Carnaby Resources Launches Extensive Mount Hope Mining Drill Programme

Mount Hope Mining Sets Stage for High-Impact Drill Program Across Three Priority Targets

Mount Hope Mining (ASX: MHM) has unveiled an ambitious maiden drilling program targeting high-priority prospects across its 100%-owned Mt Hope mining district in Cobar, New South Wales. The company plans to commence drilling at copper-gold prospects in Q3 2025, with a comprehensive 3,800-meter program designed to test three advanced targets and potentially deliver a JORC-compliant resource at its Mt Solitary gold project.

Gold Resource Conversion and New Discovery Potential

The upcoming Mount Hope Mining drill program represents a significant milestone for MHM, strategically testing both established and greenfield targets:

• Mt Solitary: Approximately 1,500 meters of drilling targeting an existing Gold Exploration Target of 1.32 to 1.87 million tonnes at 1.0 to 1.35 g/t Au (42,500 to 81,400 ounces), with the goal of converting this to a JORC (2012) Mineral Resource Estimate
• Black Hill: Previously undrilled prospect with a compelling 500-meter-long multi-element soil geochemical anomaly coincident with an IP chargeability anomaly
• Mt Hope East: Located just 1 kilometer from the historical Mt Hope copper mine, which produced 75,000 tonnes of ore at 10.5% copper between 1878 and 1919

"Defining these drill-ready targets marks a significant milestone for Mount Hope Mining and ensures we are well-positioned to execute our maiden drill program in Q3 2025 across our highly prospective projects," said Managing Director & CEO Fergus Kiley.

Mt Solitary: Path to Resource Conversion

Mt Solitary represents the most advanced prospect with an established exploration target underpinned by 102 historical drill holes totaling 12,187 meters of drilling between 1982 and 2017. The deposit features broad stockwork gold mineralisation crosscut by narrow structures carrying significant gold grades, including impressive historical intercepts such as:

• 8m at 14.7 g/t Au from 1m
• 6m at 11.91 g/t Au from 184m
• 4m at 14.34 g/t Au from 76m
• 46m at 3.18 g/t Au from 24m

The upcoming drilling at Mt Solitary will focus on a two-phase approach, with initial drilling of 1,500 meters across 9 RC holes on a single east-west section to confirm structural controls, followed by potential step-out drilling to expand the resource laterally and at depth.

Black Hill: Testing Cobar-Style Potential

The Black Hill prospect presents a classic "Cobar-style" exploration target with a 500-meter-long multi-element soil geochemical anomaly elevated in lead, zinc, silver, and arsenic, coincident with a recently identified chargeability anomaly. The company has planned 7 RC and 10 Air Core holes totaling 1,800 meters to test this compelling blind target at depth.

Mt Hope East: Copper Potential

At Mt Hope East, the company will test potential extensions to the historically rich Mt Hope copper system with approximately 1,200 meters of drilling across 24 Air Core holes. The target area has been refined through recent soil sampling and ground geophysical surveys that identified northeast-southwest electromagnetic trends with coincident copper intersections with geochemical halos.

Building a Pipeline of Targets

Beyond the three priority targets, MHM has identified six additional prospects for future exploration, including Blue Heeler, Fenceline, and Mt Solar. This provides the company with a robust pipeline of targets to systematically test across its 100%-owned district.

Understanding Exploration Targets in Mining

An Exploration Target in mining terminology represents a conceptual estimate of the potential size and grade of a mineral deposit based on preliminary exploration data. Unlike a JORC-compliant resource, an Exploration Target indicates the geological potential without sufficient drilling density to establish continuity or grade with high confidence.

For investors, Exploration Targets provide an early indication of a project's scale potential, though additional drilling is required to confirm these estimates. At Mt Solitary, the current exploration target of 42,500 to 81,400 ounces of gold provides a framework for understanding the deposit's potential, but the upcoming Mount Hope Mining drill program is crucial to establish a formal resource that can support economic evaluation.

Investment Thesis: Strategic Position in a Prolific Mining District

Mount Hope Mining presents a compelling investment thesis in mining based on several key factors:

1. Strategic Location: The company's 100%-owned Mt Hope mining district is situated in the prolific Cobar region, known for significant copper and gold deposits

2. Resource Conversion Potential: The Mt Solitary project has a well-defined exploration target with high-grade intercepts that could quickly convert to a JORC resource

3. Development Flexibility: Mt Solitary is located less than 200km from seven different mills with excess capacity, creating potential for rapid development with minimal capital requirements

4. Discovery Upside: Both Black Hill and Mt Hope East represent untested targets with strong geological indicators for new discoveries

5. Pipeline Approach: With nine total targets identified across the district, the company has established a systematic approach to target testing and prioritisation

Why Investors Should Follow Mount Hope Mining

Mount Hope Mining represents an attractive opportunity for investors seeking exposure to a junior explorer with multiple catalysts on the horizon. The upcoming Mount Hope Mining drill program provides near-term news flow potential across three distinct targets, each offering different risk/reward profiles:

• Mt Solitary: Lower-risk resource conversion play with known gold mineralisation
• Black Hill: Higher-risk, higher-reward new discovery potential targeting Cobar-style mineralisation
• Mt Hope East: Copper exploration adjacent to a historical high-grade mine

With drilling set to commence in Q3 2025 subject to final approvals, investors can anticipate a steady stream of results through late 2025 and into 2026. Additionally, gold discoveries in Western Australia continue to demonstrate the value of systematic exploration in prospective terrains. The company's methodical approach to exploration, combined with its 100% ownership of the district, positions it well to capitalise on exploration success while maintaining full strategic flexibility.

The gold exploration potential at Mt Solitary is particularly timely given the strong gold price environment, with the company noting the prospect's suitability for rapid development scenarios leveraging existing regional processing infrastructure. Furthermore, recent copper deposit expansions across the industry highlight the potential value creation from successful exploration programs like Mount Hope Mining's upcoming campaign.

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