Carnaby Resources (ASX:CNB) reported an updated mineral resource estimate for Trekelano, part of the Greater Duchess copper-gold project in Queensland, with a 47% increase to 7.1 million tonnes at 1.8% copper equivalent for 132,000 copper-equivalent tonnes, according to a Monday Australian bourse filing.

The company said the Trek 1 underground mineral resource estimate stands at 1 million tonnes at 3.5% copper equivalent for 35,100 tonnes of copper equivalent, of which 86% is in the inferred category, while the Trek 2 mineral resource estimate increased 18% to 1.2 million tonnes at 1.2% copper equivalent for 15,400 tonnes of copper equivalent.

The company's shares rose 3% to their highest price since September 2023 in recent trade on Monday.