The Company’s Yilgarn Margin Projects comprise the Malmac and Throssel Projects. Both Malmac and Throssel are located in the highly prospective Yilgarn Margin of Western Australia.

Both projects are considered prospective for orogenic gold, sedimentary exhalative (SEDEX) and volcanogenic massive sulphide (VHMS) base metals deposits, and nickel and platinum group elements (PGEs).

The Company’s ground holdings in the Yilgarn Margin total 783 km².

The Malmac Project covers 621 km² within the northern Yilgarn Margin mobile belt. The tenements are focussed on the Imbin rift associated with the highly mineralised Glenburgh Orogen with host rocks similar in age and geology to the Karalundi Formation that host Sandfire Resources Ltd’s (ASX: SFR) Degrussa deposit.

The Malmac West tenement covers 438 km² of Stanley Fold Belt rocks located on the northern edge of the Yilgarn craton located 200 km east of the Degrussa Copper-Gold deposit and the 7.5 Moz Plutonic gold deposit. The Stanley Fold Belt rocks are bounded to the north by a major crustal scale growth fault named the Salvation Fault.

The Company has completed initial reconnaissance sampling programs on very broad spaced traverses. Results outlined a 6 km long Copper-Nickel-Gold anomaly named “Salvation” and include results up to 1380 ppm copper and 489 ppm Nickel reported from lab analysis of rock chip samples. Elevated gold results of up to 7.2 ppb gold in soils was also recorded from samples taken at Salvation.

The Malmac East tenements are situated on the south east extension of the major crustal scale Salvation Fault. As announced 9 February 2021, first pass reconnaissance mapping and sampling on broad 2 to 4 km spaced traverses totalling of 175 soils samples were submitted for Ultrafine analysis covering a suite of 52 elements including gold analysed at trace level detection limit.

The soil sampling has outlined a 15 km long copper-nickel-gold soil anomaly named “Oolgahroo” which appears to be coincident with the Salvation Fault. With very low background levels, the anomaly is coherent with maximum values for Cu, Ni and Au of 73.8 ppm, 55 ppm and 3.3 ppb respectively. The sample spacing over Oolgahroo was extremely broad with 4 km spaced lines and samples taken every 500m along the lines. Follow up exploration is being planned.

Carnaby plans to progress the early-stage exploration results at Malmac with further low-cost soil sampling, mapping and rock chip sampling and will consider using geophysics to further refine drill targets at this greenfields exploration project.

The Throssel Gold Project covers 162 km² and is located 70 km north of the 6.2 Moz Gruyere Gold Mine operated by Gold Road Resources Ltd (ASX: GOR). The project area covers a potential 20 km strike of unexplored greenstone belt under shallow cover.