Carnaby Resources Limited announced further exceptional drill results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Exploration at the Greater Duchess Copper Gold Project is currently focussed on the Mount Hope Prospect where the new results announced now point to a very significant discovery. The Mount Hope historical open pits were mined in the late 1960's and early 1970's to a maximum depth of approximately 35m and were processed in Mt Isa as a quartz flux with copper credits.

Very limited historical records are available however production of 322,000t @ 1.9% copper has been recorded Remarkably there is no record of any historical drilling at Mount Hope, presumably due to the area being mostly held as privately owned mining leases. RC drilling beneath the historical Mount Hope Central Prospect has unearthed a continuous mineralised quartz-copper sulphide zone in excess of 200m strike length and completely open. The mineralisation is hosted in a steeply dipping quartz vein lode structure which strikes ESE and intersects another steeply dipping NE striking lode.

The intersection of these lode structures appears to have developed into a very broad and high-grade core zone which remains completely open at depth. Detailed mapping prior to drilling has highlighted a strong structural control to the mineralisation. The quartz-copper sulphide lode mineralisation intersected in drilling to date is of a transitional nature, whereby chalcopyrite is commonly partially oxidised but remains present throughout the mineralised zones.

Oxide minerals are yet to be confidently identified but include minor malachite. Carnaby has just acquired a portable XRF machine after a long ~6 month wait due to off the shelf availability delays. Due to the ongoing assay delays from slow laboratory turnaround, Carnaby now intends to systematically release pXRF results where possible to replace the visual sulphide logs as preliminary indications of copper grades prior to receiving assay results.

The first outstanding series of pXRF results are presented below where indicated. It is advised that the pXRF results are not definitive and act only as a guide to actual laboratory assay results which will be received and released at a later date. It should be noted that pXRF results are taken through green plastic bags from the individual meter residues.

Further correlation studies need to be completed however early indications suggest actual Assay grades can exceed pXRF readings by up to 30%. MHRC003 MHRC003 was drilled to target the ESE striking lode directly beneath the Mount Hope Central historical open pit. Drilling difficulties forced the hole to be terminated prematurely at 90m depth ending in mineralisation with the bottom of hole composite result returning 2.4% copper.

The mineralisation in MHRC003 consists of a transitional sulphide zone of quartz-chalcopyrite- pyrite vein style mineralisation which is partially to strongly oxidised in places but with copper sulphides visible throughout the mineralised zone. MHRC029 was drilled directly beneath MHRC003 in an attempt to drill across the true width of the mineralised zone. MHRC029 intersected a highly encouraging 65m downhole zone of transitional quartz copper sulphide mineralisation.

Copper sulphides are present throughout the intersection with some oxidation present mostly in the form of oxide coating on primary chalcopyrite. The mineralised zone in MHRC029 remains completely open at depth and is being followed up with step out extension drilling. Laboratory assay results are pending however pXRF analysis of individual meter residue bags from the mineralised zone have returned a preliminary intersection of; it should be noted that pXRF results have been taken through green plastic bags and that actual Assay grades can exceed pXRF readings by up to 30% .