Which ASX gold stock just leapt 9% on a ‘stunning drill result’?

The S&P/ASX 200 Materials index (ASX: XMJ) is lifting 1.45% today, but this ASX gold share is soaring far higher.

The Carnaby Resources Ltd (ASX: CNB) share price soared 8.7% from $1.145 to $1.245 this morning before retreating. Carnaby shares are now up 6% and fetching $1.21.

The gold price is currently down 0.42% to US$1,976 an ounce.

Let’s take a look at what Carnaby Resources reported to the market.

Drilling results

Carnaby reported “stunning” assay results and pXRF readings at the Greater Durchess Copper Gold Project in Mt Isa, Queensland.

Assay results at MHDD083 showed:

• 83m (True Width~28m) at 2.4% copper, 0.3 grams per tonne (g/t) gold including 36m (True Width~12m) at 4.2% copper, 0.5g/t gold

The grade has jumped 100% compared to previously reported pXRX readings.

A new Binna Burra Lode was also discovered at drill hole MHDD010.

Three drill rigs are currently at the site with 40,000 metres of drilling currently planned for 2023.

Commenting on the result, managing director Rob Watkins said:

The stunning drill result announced today in MHDD083 has effectively doubled the footprint of the Mount Hope Central discovery which remains completely open at depth.

These results all clearly demonstrate that the Mount Hope Central deposit will continue to grow strongly the more we drill.

The company is aiming to provide a maiden Mineral Resource Estimate at the project by the end of this financial year.

Carnaby Resources share price snapshot

Carnaby Resources shares have slipped 1% in the last year, but they have risen 9% in the last month.

This ASX gold stock has a market capitalisation of about $176 million based on the current share price.

The post Which ASX gold stock just leapt 9% on a ‘stunning drill result’? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Medibank share price lifts despite shareholder class action
• Why Jervois Global, Mincor, Newcrest, and Santos shares are dropping today
• 2 ASX 200 stocks smashing new multi-year highs on Thursday
• Guess which ASX 200 bank stock UBS says is the most over-priced right now
• Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. 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.

from The Motley Fool Australia https://ift.tt/WsYumD6