CNB is up +500% since hitting copper paydirt at the ‘Nil Desperandum’ prospect, part of the Greater Duchess copper-gold project in Mt Isa, Queensland.
Joining them on the journey is minority project partner Discovex Resources (ASX:DCX). DCX is up 225% over the same period.
On December 29 the major discovery was confirmed by assay — 41m at 4.1% copper, which included a 9m chunk grading 10.3%. “Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth,” managing director Rob Watkins says.
“The scale of the mineralised system we are seeing is exceptional.” Today CNB announced new drilling results from ‘Lady Fanny’ – 3km from Nil Desperandum – which included a highlight 27m @ 2.8% copper and 0.8 g/t gold.
Remarkably, this is the first known recorded drilling within the historical Lady Fanny mining lease area, of which Carnaby owns 100%. No JV here, but DCX still made significant gains in early trade.
Outcropping copper gold at Lady Fanny has been traced for over 400m strike length, and these first drill results remain ‘open’ along strike and at depth. “These stunning first pass drill results from Lady Fanny, just 3km north of the spectacular Nil Desperandum high grade discovery, really demonstrate the untapped potential of the greater than 5km long IOCG corridor that is rapidly emerging within the Greater Duchess Copper Gold Project,” CNB managing director Rob Watkins says.
Iron oxide copper gold ore (IOCG) deposits, like BHP’s (ASX:BHP) Olympic Dam, can be tremendously large, simple-to-process concentrations of copper, gold and other economic minerals.