Here’s why the Carnaby Resources share price just rocketed 27%

A man clenches his fists in excitement as gold coins fall from the sky.A man clenches his fists in excitement as gold coins fall from the sky.

The Carnaby Resources Ltd (ASX: CNB) share price is flying higher in morning trade. It’s up 14% after leaping more than 27% higher in the early minutes after the opening bell.

Below we look at the drill results that look the be driving ASX investor interest.

What drill results did Carnaby announce?

The Carnaby Resources share price is rocketing after the company reported “stunning drill results“. The results are from the exploration campaign at its Greater Duchess Copper Gold Project in Mt Isa, Queensland.

The results come from both reverse circulation and diamond drilling.

One of the drill holes intersected the widest high-grade intercept Carnaby has discovered to date. Results were 68 metres at 2.4% copper, 0.4 grams per tonne of gold from 40 metres, including 42m @ 3.6% copper, 0.5 g/t gold from 63m.

The ASX resource explorer said it has now intersected “wide, high-grade and very shallow” copper-gold mineralisation across a zone of more than 300 metres strike length that remains open.

Atop this, it reported receiving a number of other new results and visual intersections. Those include a 30-metre zone of very strong copper sulphides.

On the results that look to be lifting the Carnaby Resources share price today, Carnaby managing director Rob Watkins said:

These stunning drill results clearly demonstrate the resource and development potential of the Greater Duchess Copper Gold Project. We are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only grow over time as we define and grow the maiden resource and move towards a development timetable.

Drilling at the project continues with two dedicated drill rigs on site.

Carnaby Resources share price snapshot

Though it has come under pressure in 2022, the Carnaby Resources share price remains up 220% in the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 0.48% since this time last year.

The post Here’s why the Carnaby Resources share price just rocketed 27% appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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