Carnaby Resources Limited has released new drill assay results from its Trekelano Project in Mt Isa, Queensland, revealing significant extensions of the mineralised zone at the Inheritance deposit. The drilling, notably from hole CBRC012 drilled to a depth of 372m, intercepted a 164m interval (with an estimated true width of approximately 115m) grading 0.4% copper and 0.2 g/t gold. Within this interval, a 26m section recorded higher grades of 1.0% copper and 0.6 g/t gold, including a 13m segment with an even higher grade of 1.6% copper and 1.1 g/t gold. Downhole electromagnetic testing is set to follow to better define the deposit geometry. Additional encouraging results have come from drill hole CBMH002, which returned a 23m intercept from surface at 1.5% copper and 0.2 g/t gold, including a high-grade 4m section at 6.1% copper and 0.6 g/t gold. These near-surface results are of particular interest as they come from an area now free of previous mining lease constraints, highlighting the renewed opportunity for open pit mining methods in the zone. The Trekelano Project forms an integral part of the broader Greater Duchess Copper Gold Project, which spans nearly 1,946 km² of tenure and hosts several discoveries, including those at Mount Hope, Nil Desperandum, and Lady Fanny. A pre-feasibility study for the project is currently underway with a targeted completion in the second half of 2025, and the company has secured binding tolling and offtake agreements with an international commodities giant. These initiatives underscore a commitment towards developing a robust basin-scale operation that could complement other high-grade assets in Carnaby’s portfolio. Investors might view the news as a bullish signal given the expanding drill results, strong surface mineralisation, and disciplined capital structure—with a cash position of $17.7 million underpinning the company’s exploration and development activities. However, cautious sentiment arises from the fact that further drilling is needed to fully delineate the resource, and that key approvals and the finalisation of acquisition conditions remain pending. While promising, these exploration results still carry the inherent risks associated with early-stage resource development.