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Carnaby Resources and Hammer Metals Ink Mt Hope Mining Lease Deal

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THE BOURSE WHISPERER: Carnaby Resources (ASX: CNB) has struck a deal with Hammer Metals (ASX: HMX) that will result in Carnaby expanding its footprint adjacent to and surrounding the company’s 100 per cent-owned Mount Hope Mining Lease in Queensland.

Carnaby Resources explained the acquisition of three Sub-Blocks surrounding its Mount Hope mining lease ML90240 will allow it to optimise the Mount Hope Central and Mount Hope North open pits to their full extents, unrestricted by the current mining lease boundary.

The Mount Hope mining lease ML90240 currently contains a Mineral Resource of 10.3 million tonnes at 1.7 per cent copper equivalent (CuEq) for 173,000 tonnes CuEq.

Carnaby considers the benefits of being able to mine these larger open pits will be important to the Mount Hope development in respect to scheduling, capital expenditure and life of mine cashflow.

“This is a great transaction for both companies and their shareholders,” Carnaby Resources non-executive chairman Peter Bowler said in the company’s ASX announcement.

“For Carnaby it ensures we now have the unfettered ability to develop the Mount Hope Central and Mount Hope North deposits in the most optimal and unconstrained manner.

“We look forward to advancing the Mount Hope development and the broader Greater Duchess Scoping Study which is expected to highlight the significant value our projects can deliver to Carnaby shareholders.

“We are also highly encouraged by the exploration potential along the Mount Hope corridor both in the near mine environment for direct extensions of the lodes into the area acquired and for mineable satellite deposits like South Hope and The Stubby where significant historical drill results have been recorded.”

Hammer Metals does alright from the deal as well with total consideration payable by Carnaby Resources being up to $20 million.

Hammer will retain 30 per cent equity and to be free-carried by Carnaby to production from the three Sub-Blocks.

The initial tranche of payments comprises $4 million in cash and $5 million in Carnaby shares.

Hammer indicated this will provide funding for exploration drilling with a view to increasing its Mount Isa regional copper resource inventory.

A further $5 million in cash will be payable to Hammer upon a Mount Hope open pit decision to mine.

A final payment of $6 million in cash will be made upon a final investment decision for any separate new development on the Sub-Blocks (which could include prospects such as South Hope, Mount Hope U/G Extensions and The Stubby).

“We are extremely pleased to have realised this strong valuation outcome of up to $20 million for the three Sub-Blocks as part of this landmark transaction with our neighbour, Carnaby Resources,” Hammer Metals managing director Daniel Thomas said in his company’s ASX announcement.

“We see this as a good example of the emerging mining sector working collaboratively to deliver value to shareholders through a pragmatic and commercial approach to the advancement of copper-gold assets.

“With a material equity position in these Sub-Blocks, Carnaby will be well placed to progress the Scoping Study for the Greater Duchess project, without the previous constraint of the lease boundary at Carnaby’s key Mount Hope Central tenement.

“Importantly, Hammer shareholders maintain upside exposure to the future development of the three Sub-Blocks through the equity we will retain as well as the potential to receive future cash payments linked to a decision by Carnaby to mine at the Mount Hope Central and Mount Hope North deposits (part of Carnaby’s Greater Duchess project) and a decision to progress open cut or underground operations from within the Sub-Blocks themselves.

“Hammer will now use its enhanced cash position to intensify our exploration efforts both at Kalman as well as at our other exciting copper prospects such as Hardway, Bullrush and Mascotte, as we look to add to our existing copper inventory strategically located in the Mt Isa district of North Queensland.”

 

TO READ THE FULL CARNABY RESOURCES ANNOUNCEMENT: CLICK HERE

 

TO READ THE FULL HAMMER METALS ANNOUNCEMENT: CLICK HERE

 

Carnaby Resources Claim New High-Grade Copper Discovery

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) announced new exploration results from the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

Carnaby Resources declared a new high-grade discovery at Duchess based on a single RC drill hole targeting an off hole conductor from a previous downhole EM survey in the area.

The company said the new hole intersected a “high-grade discovery” on the Duchess Central Lode immediately west of the Duchess Mine Lode, which averaged 12.5 per cent copper at the turn of the century and was one of the main copper mines in the entire Mount Isa district from circa 1900-1930.

Results included:

DCRC006
10 metres at 3.3 per cent copper and 0.1 grams per tonne gold, including 4m at 7 per cent copper and 0.05g/t gold.

“At Duchess, while it is early days, the new high-grade discovery is encouraging as it lies immediately west of the extremely high-grade Duchess Mine Lode,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

Carnaby Resources also completed a detailed drone magnetic survey over the project’s Mount Hope Mining Lease where no detailed magnetic surveys have previously been recorded.

The drone survey highlighted several new untested magnetic high targets which are being evaluated prior to drill testing.

