Carnaby Resources owns the Greater Duchess Copper Gold Project south of Mount Isa and extensive copper and gold mineralisation has been found over 70 kilometres of iron oxide copper-gold targets at the project with the Nil Desperandum prospect seen as the stand-out copper and gold target in a site south of Hammer's Trafalgar prospect.

It's the next door Lady Fanny prospect that has investors excited after results from the first 5 RC holes ever recorded being drilled within the historical Lady Fanny mining lease area intersecting "stunning high-grade copper and high-grade gold results" with a discovery of 27m @ 2.8% copper 0.8 g/t gold.

Carnaby said the broad intervals of high-grade copper and high-grade gold mineralisation at Lady Fanny was highly encouraging, demonstrating shallow mineable open pit widths and grade.

The Lady Fanny drill results are located only 3 km north of the high-grade Nil Desperandum discovery of 41m @ 4.1% copper, 0.5g/t gold made just after Christmas.

The share price rose from $1.25 to a high of $1.84 on the news and is still at $1.68.

The historical Duchess mine was discovered in 1900 and was worked for 40 years producing 205,000 tonnes at 12% copper.

Carnaby Managing Director, Rob Watkins said these stunning first pass drill results from Lady Fanny just 3 km north of the spectacular Nil Desperandum high grade discovery demonstrated "the untapped potential of the greater than 5km long IOCG corridor that is rapidly emerging within the Greater Duchess Copper Gold Project."

Carnaby also owns nearby Tick Hill gold mine.