Carnaby Resources Limited (ASX:CNB) Announcement

Carnaby Resources Limited (ASX:CNB) has announced the commencement of a gold exploration drilling program in the Pilbara, WA. The company has initiated a maiden gold exploration RC drilling program at the Mount Grant Prospect, targeting the northeast structural/stratigraphic corridor, located 100km from De Grey Mining Limited's (ASX:DEG) Hemi gold deposit. The 5 RC hole program is 50% funded by the WA government as part of an Exploration Initiative Scheme (EIS) award.

Carnaby Resources Managing Director, Rob Watkins, on Gold Exploration Drilling Commencement

Whilst our focus remains firmly on the Greater Duchess Copper Gold Project in Queensland, this low-cost maiden drilling program in the Pilbara to advance our Mount Grant Prospect within the Mallina Gold Project is extremely exciting given the location and potential to discover a new gold system under shallow cover in a completely unexplored greenstone belt. Carnaby is possibly the only company to have discovered intrusion hosted gold mineralisation of similar style to the Hemi gold deposit outside of De Grey Mining Limited's vast tenure. The Mount Grant project, located along a major structural and stratigraphic corridor ~100km northeast of Hemi is completely masked at the surface by shallow cover and has never previously been targeted for gold. The first drill hole completed over the weekend has confirmed shallow cover and intersected favourable host rock lithologies including an altered intrusion and disseminated sulphides and we look forward to completing the drill program and receiving and reporting the results.

Summary of Carnaby Resources Limited (ASX:CNB) Announcement

Carnaby Resources Limited (ASX:CNB) has initiated a gold exploration drilling program at the Mount Grant Prospect in the Pilbara, targeting the northeast structural/stratigraphic corridor, located 100km from De Grey Mining Limited's Hemi gold deposit. The company's Managing Director, Rob Watkins, expressed excitement about the potential to discover a new gold system under shallow cover in a completely unexplored greenstone belt. The Mount Grant project, completely masked at the surface by shallow cover, has never previously been targeted for gold. The first drill hole has confirmed shallow cover and intersected favourable host rock lithologies, and the company looks forward to completing the drill program and reporting the results. The company's tight capital structure and strong cash position position it well to pursue its exploration activities and advance its projects.