Carnaby Resources (ASX:CNB) reported that it was awarded two Queensland government collaborative exploration incentive grants for its Greater Duchess copper-gold project, according to a Friday Australian bourse filing.
The company was awarded a AU$216,000 grant to fully fund a 600-meter diamond drill hole at the Wimberu prospect at the Devoncourt project and complete a downhole electromagnetic survey targeting the western coincident magnetic and gravity anomaly.
It was also awarded a AU$170,000 grant to fully fund a 409-line-kilometer versatile time-domain electromagnetic survey targeting a structural and stratigraphic corridor at the Magna Lynn Southern corridor.
It also flagged delays in the starting of drilling at the Trekelano acquisition due to regulatory compliance requirements. The maiden drilling program is expected to begin over the coming few weeks.
Carnaby Resources' shares rose almost 7% in recent trading on Friday but earlier hit their highest since August 2020.
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