Carnaby Resources has jagged shallow high-grade copper up to 4.9 per cent and gold grading as much as 2.8 grams per tonne (g/t) from just 22 metres depth at its Burke and Wills prospect - part of the Greater Duchess joint venture area in Queensland that it shares with ASX-listed Latitude 66.
Ten holes were drilled to define the geometry of the deposit and to test for extensions of the upper section of the prospect in which Latitude holds a 17.5pc free-carried interest. Every hole intersected mineralisation.
It had a most notable hit of 5m grading 3.2pc copper and 1.7g/t gold from just 22m depth, including a 3m section running at 4.9pc copper and 2.8g/t gold.
An additional intersect came in with 7m at 1.6pc copper and 0.6g/t gold from 23m, including a 2m slice grading 4.4pc copper and 1.6g/t gold.
Further drilling at Lady Fanny and Nil Desperandum - two more prospects in which Latitude owns a 17.5pc free-carried holding - also came up trumps.
At Lady Fanny, the drill bit hit a 35m true width section of 0.5pc copper and 0.1g/t gold from 112m depth, including a 10m chunk of 1.2pc copper and 0.3g/t gold. Drilling increased the width of the lode to 35m.
More results are pending from drilling at a spot 45m further down to test a mineralised zone with similar widths.
Both these holes are below the current optimised pit and could add plenty of weight to the prospect’s existing resource, which currently stands at 3.1 million tonnes containing 40,800t of copper and 45,800 ounces of gold.
Over at the 4.2mt, 1.3pc copper Nil Desperandum deposit, Carnaby drilled six shallow infill holes to confirm the geometry and size of the mineralisation in the project’s upper section. Results from this drilling program included 2m running at 1.6pc copper and 0.3g/t gold from 25m.
The drill bit was also sent to the bottom of the deposit to test various geotechnical aspects. Best results included a true width intersection of 3.5m running at 4pc copper and 0.5g/t gold within a bigger 23m hit of 1.5pc copper and 0.3g/t gold at 470m depth.
Latitude says the results from all three prospects continue to demonstrate the massive upside for resources growth at the Greater Duchess project.
Being just 70 kilometres south of Mt Isa, the Greater Duchess project is strategically positioned close to world-class infrastructure, including rail, road and a gas pipeline, and a skilled, mine-ready workforce.
The jointly-owned project is undergoing prefeasibility studies led by Carnaby and hosts a global resource of 281,000t copper equivalent.
The study, expected to be received within months, has been given a recent big leg up with Carnaby’s acquisition of the nearby Trekelano copper-gold deposit from Chinova Resources, which holds 85,000t of copper equivalent grading at 1.6pc.
Carnaby also signed a binding offtake agreement with mining giant Glencore to toll 100pc of the fresh sulphide ore and concentrate at Greater Duchess.
To fund the Trekelano acquisition, Carnaby raised $17 million in fresh equity, with Glencore subscribing to $3.3m worth of the new shares at 31 cents.
While the Carnaby joint venture has been kicking along, Latitude has also been gearing up to restart exploration drilling at its 600,000-ounce Kuusamo Schist Belt gold project in northern Finland. The company plans to target extensions of the existing deposit and its satellite prospects to expand a resource big enough to justify a standalone operation.
With two high-impact developments on the horizon, Latitude’s dual focus on copper and gold is likely to capture the punters’ attention in the coming months as it moves closer to unlocking significant value across its global portfolio.
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By James Pearson