The company considers the magnetic highs to likely be a direct result of magnetite or pyrrhotite alteration and mineralisation.

“Mount Hope Central continues to impress with exceptional new drill results from outside of the existing Mineral Resource and new targets generated from a recent drone survey,” Watkins said

“Plans are afoot for a major drilling program to commence soon.”

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Carnaby Resources Drills Big Copper Hit at Mount Hope

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) reported the latest drilling results from the Mount Hope prospect at the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

Carnaby Resources declared the results from drill hole MHRC029 recorded the highest-grade downhole width copper intersection it has received to date at the Greater Duchess project.

This included:

MHRC029
6 metres at 1.1 per cent copper, 0.03 grams per tonne gold from 60m and 101m at 1.9 per cent copper, 0.3g/t gold from 90m, including 60m at 3.1 per cent copper, 0.4g/t gold from 107m.

“The outstanding result of 60 metres at 3.1 per cent copper in MHRC029 is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole at Nil Desperandum,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“These exceptional drill results from Mount Hope are pointing towards a very material and growing discovery, regionally significant within the Mount Isa Inlier.

“With numerous IP anomalies, structural targets and obvious direct extension drill targets to the results announced today, we look forward with great anticipation to the unfolding discovery at Mount Hope.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.carnabyresources.com.au

 

Carnaby Resources Confirms Mount Hope Copper Discovery

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) has claimed confirmation of the Mount Hope copper gold discovery at the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

The Mount Hope discovery is the third discovery by Carnaby Resources since it first announced the Nil Desperandum discovery, also at Greater Duchess, in December 2021.

Carnaby Resources received results have been received from RC drilling that intersected a 75 metres downhole zone of strong quartz copper sulphide mineralisation with assays outlining a very broad and high-grade zone of:

MHRC025
75 metres at 1.7 per cent copper, 0.2 grams per tonne gold from 221m, including 53m at 1.9 per cent copper, 0.2g/t gold from 221m.

“The outstanding drill result of 75 metres at 1.7 per cent copper in MHRC025 is the first indication that we are dealing with another significant copper gold discovery at Mount Hope to add to our Nil Desperandum and Lady Fanny discoveries,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“These results confirm our belief that the greater than 10 kilometres Nil Desperandum to Mount Hope IOCG corridor is a very special belt where IP geophysics is working exceptionally well assisting our search for more new discoveries.”

 

 

 

 

Web: www.carnabyresources.com.au

 

Carnaby Resources Drills Nil Desperandum Extension

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) reported on recent drilling at the Nil Desperandum copper-gold discovery withn the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

Canaby Resources said it intersected the Nil Desperandum high-grade shoot in three adjacent drill holes, discovery hole NLDD044, RC drilling hole NLRC066, and diamond hole NLDD073.

The deposit remains completely open down plunge to the south and southwest where several IP chargeability anomalies are located.

Carnaby has interpreted the high-grade copper gold mineralisation in these three holes to represent the start of a new high-grade lode that sits above and slightly offset from the previously defined copper gold breccia lode that has been defined by previous drilling.

RC Drill hole NLRC066 provided confirmation of the shallow southeast dip of the high-grade copper gold discovery, returning:

40 metres at 1.5 per cent copper from 251m, including 30m at 1.9 per cent copper from 253m, including 7m at 2.6 per cent copper from 253m, including 11m at 2.9 per cent copper from 272m.

“The Nil Desperandum high-grade lode is robustly continuing at depth from the discovery hole and we look forward with great anticipation to testing the IP anomalies further down plunge and drilling up and down dip of the high-grade copper gold mineralisation intersected in NLDD073.

“This is the first diamond hole to drill through the entire high-grade lode and has given us great insight into this unique looking new style of copper gold mineralisation.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@carnabyresources.com.au

 

Web: www.carnabyresources.com.au

 

Carnaby Resources Expands Lady Fanny Deposit Via New IP Surveys and Drilling

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) reported results from recent exploration activity at the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

At the Lady Fanny target, Carnaby Resources completed three new lines of Induced Polarisation (IP) that have defined chargeability anomalies.

The mineralised corridor, defined by drilling and IP, is now greater than 600 metres long.

The largest IP chargeability anomaly located on the northern most IP line remains completely open to the north.

At the company’s Nil Desperandum discovery, access tracks have been completed with RC and diamond tail drilling of the IP anomalies southwest of discovery hole NLDD044 about to commence.

Results remain pending from several recent holes.

“The sheer scale of the Lady Fanny discovery is rapidly emerging with every hole we drill and IP line we complete,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“The limited drilling and IP to date has defined a continuous mineralised strike length of at least 600 metres which remains completely open.

