Key developments in Carnaby Resources' exploration

Carnaby Resources (ASX:CNB) has released its September 2024 Quarterly Report, highlighting significant advancements in exploration activities at the Greater Duchess Copper Gold Project in Queensland. The company has discovered new high-grade copper and gold mineralization at various prospects, reinforcing its strategic exploration efforts.

Overview of Carnaby Resources' quarterly progress

Carnaby Resources (ASX:CNB) has made notable strides in its exploration projects, particularly at the Greater Duchess Copper Gold Project. The company identified significant copper and gold mineralization at several prospects, including Mohawk, Deejay, Jude, and San Quentin. Assay results have been promising, often surpassing initial readings, indicating substantial potential. The company is advancing prefeasibility studies to further project development, with updated mineral resource estimates expected in Q1 2025. Carnaby is also considering utilizing nearby processing facilities to minimize startup costs. Financially, the company maintains a cash balance of $7.0 million, having invested significantly in exploration. The sale of the Tick Hill Mining Leases has freed up additional resources for further activities. With limited activity in Western Australia, Carnaby's focus remains on maximizing its high-potential targets in Queensland. The company's strategic efforts aim to enhance project viability and attract investment.

Executive insights on the latest findings

The ongoing exploration and drilling activities have continued to yield promising results, with assay results often significantly higher than initial pXRF readings.