Carnaby Resources to Start Drill Testing at Newly Identified Electromagnetic Conductor at Queensland Project; Shares Fall 4%

MT Newswires Live08-07

Carnaby Resources (ASX:CNB) said a new off-hole electromagnetic conductor was identified down plunge of the main Inheritance orebody at the Greater Duchess copper-gold project in Queensland, and it plans to start drill testing of this target shortly, according to a Thursday Australian bourse filing.

The firm also received assays from drilling at the Trekelano prospect with a standout drill result of 20 meters at 1.3% grade of copper-equivalent, including 1.1% grade of copper as well as 0.2 grams per tonne (g/t) grade of gold from 238 meters and 24 meters at 1.1% grade of copper-equivalent, including 0.9% grade of copper as well as 0.2 g/t grade of copper from 299 meters intersected.

The firm said there was potential for the prospect to develop into a much larger baseload-style deposit with additional drilling.

Carnaby Resources' shares fell 4% in recent trading on Thursday.

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