Carnaby Resources has released the final drill results from a program at Greater Duchess as it moves on to a new phase under Evolution Mining ownership.

The companies have entered into a binding scheme implementation deed that will see Carnaby (ASX: CNB) shareholders receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at about $213 million.

Related: Evolution swoops on Carnaby copper holdings

Evolution (ASX:EVN) said the move had the potential to deliver about 10ktpa of additional copper production at its Ernest Henry operation near Cloncurry.

Highlights from the latest drilling results at Greater Duchess include:

Miniboom lode discovery:

• MHRC302: 20m (TW~10m) at 0.6 per cent CuEq (0.5 per cent copper, 0.1g/t gold) from 1m downhole, and 12m (TW~6m) at 2.3 per cent CuEq (2.1 per cent copper, 0.3g/t gold) from 28m, including 5m (TW~3m) at 4.1 per cent CuEq (3.7 per cent copper, 0.5g/t gold) from 31m
• MHRC297: 20m (TW~10m) at 2.2 per cent CuEq (2.0 per cent copper, 0.1g/t gold) from 33m downhole, including 5m (TW~3m) at 5.4 per cent CuEq (5.3 per cent copper, 0.2g/t gold) from 33m
• MHRC305: 42m (TW~14m) at 0.7 per cent CuEq (0.6 per cent copper, 0.1g/t gold) from 180m downhole, including 8m (TW~6m) at 1.2 per cent CuEq (1.0 per cent copper, 0.2g/t gold) from 203m

Trek 1 discovery: •

• CBGT015: 88.6m (TW~23m) at 1.2 per cent CuEq (1.0 per cent copper, 0.3g/t gold) from 69.5m downhole, including 35.6m (TW~9m) at 1.8 per cent CuEq (1.3 per cent copper, 0.6g/t gold) from 72.4m
• CBRC091: 39m (TW~20m) at 0.6 per cent CuEq (0.5 per cent copper, 0.2g/t gold) from 30m downhole, including 19m (TW~10m) at 0.9 per cent CuEq (0.7 per cent copper, 0.3g/t gold) from 49m
• CBRC086: 39m (TW~20m) at 0.7 per cent CuEq (0.6 per cent copper, 0.1g/t gold) from 243m downhole, including 14m (TW~7m) at 1.2 per cent CuEq (1.0 per cent copper, 0.2g/t gold) from 243m; and 38m (TW~19m) at 1.9 per cent CuEq (1.6 per cent copper, 0.4g/t gold) from 290m downhole, including 15m (TW~8m) at 3.2 per cent CuEq (2.7 per cent copper, 0.6g/t gold) from 295m

“The final drill results from a highly successful drill program at the Greater Duchess Project have been received, compiled and released,” Carnaby Resources (ASX: CNB) managing director Rob Watkins said.

“As previously announced the drilling program resulted in two discoveries, Trek 1 footwall lode at Trekelano and Miniboom at Mount Hope, both of which are expected to add incremental value to the Greater Duchess Project.

“We are now focussed on delivering the Greater Duchess project into development through what we believe is the superior risk-weighted pathway under the proposed acquisition by Evolution Mining, utilising the synergies of the existing latent mill capacity at Ernest Henry under the ownership of proven miners at Evolution Mining.”