The company said follow-up geophysics, drilling and initial resource estimates would be completed this year on the tenements.
Extensive copper-gold mineralisation is present over 70km of IOCG targets within the tenure, which is centred around the historical Duchess copper mining district.
“The Greater Duchess Copper Gold Project is a camp scale cluster of potentially open pittable shallow IOCG deposits within trucking distance to nearby competing processing plants,” managing director Rob Watkins said.
“There is clearly underlying and emerging value in our copper assets which we will bring to the forefront in 2021.
“Drilling at Greater Duchess is planned to commence in Q2 following the current 8000m drill program at Strelley in the Pilbara, which will commence next week.”
Individual deposits within the project include Nil Desperandum, Mount Birnie, Duchess, Big Beauty, Freckle and numerous other target areas of shallow historical workings, large soil anomalies and undrilled outcropping mineralisation.
Standout copper-gold target
The Nil Desperandum prospect is described as a standout copper-gold target not drilled since the 2007 Global Financial Crisis.
Previous results include a 20m intercept grading at 2.4 per cent copper; 52m at 1.0 per cent copper (including 24m at 1.5 per cent copper), 50m at 1.1 per cent copper (including 19m at 2.3 per cent copper), and 6m at 5.2 per cent copper and 0.84 g/t gold.
Carnaby intends to complete ground Induced Polarisation (IP) surveys followed up with RC drilling at several high-priority targets including Nil Desperandum and Mount Birnie in 2021.
The company said recent petrophysical work on diamond core from Mount Birnie and other historical reports highlighted that IP generated a strong response to the sulphide mineralisation as opposed to traditional electromagnetic (EM) techniques, which appeared to be less effective.
Hammer Metals recently extended a drilling program at the Trafalgar discovery within its Mount Isa East JOGMEC joint venture area after two holes drilled in December resulted in significant intercepts.
The new results have confirmed the potential for a significant copper-gold deposit, it says. (More HERE)
The Greater Duchess project area also lies near the historical Tick Hill gold mine, where Carnaby is pursuing development options and completing permitting requirements for cutback mining of the old pit.
The Tick Hill open pit cutback is forecast to produce 63,300 tonnes of ore grading at 6.1 g/t for 12,500oz of gold, generating pre-tax cashflows of about $15 million at AISC of $1190/oz.
The company said today it was also continuing exploration near the Tick Hill mine and at regional high-grade gold targets in 2021.