Carnaby Resources' (ASX:CNB) recent drill results "materially" strengthen the long-term production profile of the Greater Duchess copper-gold project, according to a Tuesday Euroz Hartleys note.
The company said on Tuesday that it intersected 232 meters at 1.3% copper equivalent, including 65 meters at 2.9% copper equivalent, at the Miniboom Lode Discovery of its Greater Duchess Project in Queensland, Australia.
The research firm noted that the company is looking to complete its feasibility study for the project mid-year, ahead of a final investment decision, and targeted first ore production in the second half of the year.
Euroz Hartleys kept a speculative buy rating on Carnaby Resources while its price target of AU$0.96 is under review.
The company's shares rose almost 9% to their highest since May 2024 on market close.