Carnaby Resources Limited has released encouraging first drill assay results from its Trekelano Project in Mount Isa, Queensland. The initial drilling has yielded significant copper-gold intersections beneath the historical Inheritance open pit, with one drill hole showing 41 meters (true width approximately 35 meters) averaging 2.3% copper and 0.5 grams per tonne gold, and another hole returning an interval of 29 meters (true width around 25 meters) averaging 1.2% copper and 0.5 grams per tonne gold, including a higher-grade portion of 12 meters (true width about 10 meters) at 2.1% copper and 0.9 grams per tonne gold. The company’s management is encouraged by the confirmation of broad high-grade mineralisation with true widths up to 50 meters, aligning with historical vertical drill results conducted near the open pit. This development points to a significant plunge of the Inheritance mineralisation that remains open at depth to the south. Carnaby Resources is progressing with a maiden drilling program of approximately 3,400 meters, which, together with ongoing geotechnical and metallurgical sampling, is designed to support a substantial growth in its Mineral Resource Estimate at the Greater Duchess Copper Gold Project. With a solid cash position of $17.7 million and 228.4 million shares on issue, the company currently holds a market capitalization of approximately $68.5 million based on a 30-cent share price. The Trekelano discovery complements several other high-potential deposits within the Greater Duchess Project, including Mount Hope, Nil Desperandum, and Lady Fanny, and will be a key pillar in the upcoming Pre-Feasibility Study expected to be completed in the second half of 2025. Additionally, binding tolling and offtake agreements with a major international commodities trader add further assurance to the project’s forward outlook. The news carries both bullish and bearish implications for investors. On the bullish side, the robust drill results underscore significant exploration upside with wide, high-grade intersections that support resource expansion, while the incorporation of Trekelano into a broader, developed project framework reinforces the company’s long-term vision. However, bearish sentiment may arise from the uncertainties associated with pending acquisition conditions and the continued environmental and regulatory approvals, which could potentially delay project timelines or affect the final feasibility outcomes.