“The strong copper sulphide zone intersected in LFRC019 is 200 metres north of LFRC013, which intersected 20 metres at 2.3 per cent copper and 0.5 grams per tonne gold and the large new IP anomaly north of LFRC019 is equally as exciting!”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@carnabyresources.com.au

 

Web: www.carnabyresources.com.au

 

Carnaby Resources IP Survey Lights Up Lady Fanny

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THE CONFERENCE CALLER: Carnaby Resources (ASX: CNB) attracted a crowd on the final day of the 2022 RIU Explorers Conference after reporting exploration results from the company’s 100 per cent-owned Lady Fanny copper gold discovery, located within its Greater Duchess copper gold project in Mt Isa, Queensland.

Carnaby Resources reported results from the first three lines of IP completed at Lady Fanny that outlined several strong inversion chargeability anomalies across all three lines.

Data from an additional three infill and extension IP lines have been received and inversion modelling of the data is underway and is expected to be reported soon.

The IP lines were completed over 1.4 kilometres long east-west traverses covering the entire Lady Fanny to Burke & Wills lines of workings.

“The Lady Fanny IP results are extremely encouraging and are suggestive of a much larger copper sulphide bearing system at depth and along strike,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“The IP at Lady Fanny appears to be working as well as it did at Nil Desperandum which led to the high-grade discovery.

“This bodes well for the follow up drilling at Lady Fanny which is underway.

“The strength of the Lady Fanny inversion chargeability anomalies is stronger than in the high-grade discovery IP section at Nil Desperandum.

“While the strength of the chargeability inversion anomalies cannot be used as a guide for copper grades or widths, the strength of the Lady Fanny IP chargeability anomalies is certainly a positive sign.

“With this in mind, we are genuinely excited about what lies ahead at Lady Fanny and Nil Desperandum and the broader Greater Duchess copper gold project in the weeks and months ahead.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@carnabyresources.com.au

 

Web: www.carnabyresources.com.au

 

Carnaby Resources Continues Nil Desperandum Run

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) will be looking for attendees at the 2022 RIU Explorers Conference to report on further exploration hits at the company’s copper gold discovery at the Nil Desperandum prospect within its Greater Duchess copper gold project in Mt Isa, Queensland.

The company reported RC drill hole NLRC069 intersected a 70 metres down hole zone of copper sulphide mineralisation from 195m, containing from 1 to 18 per cent chalcopyrite based on visual estimates with results pending.

RC drill hole NLRC067 intersected a 63m down hole zone of copper sulphide mineralisation from 169m, also containing from 1 to 18 per cent chalcopyrite based on visual estimates with results pending.

Carnaby now has extensive drilling and IP surveys underway focussing on the Lady Fanny target.

“The Nil Desperandum discovery continues to grow,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“The continuity of the wide zones of copper mineralisation is excellent and the copper grades are clearly increasing at depth to the southernmost hole drilled which intersected 41 metres at 4.1 per cent copper in NLDD044.

“While we must wait to complete heritage surveys before we can target the IP anomalies over 400 metres strike southwest of NLDD044, we have no shortage of quality drill targets to pursue at the Lady Fanny prospect, where six lines of IP are in progress targeting below shallow drill results of up to 27 metres at 2.8 per cent copper, 0.8 grams per tonne gold in LFRC009.

“We eagerly await results from drilling at Nil Desperandum and IP geophysics from Lady Fanny.”

 

 

 

Email: info@carnabyresources.com.au

 

Web: www.carnabyresources.com.au

 

Carnaby Resources Confirms Nil Desperandum Discovery

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THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) has claimed confirmation of, “a major copper gold discovery”, at the Nil Desperandum prospect within the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

The confirmation came via RC drill hole NLRC066 that intersected a 50 metres down hole zone of copper sulphide mineralisation from 250m to bottom of hole (BOH) containing up to 30 per cent chalcopyrite based on visual estimates with results pending.

Carnaby explained the visual intercept in NLRC066 confirmed that the copper mineralisation in adjacent drill hole NLDD044 that was drilled in 2021 intersecting 41m at 4.1 per cent copper, has a similar dip to shallower parts of the deposit.

Carnaby has interpreted this to show the downhole widths are close to true width intersections for both NLDD044 and NLRC066.

“It is highly encouraging and exciting to confirm that the high-grade copper gold mineralisation intersected in NLDD044 and now in NLRC066 are over exceptional true widths,” Carnaby Resources managing director Rob Watkins said in the company’s ASX announcement.

“This gives us great confidence in the plunge extension potential of the high-grade Nil Desperandum breccia shoot.

“This is especially significant given that the results from the first three extensional lines of IP all show strong and continuous chargeability anomalies, which we know is vectoring us to high grade copper gold mineralisation as seen in NLDD044.

“We look forward with incredible anticipation to the next drill hole and IP results.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@carnabyresources.com.au

 

Web: www.carnabyresources.com.au