Carnaby Resources' (ASX:CNB) Trekelano acquisition and drilling commencing in the coming weeks can be a "major" short-term catalyst for the company's shares, said Euroz Hartleys in a Monday note.

The maiden drilling program is expected to begin over the coming few weeks in its Greater Duchess copper-gold project, the company said on Friday.

"CNB has significantly de-risked the Greater Duchess project in our view, removing plant construction risk and acquiring relatively low-risk economic ore with Trekelano," the note added.

The note said that the company is "well placed" to take advantage of the underutilized copper concentrator in Glencore's Mt Isa plant with a binding agreement now signed.

Euroz Hartleys maintained Carnaby Resources' speculative buy rating with a price target of AU$1.01 with both under review.

The company's shares rose 10% in recent Monday trade.