Carnaby Resources : Stunning First Drill Results Lady Fanny - 27m @ 2.8% Copper

27m @ 2.8% COPPER, 0.8 g/t GOLD

AT LADY FANNY PROSPECT -

STUNNING FIRST DRILL RESULTS

onlyCarnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased

to announce stunning drill results from the 100% owned Lady Fanny Prospect
within the Greater Duchess Copper Gold Project in Mt Isa, Queensland.
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Highlights
•	Exceptional assay results have been received from the first 5 holes drilled
	at Lady Fanny outlining a broad shallow high grade copper gold deposit.
	Significant results;
• LFRC009 - 27m @ 2.8% Cu, 0.8 g/t Au from 61m
personal	for over 400m strike length (see ASX release 25 October 2021) and these
	o Incl. 9m @ 4.0% Cu, 0.3 g/t Au from 65m
	o And Incl. 11m @ 3.3% Cu, 1.6 g/t Au from 77m
• LFRC013 - 20m @ 2.3% Cu, 0.5 g/t Au from 30m
	o Incl. 6m @ 5.5% Cu, 1.4 g/t Au from 38m
• LFRC012 - 17m @ 2.1% Cu, 0.9 g/t Au from 74m
	o Incl. 7m @ 4.2% Cu, 2.0 g/t Au from 77m
•	Remarkably, the drilling at Lady Fanny by Carnaby represents the first
	known recorded drilling within the historical Lady Fanny mining lease
	area, of which Carnaby owns 100%.
•	Outcropping copper gold mineralisation at Lady Fanny has been traced
For	first drill results remain open along strike and at depth.
Lady Fanny is located only 3 km north of the high-grade Nil
•

Desperandum discovery of 41m @ 4.1% copper, 0.5g/t gold (see ASX release 29 December 2021), both located within a vastly underexplored and rapidly emerging >5 km long major Iron Oxide Copper Gold (IOCG) corridor (Figure 4 & 5).

The Company's Managing Director, Rob Watkins commented:

"These stunning first pass drill results from Lady Fanny just 3 km north of the spectacular Nil Desperandum high grade discovery really demonstrate the untapped potential of the greater than 5km long IOCG corridor that is rapidly emerging within the Greater Duchess Copper Gold Project."

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ASX Announcement 13 January 2022

Fast Facts

Shares on Issue 124.1M

Market Cap (@ $1.25) $155M

Cash $5.6M1

1As of 30 September 2021

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director &

Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure
• Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective tenure
• 100% ownership of the Tick Hill Gold
  Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines producing 511 koz at 22 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1. [phone] www.carnabyresources.com.au

For personal use only

GREATER DUCHESS COPPER GOLD PROJECT

LADY FANNY PROSPECT (CARNABY 100%)

Results from the first 5 RC holes ever recorded being drilled within the historical Lady Fanny mining lease area, have intersected stunning high-grade copper and high-grade gold results (Figure 1 2, 3 & 4, Table 2). Significant results include;

LFRC009

• 27m @ 2.8% Copper, 0.8 g/t Gold from 61m including 9m @ 4.0% Copper, 0.3 g/t Gold from 65m and including 11m @ 3.3% Copper, 1.6 g/t Gold from 77m

Figure 1. Lady Fanny Drill Section showing new drill result from LFRC009.

LFRC009 was drilled under the ~10m deep Lady Fanny east pit, also intersecting two significant parallel lodes with high-grade copper and gold mineralisation over broad widths (Figure 1) and is completely open at depth and appears to link up directly with the high- grade intercept in LFRC012 (Figure 3).

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For personal use only

LFRC013

• 20m @ 2.3% Copper, 0.5 g/t Gold from 30m Including 6m @ 5.5% Copper, 1.4 g/t Gold from 38m

Figure 2. Lady Fanny Drill Section showing new drill result from LFRC013.

LFRC013 was drilled under the ~10m deep Lady Fanny west pit intersecting two significant parallel lodes of broad copper and gold mineralisation (Figure 2). LFRC013 is the northern most hole drilled at Lady Fanny to date and is completely open to the north where extensive undrilled workings and outcropping copper gold mineralisation can be traced for a further 250m before tracking under shallow quartzite outcrop and scree (Figure 3).

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LFRC012

• 17m @ 2.1% Copper, 0.9 g/t Gold from 74m Including 7m @ 4.2% Copper, 2.0 g/t Gold from 77m

LFRC012 was drilled between the high-grade results in LFRC009 to the south and LFRC013 to the north linking broad high-grade copper and gold mineralisation between sections (Figure 3).

Figure 3. Plan of Lady Fanny Showing location of new RC drill results.

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For personal use only

The broad intervals of high-grade copper and high-grade gold mineralisation at Lady Fanny is highly encouraging, clearly demonstrating shallow mineable open pit widths and grade.

Lady Fanny remains completely open and undrilled to the north of the high-grade result in LFRC013 and to the south results from a further four holes drilled are awaited as well as results from two additional RC holes drilled at the Burke & Wills prospect.

The Lady Fanny drill results are located only 3 km north of the high-grade Nil Desperandum discovery of 41m @ 4.1% copper, 0.5g/t gold (see ASX release 29 December 2021), which itself is completely open to the southwest, demonstrating how vastly underexplored the >5km long Iron Oxide Copper Gold (IOCG) corridor is and the potential of this corridor to develop into a major new copper gold district (Figure 4 & 5).

Figure 4. Plan showing location of Lady Fanny and Nil Desperandum IOCG corridor.

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