Carnaby Resources Limited announced further significant drill results from the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Drilling has recommenced at Mount Hope as part of a planned 40,000m drilling program in 2023. Results have also been received from first pass regional soil sampling south of Nil Desperandum where several new targets have been generated over a 10km corridor where no previous drilling has ever been completed.

A large step out drill hole MHDD077 has intersected a very significant new high grade zone of copper gold mineralisation hosted in the same interpreted quartzite unit that hosts the Mount Hope Central mineralisation. This hole is highly significant as it has not only demonstrated that the high grade mineralisation extends at depth, but has also opened up the strike potential of the high grade zones to in excess of 200m. The zones remain completely open.

MHDD077 was RC drilled to 266.6m and a short diamond core tail was completed. All reported intervals are downhole lengths and it should be noted that the true width of mineralisation in MHDD077 is likely to be in the order of one third of the down hole length. MHDD077: 71m at 1.1% Cu from 204m Including 30m at 2.2% Cu from 204m.

Three shallower RC holes were drilled on the same section as MHDD077. MHRC075 lifted and intersected the open pit void resulting in the hole being abandoned. PXRF readings for MHDD076 and MHRC082 are summarised as: MHRC082: 26m at 1.3% Cu from 63m And 2m at 0.8% Cu from 144m; MHRC076: 20m at 1.1% Cu from 79m.

A core tail of previous RC hole MHRC021 was completed renaming the hole to MHDD021. MHDD021 has intersected a very broad zone of strong copper sulphide mineralisation within a brecciated quartzite unit. Copper mineralisation in the hole is characterised by chalcopyrite and chalcocite.

Of note is that some base metal gangue minerals galena and sphalerite were intersected for the first time at Mount Hope. The significance or relevance of this gangue mineralisation is not yet known however can be indicative of a form of outer zonation. The intersection in MHDD021 represents the deepest drill intersection to date into the Mount Hope North lode and remains open at depth and along strike.

PXRF readings for MHDD021 are summarised as: MHDD021: 34m at 0.9% Cu from 380m Including 14m at 1.6% Cu from 397m. A single diamond tail of MHRC054 was completed at the Gap Prospect in the central part of the Mount Hope Mining Lease. The Gap target is represented by a very large and very strong IP chargeability anomaly.

The diamond tail intersected an approximately 7m wide quartz vein /quartzite unit with intermittent chalcopyrite copper sulphide mineralisation. The mineralised quartz vein lode strikes at the same orientation as the Mount Hope North lode and appears to represent the western continuation of the same lode horizon. The vein intersection in MHDD054 is approximately 200m along strike to the west of and at approximately the same depth as the new 34m copper sulphide lode intersected in MHDD021.

The source of the large, strong IP chargeability anomaly at the Gap Prospect remains undiscovered however, it continues to be an exceptional target given the strong relationship between IP chargeability anomalies and copper sulphides observed at Mount Hope and elsewhere. Persistance is required to determine the source of the IP anomaly. Results have been received from a phase 1 regional soil sampling program targeting the previously unexplored and undrilled 10 km interpreted IOCG corridor south of the Nil Desperandum discovery.

The corridor is characterised by flat shallow alluviual plains with occasional small outcrops of basement. A bulk leach extractable gold and copper analytical method was selected and sampling was completed on a nominal 200m by 100m spacing. A 3km long copper gold soil anomaly has been defined approximately 5km southwest of the Nil Desperandum discovery.

The soil anomaly is defined by elevated copper results up to 26 ppm copper which averages approximately 400m wide with a core of elevated gold in soil results with a peak of 17 ppb gold. A single copper working was previously identified and two rock chips taken at this location recorded results of 18.3% Copper and 0.4g/t gold and 0.3% Copper, 0.1g/t gold. A single soil traverse was completed over an aeromagnetic trend and recorded elevated copper in soil results up to 20 ppm.

Further soil sampling is planned. Of interest is the presence of a strong NNE striking fault clearly visible in aeromagnetics that is coincident with the elevated copper in soil results and also intersects the NNW trending Razorback copper and gold soil anomaly. The NE fault orientation is a key host fault strike at several of the copper and gold deposits in the area, including Nil Desperandum, Duchess and Tick Hill.

Soil sampling across a discrete aeromagnetic bullseye high located on the NE trending St Andrews Fault trend has generated a 1.6km long by 800m wide elevated copper in soil anomaly, with a maximum result of 14 ppm copper. Additional soil sampling targeting the St Andrews Fault will be completed as well as first pass IP geophysical surveys. The St Andrews Fault target has no historically recorded exploration drilling.

The Wagon Wheel Prospect is located on the south western end of the St Andrews Fault. This area is characterised by generally deeper alluvial cover where the soil sampling results are less likely to be effective. A significant unnamed historical working comprising a small open pit and shaft is located at Wagon Wheel.

IP geophysics is planned to screen this area prior to any drilling be conducted.