The Carnaby Resources Ltd (ASX: CNB) share price rocketed today following the release of exploration results.
The company’s shares surged 17.8% to finish the day at $1.45. For perspective, the S&P/ASX 200 Index (ASX: XJO) has climbed 0.27% today.
Let’s take a look at what this explorer announced earlier.
‘Exceptional drill’ results
Carnaby Resources reported “exceptional exploration results” at the Greater Duchess Copper Gold Project in Mount Isa, Queensland.
The company released exploration results at both the Nil Desperandum and Lady Fanny prospects. At Nil Desperandum, drill hole NLDD084 intersected 31 metres at 3.9% copper, and 1.0 grams per tonne of gold from 313m.
Meanwhile, at the Lady Fanny Prospect, the company reported exceptional drill results and visual intersections. Broad zones of copper gold mineralisation were intersected including:
- 22m at 2.4% copper, 0.5 grams per tonne gold in the drill hole LFRC019
- 19m at 2.4% copper, 0.9 grams per tonne gold in the drill hole LFRC010
- 43m of strong copper sulphide visuals in the drill hole LFRC120
Managing director Rob Watkins commented on the results:
We are in the early stages of unearthing the scale and significance of the Nil Desperandum and Lady Fanny discoveries.
The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess Copper Gold Project.
Share price recap
The Carnaby Resources share price has surged nearly 494% in the past 12 months, while it has gained nearly 8% this year to date.
In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 10% in the past 12 months.
The post Carnaby Resources (ASX:CNB) share price shoots 17% higher. Here’s why appeared first on The Motley Fool Australia.
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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 Bruce Jackson.
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