Carnaby Resources Ltd (ASX:CNB, FRA:1FI) has confirmed a new high-grade copper-gold discovery at the Trek 1 Footwall Lode within its 100%-owned Trekelano Project, part of the Greater Duchess Copper Gold Project in Queensland.
Trekelano & Greater Duchess Copper Gold Project Location Plan.
The standout result was 19 metres at 7.1% copper equivalent (CuEq) from 256 metres in hole CBRC085, including 4.4% copper and 3.1 g/t gold. Other new results included 24 metres at 2.0% CuEq from 180 metres in CBRC080 and 16 metres at 2.4% CuEq from 197 metres in CBRC082.
Trek 1 Long Section showing new drill results.
Footwall Lode opens new growth area
The results confirmed a significant new Footwall Lode, first identified in December 2025 with an intercept of 6 metres at 12.6% CuEq.
Importantly, all new results sit outside the existing mineral resource estimate, with the lode open down plunge and along strike to the north. The company said the discovery also remains open up-dip toward the current Ore Reserve open pit, creating potential to expand the pit design.
Managing director Rob Watkins said the results had “completely opened up” the Trek 1 deposit beneath the current Ore Reserve pit design.
“These fantastic results from the new Trek 1 Footwall Lode discovery have completely opened up the Trek 1 deposit beneath the Ore Reserve pit design. We are looking at a completely new mineralised structure that links off the Main Lode in a more favourable northerly strike and may indeed be the primary driver of the Trek 1 deposit. The Footwall Lode has only been intersected in a handful of holes to date. In addition to the 400m extension discovery of the Main Lode, the Trek 1 Footwall Lode discovery is outside of the existing Mineral Resource. Carnaby will incorporate the new results from the Main Lode and Footwall Lode discoveries at Trek 1 into an updated MRE and will perform open pit optimisations and underground scoping studies in H2 2026. Carnaby remains on track to complete the Feasibility Study mid-year prior to FID and targeted first ore production in H2 2026 from the Greater Duchess Project.”
Main Lode and Trek 2 add further upside
Carnaby also reported a new Trek 1 Main Lode extension result of 6.8 metres at 2.0% CuEq from 468.7 metres, extending the Main Lode breccia 400 metres below the existing resource and 600 metres below the current PFS open pit.
At Trek 2, diamond hole CBGT010 returned 104 metres at 1.7% CuEq from 97 metres, including 43 metres at 3.1% CuEq and 11.2 metres at 7.4% CuEq.
The Trek 2 result supports continuity of mineralisation and may assist in converting inferred resources to indicated status, which could support a larger open pit in future reserve updates.
Trek 1 Cross Section showing new Footwall Lode drill results.
What it means for Carnaby
The results strengthen Carnaby’s Greater Duchess development case by adding potential resource and reserve growth at Trekelano, one of the key deposits in the project.
The Greater Duchess project currently hosts a mineral resource of 29 million tonnes at 1.5% CuEq for 441,000 tonnes CuEq, and a probable ore reserve of 8.4 million tonnes at 1.9% CuEq for 164,000 tonnes CuEq.
Next steps
Carnaby is continuing drilling at Trek 1, with further assays pending. The company aims to complete the current drill program by the end of May before updating the Trek 1 and Trek 2 mineral resource estimates.
Updated open pit optimisations and underground scoping studies are planned for the second half of 2026.
Carnaby said the new discoveries would not affect its timeline to complete the Greater Duchess feasibility study by mid-year, ahead of a final investment decision and targeted first ore production from open pit mining at Trekelano in the second half of 2026.