CNB: Re-release of ASX Announcement dated 17 December 2021

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21/12/2021

Re-release of ASX Announcement dated 17 December 2021

Carnaby Resources Limited (ASX: CNB) wishes to advise that its ASX announcement dated 17 December 2021 entitled 'Spectacular Copper Discovery - Greater Duchess Project' has been amended to include:

• Appendix 1, containing drill hole details (Table 2) and additional information regarding the descriptions and visual estimates of the reported sulphide mineralisation (Table 3), and;
• Appendix 2, containing JORC Code 2012 Edition 'Table 1' disclosures.

The amended announcement is attached.

Greg Barrett

Company Secretary

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GREATER DUCHESS COPPER GOLD PROJECT

NIL DESPERANDUM PROSPECT (CARNABY 82.5%)

An RC / diamond hole, NLDD044 has intersected a 34m downhole interval of strong copper sulphide (chalcopyrite) mineralisation which includes a 24m downhole zone of semi massive copper sulphide containing 5-40%chalcopyrite based on visual estimates (Figures 1 - 4) (refer Table 2 & 3 in Appendix 1 of this report).

NLDD044 was designed to target an Induced Polarisation (IP) chargeability inversion anomaly coincident with the predicted plunge of the Nil Desperandum main shoot breccia zone.

NLDD044 intersected the very strong zones of copper mineralisation at the exact location of the IP chargeability anomaly.

It is almost certain that the IP anomaly is being caused by the copper sulphide mineralisation intersected in NLDD044. The mineralisation remains completely open at depth to where the IP chargeability anomaly is getting stronger (Figure 1) and completely open to the southwest along strike and down plunge (Figure 2).

Figure 1. Drill Section showing NLDD044 and IP chargeability anomaly.

NLDD044 is approximately 80 to 100m along strike from the nearest drilling which includes NLDD042, announced on 13 December 2021 to have intersected an 80m downhole zone of copper sulphide mineralisation from 235m to 315.7m (RESULTS PENDING) (see ASX release 13 December 2021).

Continuous high grade copper mineralisation hosted in a wide (~40m true width) tabular southeast dipping and southwest plunging breccia shoot has now been defined over 500m

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and remains completely open to the southwest and at depth from the new intersection in NLDD044.

Figure 2. Plan of Nil Desperandum Showing location of NLDD044 and IP anomaly.

Further extensional and infill drilling is required to confirm the orientation and true width of the copper mineralisation intersected in NLDD044. However, the 24m of semi massive copper sulphide mineralisation intersected is by far the widest downhole zone of semi massive copper sulphide mineralisation yet interested at Nil Desperandum.

Drilling at Nil Desperandum is continuing until 20 December 2021 and will restart early in the new year. Carnaby now plans to accelerate exploration by completing further IP surveys as soon as possible and securing additional drill rigs to help target the southwest extension to the copper mineralisation, which is completely open and untested by drilling or geophysics.

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