Carnaby Resources' (ASX:CNB) recent drilling results from its Trek 1 prospect, part of the Greater Duchess project in Queensland, show potential to be "highly" economic once in production, said Euroz Hartleys in a Thursday note.

The company on Thursday said exploration drilling at the prospect delivered shallow copper and gold results of up to 20 meters at 1.4% grade of copper-equivalent, including 0.6% grade of copper and 1 gram per tonne grade of gold from one meter.

The research firm noted that Trek-1 is growing copper discovery in a tier-1 jurisdiction, on granted mining leases, with a consistent 15 meters to 20 meters width of mineralization at high grades.

"We see potential for CNB to attract a rotation of capital as it presents as a high-quality, development-ready copper project, with backable management," the note added.

Euroz Hartleys has maintained a speculative buy rating on Carnaby Resources with a price target of AU$0.80.