DiscovEx Resources : Spectacular Copper Discovery - Greater Duchess Project CNB

For personal use only

ASX Announcement: 17 December 2021

Spectacular Copper Discovery Greater Duchess Copper Project -

Carnaby Resources Limited

DiscovEx Resources Limited (Company or DiscovEx) provides the attached announcement by Carnaby Resources Limited (ASX: CNB) (Carnaby).

The announcement relates to the Southern Hub Tenements where DiscovEx holds a 17.5% free‐ carried interest in EPM 9083, EPM 11013, EPM 14366, EPM 14369, EPM 17637, EPM 18223, EPM 18990, EPM 19008, EPM 25435, EPM 25439, EPM 25853, EPM 25972.

Authorised for release by and investor enquiries to:

Toby Wellman

Managing Director

T: 08 9380 9440

For and on behalf of

DISCOVEX RESOURCES LIMITED

Car aby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce a spectacular copper discovery at the Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

Highlights

• The RC pre-collar to NLDD044 has intersected a 34m down hole zone use of copper sulphide including a 24m zone of mostly semi massive
  copper sulphide (see photo below left), results pending.

the extensions to the southwest.

The Company's Managing Director, Rob Watkins commented:

"Nil Desperandum is rapidly emerging as a major copper gold discovery in one of Australia's premier copper districts located only 70km from Mt Isa and surrounded by world class infrastructure. The deposit appears to be getting bigger and better at depth and we are now fast-tracking further IP geophysical surveys to help guide a follow-up drilling program which will commence in Q1 2022."

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ASX Announcement 17 December 2021

Fast Facts

Shares on Issue 118.1M

Market Cap (@ 29 cents) $34.2M

Cash $5.6M1

1As of 31 September 2021

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director & Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective tenure
• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 323 km2 of tenure
• 100% ownership of the Tick Hill Gold Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines
• Past production of 511 koz at 22 g/t gold
• Indicated and Inferred Mineral Resource of 207,000 t @ 6.71 g/t gold for 44,600 ounces
• Proven and Probable Ore Reserves of 48,600 t @ 6.53 g/t gold for 10,200 ounces

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1. +61 8 9320 2320 www.carnabyresources.com.au

For personal use only

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 (Figures 1 - 4).

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 only 4 days ago 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 and remains completely open to the southwest and at depth from the new intersection in NLDD044.

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For personal use only

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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