Mount Isa Inlier Gold and Copper Projects

Mount Isa Inlier Gold and Copper Projects

Carnaby continues to explore for the offset or repetition of the Tick Hill orebody at depth, however due to short average strike length of 80 m and lack of any dispersion, the offset location is yet to be discovered.

Carnaby continues to be highly encouraged by the Tick Hill North target where the last hole drilled in December 2019 intersected an intensely altered 10 m wide Lodestone unit closely resembling the host rock unit and alteration associated with the Tick Hill orebody

Tick Hill Gold Mine (100% owned)

Historical Tick Hill Mine

The historic Tick Hill Mine produced 511,000 ounces of gold at 22.5 g/t gold between 1991 and 1995. It was mined to only 235 m below surface at an average of 2,184 ounces of gold per vertical metre, with an average strike length of just 80 m.

It is believed that the Tick Hill orebody was faulted off at depth with the offset extension yet to be discovered. Historical reported metallurgical gold recoveries were 97% with a highly positive mill reconciliation reported against resource estimates.

Tick Hill contained an existing Tailings Dam Mineral Resource of 630,000 tonnes grading 1.08g/t Au for 22,000 gold ounces at acquisition.

Tick Hill Gold Project

Following the acquisition of Tick Hill, Carnaby rapidly expanded the Tick Hill Mineral Resource, adding 215,000 t @ 6.52 g/t gold for 45,100 ounces, bringing total Mineral Resources to 838,000 t @ 2.41 g/t gold for 65,000 ounces and, following the completion of a Pre-Feasibility Study (PFS), Carnaby announced a maiden Tick Hill Ore Reserve of 459,900 t @ 1.89 g/t gold for 28,000 gold ounces.

The Mineral Resources and Ore Reserves are contained within Tick Hill’s 3 granted Mining Leases.

The PFS contemplated 3rd party processing of 474,200 t @ 2.0 g/t to recover approximately 27,300 oz of gold at an All-In Sustaining Cost (AISC) of A$1,493 per ounce.

Carnaby is in the process of divesting the Tailings Dam Ore Reserve Stockpiles of 410,900 t @ 1.35 g/t for 17,800 gold ounces for consideration of approximately $4 million plus a 5% standard NSR Royalty.

Carnaby retains 100% ownership of Tick Hill and all remaining Mineral Resources and Ore Reserves, including the Tick Hill Open Pit, which contains a Probable Ore Reserve of 48,000 t @ 6.53 g/t for 10,200 gold ounces and PFS Production Mill Feed of 63,300 t @ 6.1 g/t for 12,500 gold ounces.

Negotiations to develop, profit share or sell the Tick Hill open pit project are continuing.

Carnaby continues to explore for the offset or repetition of the Tick Hill orebody at depth, however due to short average strike length of 80 m and lack of any dispersion, the offset location is yet to be discovered.

Carnaby continues to be highly encouraged by the Tick Hill North target where the last hole drilled in December 2019 intersected an intensely altered 10 m wide Lodestone unit closely resembling the host rock unit and alteration associated with the Tick Hill orebody

Duchess Copper Project (82.5%)

The Duchess Copper Project lies to the North of the Tick Hill Gold Project on a land holding of approximately 323 km2 with multiple undeveloped copper rich Iron Oxide Copper Gold (IOCG) and epigenetic Tick Hill style gold targets over a 50 km corridor.

The tenement package includes the historical Duchess Copper-Gold Mine which produced approximately 205,000 t at 12.5% copper from 1900-1940. Duchess provides the potential to define high-grade, shallow open-pitable resources adjacent to existing railway infrastructure

Carnaby intersected high grade and shallow copper mineralisation at the Mount Birnie Prospect in 2019 with drill results including 3m @ 9.3% Cu, 1.0 g/t Au and 2 m @ 9.5% Cu within 17 m @ 3.1% Cu and 6m @ 4.4% Cu within 15m @ 2.10% Cu.