DiscovEx, Carnaby unravel more Qld copper anomalies

The joint venture between DiscovEx Resources and Carnaby Resources has its sights on yet another set of compelling drill targets at its Greater Duchess copper-gold project near Mt Isa in Queensland after an aeromagnetic survey underlined a strong structural corridor between and beyond its previously defined Nil Desperandum and Lady Fanny prospects.

The results form part of an exploration ramp-up at the operation, with the company running a suite of comprehensive induced polarisation, or “IP” surveys that appear to be setting up a conga-line of “outstanding” targets and adding to its ongoing success with the drill bit.

During its exploration blitz, the company completed a pair of IP lines at its Duchess prospect, where DiscovEx owns a 17.5 per cent stake.

The play led to the discovery of two significant anomalies near the zone’s historic mine workings. According to the company, the area was previously mined to a depth of 260m and produced some encouraging copper hits that culminated in the delivery of a 205,000 tonne resource going a hefty 12.5 per cent copper.

Intriguingly, management says drilling at the prospect is yet to target the zone beneath the ground’s historical workings and that it will soon test the highly prospective area with a diamond drill rig.

Exploration at the nearby Shamrock prospect, another target partly owned by DiscovEx, has led to the discovery of a collection of high-grade rock chips running up to 18.8 per cent copper and 4 grams per tonne gold.

Further south, drilling at the Lady Fanny South prospect underlined a 37m envelope of copper mineralisation associated with a previously defined IP anomaly. As with Duchess DiscovEx also holds a 17.5 per cent stake in the prospect.

In additional exploration, ongoing diamond and RC drilling at the nearby Nil Desperandum prospect continues to extend the target’s scale, with a recent probe delivering a 19m section of strong copper sulphide mineralisation with assay results still pending.

DiscovEx divested an 82.5 per cent interest in its Southern Hub exploration tenements that include the recently defined Fanny South, Duchess, Shamrock and Nil Desperandum, prospects to Carnaby about two years ago in exchange for a free carried interest.

The transaction allows DiscovEx to focus on the discovery of significant gold deposits whilst also leaving the door open for the explorer to pick up a healthy slice of the lucrative copper pie through Carnaby’s ongoing exploration.

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