Carnaby Resources Limited has released promising preliminary VTEM survey results from its Greater Duchess Copper Gold Project in Queensland. The company’s extensive 435 km aerial electromagnetic survey along the 75 km southern corridor of the Magna Lynn area has identified several new conductive anomalies at undrilled locations, including the newly named Droughtmaster, Speckle Park, and Charolais Prospects. These areas show significant VTEM responses—ranging from strong late-time conductors at Droughtmaster, which coincides with historical copper workings (with recent rock chip assays up to 10% copper), to moderate to weak anomalies at Speckle Park and Charolais. The survey, which was conducted using state-of-the-art VTEM Max equipment with 200-meter line spacing, marks the latest phase of work in an underexplored terrain that has impressed with past successes like the Mohawk Prospect drilling, which returned 21 m at 2.0% copper and 0.6 g/t gold. The announcement highlights Carnaby’s robust management team and sound financial profile. With 228.4 million shares issued, a market capitalization of approximately $71.9 million at 31.5 cents per share, and a cash balance of $17.7 million as of the end of March 2025, the company is well positioned to advance exploration efforts. The survey was partially funded by a Queensland government Collaborative Exploration Incentive grant, underscoring positive governmental support for mineral exploration in the region. Future field work will include soil and rock chip sampling, detailed mapping, and first-pass drilling programs once the final processed VTEM data is received in about one month. Technical details from the survey underscore the potential for identifying Iron Oxide Copper Gold mineralization associated with distinct geophysical signatures. The VTEM results indicate that even moderate anomalies can represent significant mineralization, particularly when considering the electrical properties of underlying gangue sulphides and magnetite alteration. The findings are consistent with historical exploration, including RAB drilling from Mount Isa Mines Limited, and reinforce the success rate of electrical geophysics methods in this district. From a bullish perspective, the identification of multiple new VTEM conductors in an exploration frontier area, coupled with the company’s strong cash position and binding offtake arrangements with a major international commodities firm, points to significant upside for Carnaby Resources Limited. The swift move towards detailed data processing and planned reconnaissance, mapping, and drilling programs could lead to further discoveries and a positive re-rating of the company’s assets. Conversely, a bearish view might highlight the exploratory stage of these results and the inherent uncertainties associated with preliminary geophysical data. The final interpretation of the VTEM anomalies, the need for ground truthing, and the historical risks of drilling in underexplored terrain remain challenges that could delay any immediate value realization. Additionally, while the financial backing is solid, the company’s modest market capitalization suggests that external factors or a downturn in commodity prices could introduce volatility. Overall, Carnaby Resources Limited’s latest announcement provides early indications of promising copper-gold targets and sets the stage for a focused phase of exploration in a region with negligible modern-day drilling, inviting careful observation from the investment community.