER

Carnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased

only

to announce further drill results from the Nil Desperandum Prospect within the

Gr ater Duchess Copper Gold Project in Mt Isa, Queensland.

Highlights

•

Assay results have been received for NLDD042 confirming a broad high

use

grade copper gold discovery at Nil Desperandum. Results are;

• 60.3m @ 0.9% copper, 0.1g/t gold from 256m

• 3m @ 1.1% copper, 0.2 g/t gold from 238m

•

Importantly the result from NLDD042 confirms the excellent continuity

of the main high-grade breccia shoot directly down plunge from the

previously reported drill hole NLRC017 which intersected 87m @ 0.9 %

copper including 30m @ 1.8% copper (see ASX release 5 July 2021).

•

The recently reported spectacular drill result in NLDD044 of 41m @ 4.1%

copper, 0.5g/t gold including 9m @ 10.3% copper, drilled

subsequent to NLDD042, lies a further 80m south (see ASX release 29

December 2021). Further drilling is required to confirm the continuity

between these holes and to test for further extensions of high-grade

mineralisation which remains open up and down dip and down plunge.

•

Results from numerous other holes drilled at the end of 2021 at Nil

personal

Desperandum, Lady Fanny and Burke & Wills prospects are also awaited.

•

Follow up exploration is being rapidly escalated with extensive IP surveys

and multiple drill rigs to commence this month.

•

Major new tenement applications targeting the southern continuation of

For

a strong structural corridor south of Nil Desperandum have increased

landholdings by 638 km2 at Greater Duchess to 1,022 km2 (Figure 4).

The Company's Managing Director, Rob Watkins commented:

"NLDD042 has confirmed the strong continuity of the broad high-grade Nil Desperandum breccia which has been traced for over 500m and getting bigger and better at depth. We look forward to receiving more results shortly and the imminent start of 2022 exploration. We are also highly excited about the regional upside potential of the extensive new land tenure announced today."

ASX Announcement 10 January 2022

Fast Facts

Shares on Issue 124.1M

Market Cap (@ $1.38) $171M

Cash $5.6M1

1As of 30 September 2021

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director &

Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

For personal use only

GREATER DUCHESS COPPER GOLD PROJECT

NIL DESPERANDUM PROSPECT (CARNABY 82.5%)

An RC / diamond hole, NLDD042 has intersected a strong down plunge intersection of the main broad high grade breccia shoot (Figure 1 & 2). Importantly the results show excellent continuity of the main breccia shoot which has now been traced for over 500m down plunge.

NLDD042

The intersection in NLDD042 is approximately 80m along strike from the recent spectacular result of 41m @ 4.1% copper in NLDD044 which remains completely open down and up dip and down plunge to the southwest (Figure 2 & 3).

NLDD042 is approximately 60m down plunge from a previously reported result of 87m @ 0.9% copper including 30m @ 1.8% copper intersected in NLRC017 confirming robust down plunge continuity of the main breccia shoot which is consistently over 40m true width.

Figure 1. Drill Section showing new drill result from NLDD042.

For personal use only

Figure 2. Plan of Nil Desperandum Showing location of NLDD042 drill results.

Figure 3. Drill Section showing NLDD044 and the NLIP4 IP chargeability anomaly.

For personal use only

Results remain outstanding from numerous new RC drill holes from Nil Desperandum, Lady Fanny and Burke & Wills where significant copper sulphides have been observed in drill chips (See ASX release 21 December 2021).

Carnaby is about to commence a major drill out of the high-grade Nil Desperandum copper gold discovery with multiple rigs and extensive IP geophysical surveys starting this month.

Extensive infill and extensional drilling is required to confirm the orientation and true width of the high grade copper gold mineralisation intersected to date and to quantify the magnitude of this very significant copper gold discovery.

MAGNA LYNN AND MAKBAT LAND ACQUISITION (CARNABY 100%)

Carnaby has moved quickly following the high-grade discovery at Nil Desperandum, pegging an additional contiguous 638 km2 tenement package approximately 10 km wide by 75 km strike targeting a strong structural and potential new IOCG corridor south of Nil Desperandum (Figure 4). The land pegging has increased Carnaby's Greater Duchess Copper Gold and

Tick Hill Gold project area by 638 km2 to 1,022 km2of highly prospective tenure.

The new project areas contain mapped occurrences of Magna Lynn Basalt associated with a strong north south structural corridor of intersecting cross cutting faults over a 75 km strike.

The new tenement applications named Magna Lynn and Makbat are located on the western edge of the Mary Kathleen Tectonic Zone and are remarkably underexplored with only minimal surficial historical exploration completed comprising mostly surface stream sediment sampling. Stream sediment sampling indicates a broad anomalous north south trend associated with the Magna Lynn structural corridor. Both project areas contain extensive amounts of shallow cover associated with large regional drainage systems that may mask underlying copper mineralisation.

Carnaby plans to systematically explore these early-stage targets in conjunction with the major drillout and resource development of the Greater Duchess Copper Gold Project.

For personal use only

Figure 4. Plan showing new Magna Lynn and Mackbat tenement applications covering

and additional 638 km2 of land holdings south of Nil Desperandum.

Further information regarding the Company can be found on the Company's website

www.carnabyresources.com.au

For further information please contact: Robert Watkins, Managing Director +61 8 9320 2320

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Disclaimer

Carnaby Resources Ltd. published this content on 09 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2022 22:57:02 UTC.