Carnaby Resources' Drilling at Queensland Project Confirms Discovery of New Lode, Shares Jump to Over One-Year Peak

MT Newswires Live05-14

Carnaby Resources' (ASX:CNB) drilling at the Trekelano project in Queensland confirmed the discovery of a significant new Footwall lode, open down plunge and along strike to the north, according to a Thursday Australian bourse filing.

It encountered intercepts of 19 meters at 7.1% grade of copper-equivalent, including 4.4% grade of copper and 3.1 grams per tonne grade of gold from 256 meters, as well as 16 meters at 2.4% grade of copper-equivalent, including 2% grade of copper and 0.5 g/t grade of gold, from 197 meters.

Carnaby will incorporate the results from the main lode and Footwall lode discoveries at the Trek 1 prospect into an updated mineral resource estimate, and will perform open pit optimizations and underground scoping studies in the second half.

Its shares jumped 11% in recent trading on Thursday, reaching their highest point in over a year.

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