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Copper|Exploration|Gold|PROJECT|Resources
copper|exploration|gold|project|resources

Carnaby buys copper deposit, seals offtake with Glencore

29th November 2024

By: Creamer Media Reporter

     

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ASX-listed Carnaby Resources on Friday announced an agreement to acquire the high-grade Trekelano copper deposit near its Greater Duchess project in Mt Isa, Queensland.  

“This is a transformative series of events for Carnaby,” said MD Rob Watkins. He said the Trekelano acquisition was a “rare opportunity to bolt on” high-grade critical mass to the Greater Duchess copper/gold project, resulting in a proforma mineral resources increase of 27% to 400 300 t at 1.5% copper equivalent.

The new deposit has the potential to boost the Greater Duchess production target from 15 000 t/y to between 20 000 t/y and 25 000 t/y of copper equivalent.

In addition, Carnaby secured a startup processing solution with Glencore, involving a A$3.4-million equity investment. The company entered into a binding term sheet agreement with Glencore for tolling and offtake for 100% of the fresh sulphide ore and concentrate from the project.

To fund the acquisition, Carnaby has received commitments of A$17-million in a two-tranche placement. Directors have committed to subscribe for $500 000.

“High quality institutional investor support of the raise to facilitate the acquisition, prefeasibility study and ongoing exploration is a further endorsement of the company’s strategy. Above all, we continue to explore and look forward to continued success as we progress the Greater Duchess project towards development,” said Watkins.

Edited by Creamer Media Reporter

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