• Significant shallow high grade copper and gold results from Trek 1 demonstrate start-up development potential of an open pit
• Shallow mineralisation is easily accessible by open pit mining methods and being assessed as part of the current PFS
• Additional drilling targeting 400m extension discovery at Trek 1 is in progress

Carnaby Resources has announced further exploration drill results from the Greater Duchess Project in Mt Isa, Queensland. The highlights include significant shallow high grade copper and gold results from the Trek 1 prospect that demonstrate the start-up development potential of an open pit. Drill holes at Trek 1 intersected wide zones of high grade remnant mineralisation, including 7m @ 8.9% CuEq, 13m @ 5.1% CuEq, and 5m @ 3.4% CuEq. These results confirm that significant high grade shallow mineralisation extends well beyond the narrow underground stopes mined historically. An opportunity to develop a high grade open pit at Trek 1 is being considered in the current Pre-Feasibility Study (PFS), which is due to be completed this quarter. The depth of weathering at Trek 1 is shallow, with oxide mineralisation extending to approximately 15m below surface and transitional sulphide ores from 15 to 25m. The Company has also recommenced drilling at Trek 1 with results pending, and further drilling targeting the 400m extension discovery is in progress.

Carnaby has an opportunity to develop a high grade open pit at the Trek 1 prospect as part of the Greater Duchess Copper Gold Project, which is currently undergoing a Pre-Feasibility Study. The shallow, high grade copper and gold results announced demonstrate the start-up potential of an open pit at Trek 1.