Carnaby's expansion of Mount Hope development and exploration footprint

Carnaby Resources Limited (ASX: $CNB) has announced the expansion of its footprint adjacent to and surrounding its 100% owned Mount Hope Mining Lease. The acquisition of additional sub-blocks provides flexibility to optimize the Mount Hope open pits to their full extents, enabling a significantly larger open pit development. This expansion is expected to considerably enhance project economics and delay the release of the Scoping Study for the Greater Duchess Copper-Gold Project to May 2024.

Executive commentary on the expansion and acquisition

Carnaby's Non-Executive Chairman, Peter Bowler, expressed, 'This is a great transaction for both companies and their shareholders. 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.'

Expansion and acquisition summary with outlook

Carnaby Resources Limited's acquisition of additional sub-blocks adjacent to its Mount Hope Mining Lease is set to optimize the open pit development and enhance project economics. The expansion provides the company with the flexibility to mine larger open pits, potentially leading to significant improvements in scheduling, capital expenditure, and life of mine cashflow. Additionally, the acquisition includes over 5km of strike along the Mount Hope IOCG corridor, offering strong potential for direct lode extensions and the discovery and development of satellite deposits. The company's outlook includes a delay in the release of the Scoping Study for the Greater Duchess Copper-Gold Project to May 2024, with a focus on the enlarged optimised open pit scenario. Carnaby's ambitions to advance the Mount Hope development and the broader Greater Duchess Scoping Study highlight the significant value their projects can deliver to shareholders.