Carnaby Resources has increased its footprint in the Mount Isa region by buying the Mount Hope mining lease.
Carnaby told the ASX on Wednesday it was "a highly accretive acquisition" to their Greater Duchess Copper Gold Project worth one million in cash to current owners Integrated Global Resources with another million in shares.
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Mount Hope Mining Lease is 9km north-east of Carnaby's Lady Fanny and Nil Desperandum copper gold discoveries and in the same iron-oxide-copper-gold corridor.
Carnaby said widespread copper mineralisation was evident in shallow historical open pits mined mostly during the same period as Lady Fanny between 1967 and 1974.
They now plan a major first pass exploration drilling program in the next six months.
Carnaby Managing Director, Rob Watkins said Mount Hope was a highly accretive acquisition and another potential corner stone in the rapidly growing Greater Duchess Copper Gold Project.
"The similarities to Lady Fanny prior to Carnaby's first drilling campaign there are striking," Mr Watkins said.
"It is hard to believe that an exploration opportunity like this still exists in the Mount Isa region today. Ultimately the planned first pass drilling at Mount Hope will tell the story, however the historical production from the shallow pits and the extensive copper mineralisation left in the pit walls and outcropping elsewhere within the mining lease is evidence enough as to its potential."
Carnaby said remarkably little recorded historical exploration had been completed within the Mount Hope mining lease with no verifiable or publicly available drill hole records.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
