Carnaby Resources (ASX:CNB) could be a target for mergers and acquisitions amid a wave of takeovers in the copper and base metals sector that has left only a few "quality copper developers" on the Australian Stock Exchange, according to a Wednesday note by Euroz Hartleys.
The company is "well-positioned" given its resource base and proximity to Glencore's underutilised Mt Isa copper concentrator, Euroz said.
On Wednesday, the company reported extensional assay results from its Trekelano deposit, part of the Greater Duchess project in Queensland.
The results indicate the orebody widens at depth, remaining open for further exploration, the company said.
Higher-grade intercepts suggest potential for amenable mining grades and significant deposit growth, the company added.
Euroz said these results demonstrate Trekelano's strong exploration upside and potential to evolve into a much larger copper system.
The firm maintained Carnaby's speculative buy rating but lowered its price target to AU$0.80 from AU$1.01.
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