Carnaby Resources Limited has reported encouraging drill assay results from its Greater Duchess Copper Gold Project in Mt Isa, Queensland. The recent exploration highlights focus on two key prospects: Trekelano and Mount Hope North. At Trekelano, drill hole CBMH002, drilled from a pit ramp, returned an intersection of 154 meters at 1.0% copper equivalent (CuEq) – including higher grade subintervals of 23 meters at 1.6% CuEq, 60 meters at 1.6% CuEq, and a standout 10.5-meter interval at 4.8% CuEq. These results underline strong continuity in the Inheritance deposit and indicate significant potential to become a larger, baseload style copper-gold deposit. Early metallurgical and geotechnical testing is underway to rapidly advance Trekelano into the ongoing pre-feasibility study targeted for completion in the second half of 2025. At the Mount Hope North prospect, Carnaby’s resource delineation drilling has delivered several shallow, high-grade intersections. For example, drill hole MHRC289 reported 24 meters with a true width of around 15 meters at 2.3% CuEq and an additional 9-meter interval at 2.1% CuEq. Similarly, MHRC292 produced 21 meters at 2.5% CuEq, including an 8-meter interval at 4.6% CuEq. Additional results from MHRC288 and MHRC287 further highlight the favourable mineralisation, reinforcing the prospect’s potential for open pitting and future development. These intersections, combined with ongoing metallurgical test work, are being incorporated into an updated Mineral Resource estimate for the project. Carnaby Resources Limited maintains a robust balance sheet with 228.4 million shares in issue, a market capitalization of approximately $98 million at 43 cents per share, and a cash position of $17.7 million. The company’s experienced management team, tight capital structure, and strategic agreements – including binding tolling and offtake arrangements with Glencore International AG – support its aggressive exploration and development plans across a tenure spanning nearly 1,946 km². Bullish sentiment is driven by the strong drill results at both Trekelano and Mount Hope North, which confirm extensive mineralisation and high-grade zones that have largely been underexplored in the past. The promising continuity in the Trekelano deposit, coupled with the quick turnaround on metallurgical tests, suggests a potential upgrade in resource estimates ahead of the pre-feasibility study. In addition, the shallow, broad intercepts at Mount Hope North provide further confidence in the project's open pit potential and overall viability. On the bearish side, uncertainties remain regarding the finalisation of the Trekelano acquisition and pending environmental and regulatory approvals required for full project integration into the Greater Duchess Copper Gold Project. Moreover, while the headline drill results are impressive, the translation of these high grades into a robust economic resource will depend on further detailed testing and resource delineation, which always carries execution risk for explorers at this stage. Overall, the announcement from Carnaby Resources Limited points to a significant exploration upside, with high-grade intersections and favourable technical results supporting the company’s development strategy in a well-proven mining region. Beginner traders looking to follow emerging mineral resource plays may find these developments compelling, but should also be mindful of the inherent risks in early-stage exploration projects.