At the Nil Desperandum prospect drilling "intersected the continuation of the high-grade breccia pipe shoot 70m down-plunge" from the company's discovery hole with a result of 24m grading 5% copper, 1.3 grams per tonne gold from 313m (including 12m at 8.1% copper and 2.2gpt gold).

The "true width" of the mineralisation is put at about 70% of the downhole widths reported.

The discovery hole last year featured 41m at 4.1% copper and 0.5gpt gold from 247m.

Meanwhile, Carnaby also suggested the "Lady Fanny discovery is rapidly emerging as a very large discovery which continues to grow with ongoing drilling, where the mineralisation clearly demonstrates open pitable widths and grades at very shallow depths".

Assays are pending.

Lady Fanny is 3km from Nil Desperandum.

Carnaby completed a $20 million fundraising in January, with new shares priced a $1.30 each and OZ Minerals becoming a shareholder.

Shares in Carnaby were up 28% to $1.58 in afternoon trade, capitalising the company at $227 million.