11/02/2022 - 13:10

DiscovEx, Carnaby onto more QLD copper-gold

11/02/2022 - 13:10

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DiscovEx Resources’ and joint venture partner Carnaby Resources’ remarkable Nil Desperandum prospect within the Greater Duchess copper gold project is looking like the gift that keeps on giving after the duo announced an extension of wide zones of copper mineralisation. Carnaby, the majority owner of the project in Mt Isa, Queensland, says the copper grades look to be increasing at depth.

DiscovEx, Carnaby onto more QLD copper-gold
Drilling at a DiscovEx project. Credit: File

DiscovEx Resources’ and joint venture partner Carnaby Resources’ remarkable Nil Desperandum prospect within the Greater Duchess copper gold project is looking like the gift that keeps on giving after the duo announced an extension of wide zones of copper mineralisation. Carnaby, the majority owner of the project in Mt Isa, Queensland, says the copper grades look to be increasing at depth.

According to Carnaby, one of the holes sunk at Nil Desperandum intersected a 70 metre downhole section of copper sulphide mineralisation from 195m with up to 18 per cent chalcopyrite, based on a visual assessment.

The company says another hole at the prospect unveiled a 63m zone of copper sulphide mineralisation from 169m with an identical chalcopyrite inclusion.

In addition, the partners also have received the results of a previously run induced polarisation, or “IP” survey and claim the results stretched the chargeability inversion anomaly to over 400m in length. The duo could be onto more sulphides after identifying a “very strong” resistivity anomaly on three additional IP lines.

Carnaby is now set to continue chipping away on an extensive drilling play and an IP survey at the pair’s nearby Lady Fanny prospect before returning to Nil Desperandum to probe its new anomalies.

Carnaby Resources Managing Director, Robert Watkins said:“While we must wait to complete heritage surveys before we can target the IP anomalies over 400m strike southwest of NLDD044, we have no shortage of quality drill targets to pursue at the Lady Fanny Prospect, where six lines of IP are in progress targeting below shallow drill results of up to 27m @ 2.8% copper, 0.8 g/t gold in LFRC009.”

DiscovEx sold 82.5 per cent of its interest in its Southern Hub exploration tenements to Carnaby about two years ago in exchange for a free carried interest of 17.5 per cent. Carnaby will carry much of the financial burden associated with the project’s development.

The project is proving to be a windfall for the duo, with previous work at Greater Duchess resulting in a tripling of DiscovEx's share price and a nine-fold increase for Carnaby.

Carnaby's latest probe of Nil Desperandum comes hot on the heels of a string of positive results from half-dozen holes that all encountered shallow, high-grade copper-gold mineralisation across its neighbouring Lady Fanny and Burke & Wills projects. The results include a 40-meter intersection grading 1 per cent copper with anomalous gold from the surface and a 13-meter hit going 1.5 per cent copper from 20m.

Copper is an essential component in the development of an economy powered by electric batteries. The material finds itself in electric motors, inverters, wiring and in charging stations owing to its stability, pliability and superior electrical conductivity. With demand for all things clean energy surging DiscovEx and partner Carnaby Resources’ Greater Duchess copper gold project could find itself at the forefront of the new energy revolution and clearly the market meerkats are already paying close attention.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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