DiscovEx Resources : Greater Duchess Exploration Update

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ASX Announcement: 14 July 2022

Greater Duchess Exploration Update

- Carnaby Resources Limited

DiscovEx Resources Limited (Company or DiscovEx) provides the attached announcement by Carnaby Resources Limited (ASX: CNB) (Carnaby) as it relates to the Greater Duchess Project.

The announcement relates to the Southern Hub Tenements, located in the Mt. Isa Region of Queensland where DiscovEx holds a 17.5% free-carried interest in EPM 9083, EPM 11013, EPM 14366, EPM 14369, EPM 17637, EPM 18223, EPM 18990, EPM 19008, EPM 25435, EPM 25439, EPM 25853, EPM 25972.

Authorised for release by and investor enquiries to:

Toby Wellman

Managing Director

T: 08 9380 9440

For and on behalf of

DISCOVEX RESOURCES LIMITED

GREATER DUCHESS UPDATE

BOOMING IP ANOMALY

AT MOUNT HOPE

onlyCarnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce an exploration update for the Greater Duchess Copper Gold Pr ject in Mt Isa, Queensland.

Highlights

Mount Hope Prospect:
use	Induced Polarisation (IP) surveys at Mount Hope have revealed a
•
	very large and extremely strong IP chargeability anomaly at Mount
personal	Hope North. First pass drilling to commence imminently.

Duchess Prospect:

• Highly encouraging and undrilled IP anomalies generated.

Shamrock Prospect:

• High grade rock chip and channel samples up to 18.8%Cu, 4g/t Au.

Lady Fanny South Prospect:

• 37m of halo style copper sulphide mineralisation has been
For	intersected to bottom of hole in LFRC142, associated with the IP

anomaly.

Nil Desperandum Prospect:

• 19m downhole zone of strong copper sulphide mineralisation has been intersected a further 150m down plunge, results pending.

The Company's Managing Director, Rob Watkins commented:

"The IP continues to delineate outstanding new drill targets at the Greater Duchess Copper Gold Project. This along with the ongoing drilling success continues to grow the scale and value of these discoveries. The inventory and quality of the drill ready targets about to be tested is cause for excitement."

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ASX Announcement 14 July 2022

Fast Facts

Shares on Issue 144.6M

Market Cap (@ 92.5 cents) $134M Cash $23M1

1As of 31 March 2022

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director &

Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Nil Desperandum and Lady Fanny Iron Oxide Copper Gold discoveries within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.
• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure
• Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective tenure
• 100% ownership of the Tick Hill Gold
  Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines producing 511 koz at 22 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1. [phone] www.carnabyresources.com.au

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GREATER DUCHESS COPPER GOLD PROJECT

Exploration at the Greater Duchess Copper Gold Project is ramping up with extensive IP surveys ongoing and drilling continuing with two drill rigs. A detailed aeromagnetic survey has just been completed along the Nil Desperandum IOCG corridor, highlighting a strong structural corridor between and beyond Nil Desperandum and Lady Fanny.

Results from a further nine IP lines have been received and processed from surveys completed at the Mount Hope and Duchess Prospects and are detailed below. For consistency, the colour contouring of the IP chargeability anomalies presented below is the same across all areas surveyed. It should be noted that the increased chargeabilities seen at Mount Hope may not necessarily translate to a larger or higher grade source although it is certainly encouraging.

MOUNT HOPE PROSPECT (CNB 100%)

Figure 1. Mount Hope Plan Showing Location of New IP Anomalies.

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Numerous strong IP chargeability anomalies have been generated from seven lines of IP completed at Mount Hope on 100 to 120m traverse spacing (Figure 1). The source of the chargeability anomalies is yet to be determined, however the spatial location of the IP anomalies is generally consistent and proximal to the location of historical open pits throughout the Mount Hope mining lease. An exception is the large central IP anomaly which has no known surface expression of copper sulphide mineralisation.

The IP lines were extended outside of the Mount Hope Mining Lease due to the need to get depth penetration of the IP within the 100% owned Mining Lease area. Some of the IP anomalies are very close to the boundary of the mining lease. The exact location of the mining lease boundary is currently being evaluated by the Queensland Department of Minerals as part of a normal process and may therefore be subject to small scale changes.

L10240N IP Line Anomaly

The strongest and largest IP chargeability anomaly yet recorded from all current and previous IP surveys completed at Greater Duchess was generated on line L10240N, which traversed across the Mount Hope North open pit. A very strong chargeability inversion anomaly of 47 msec was modelled at approximately 150m below surface (Figure 2). The IP anomaly is located in the core zone of the Mount Hope North pit area and is coincident with small northeast striking workings which have targeted an outcropping quartz ironstone ridge (Figure 1). Plans are underway to complete first pass drilling of this IP anomaly imminently.

Figure 2. Mount Hope IP line L10240N Chargeability Inversion Section.

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L10000N IP Line Anomaly

A large and strong IP chargeability inversion anomaly was generated on line L10000N within the central part of the mining lease where no obvious signs of copper gold mineralisation are present (Figure 1). The IP anomaly has a peak modelled chargeability of 35.7 msec centred at approximately 140m below surface (Figure 3).

The source of this IP anomaly is unknown however represents an excellent drill target and will be drilled in the upcoming programs at Mount Hope.

Figure 3. Mount Hope IP line L10000N Chargeability Inversion Section.

L20100E IP Line Anomaly

Three IP lines were completed in a northeast orientation mainly targeting the Mount Hope Central pit and Binna Binna ridge workings. IP chargeability anomalies were recorded on all three lines. On line L20100E, a discrete and shallow IP chargeability anomaly was recorded on the north western edge of the Mount Hope Central open pit (Figure 1 - L20100A). A peak chargeability of 25.7 msec was recorded 70m below surface (Figure 4).

On the eastern end of the IP line L20100E a larger IP chargeability anomaly has been modelled with a peak chargeability of 27.4 msec located 50m below surface. The location of this anomaly (Figure 1 - L20100B) appears to line up with north south striking copper workings to the south and the eastern arm of the Mount Hope North open pit (Figure 1).

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