10/01/2022 - 12:04

DiscovEx Resources' partner unveils more QLD copper

10/01/2022 - 12:04

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DiscovEx Resources looks to have scored more runs in Queensland after its JV partner, Carnaby Resources unveiled a 60.3m strike going 0.9 per cent copper at the Greater Duchess project where DiscovEx holds a ‘free carried’ 17.5 per cent stake. Carnaby Resources, which owns the majority rights to the project near Mt Isa, says the hit confirms the continuity of the high-grade breccia shoot.

DiscovEx Resources' partner unveils more QLD copper
Exploration work at a DiscovEx project. Credit: File

DiscovEx Resources looks to have scored more runs in Queensland after its JV partner, Carnaby Resources unveiled a 60.3 metre strike going 0.9 per cent copper at the Greater Duchess project where DiscovEx holds a ‘free carried’ 17.5 per cent stake. Carnaby Resources, which owns the majority rights to the project near Mt Isa, says the hit confirms the continuity of the high-grade breccia shoot.

Other notable results included a three metre section grading 1.1 per cent copper with 0.2 grams per tonne gold from 238m.

According to Carnaby, its latest results were produced from a solitary hole driven into its Nil Desperandum prospect. The hole was aimed at targeting an induced polarisation, or “IP” anomaly parallel to the plunge of the prospect’s main shoot breccia zone.

The Nil Desperandum prospect forms part of the larger Greater Duchess copper-gold project.

Importantly for the company, the results appear to confirm the continuity of a mineral-rich shoot that lies down dip from a previously intersected 87m hit going 0.9 per cent copper, including a high grade 30m section at 1.8 per cent copper.

The region appears to be the gift that keeps on giving with the company recently unearthing a sensational summarised result of 41m at 4.1 per cent copper with 0.5 g/t gold from 274m about 80m from its latest result. The summarised result incorporates a string of one metre assay grades to spit out the combined figure.

According to Carnaby, further drilling is required to confirm the continuity of mineralisation between these holes and to test for additional extensions which are open at depth.

The company is also gearing up to kick off additional exploration in the area, with Carnaby set to unleash a fleet of drill rigs and run an extensive IP survey across its Queensland ground.

Carnaby Resources Managing Director, Robert Watkins said:“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.”

DiscovEx offloaded just over 80 per cent of its interest in its Southern Hub exploration tenements, which hosts the Greater Duchess project, to Carnaby about two years ago in return for a free carried interest and the explorer looks to be making the most of its new ground, teasing out a string of solid hits over the last few months.

Importantly for DiscovEx, the close to 18 per cent free carried interest means they are not obliged to sink any money into the project with all future costs being worn by Carnaby.

Amid a booming copper market, Carnaby’s latest results looks to be impeccably timed and given the work has no drawbacks for DiscovEx, the company is off to a bright start for the new year.

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

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