What is catapulting the Carnaby Resources share price 24% higher?

What a month it has been for the Carnaby Resources Ltd (ASX: CNB) share price.

After rocketing 22% on 23 June and another 15% the following day on the back of significant discoveries, the Carnaby Resources share price is again on the move today.

This follows the company’s exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

At the time of writing, the Carnaby Resources share price is up 24.3% to a two-month high of $1.15. In earlier trading, the share price reached $1.18.

Carnaby uncovers another encouraging anomaly

In its statement, Carnaby advised exploration activities are ramping up with extensive induced polarisation (IP) surveys conducted at the Mount Hope and Duchess prospects.

Results from a further nine IP lines reveal a very large and extremely strong IP chargeability anomaly.

As such, a very strong chargeability inversion anomaly of 47 milliseconds was modelled at Mount Hope at approximately 150 metres below the surface.

Carnaby stated that plans are underway to complete first pass drilling of this IP anomaly immediately.

In addition, the miner found highly encouraging and undrilled IP anomalies at the Duchess prospect.

Management said the source of this IP anomaly is unknown but represents an excellent drill target in the upcoming programs.

Lastly, Carnaby received rock chip and sampling results from the Shamrock prospect. These have further enhanced the potential to host copper sulphide mineralisation.

Rock chip results included up to 17.7% copper and four grams per tonne (g/t) of gold.

Channel sample results include two metres at 7.2% copper, 0.5 g/t of gold.

Carnaby will complete heritage surveys at Shamrock first before commencing first pass drilling.

‘Cause for excitement’

Carnaby managing director, Rob Watkins commented:

The IP continues to delineate outstanding new drill targets at the Greater Duchess Copper Gold Project. This along with the ongoing drilling success continues to grow the scale and value of these discoveries. The inventory and quality of the drill ready targets about to be tested is cause for excitement.

Carnaby Resources share price snapshot

Including today’s euphoric gains, the Carnaby Resources share price has soared by 238% over the past 12 months.

The shares were trading for as little as 24 cents in November 2021 before a spectacular copper discovery at the Greater Duchess Project put the company into stardom.

Based on today’s share price, Carnaby Resources commands a market capitalisation of $133.71 million.

The post What is catapulting the Carnaby Resources share price 24% higher? 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

• 2 tiny ASX mining shares surging on new discoveries

Motley Fool contributor Aaron Teboneras 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/sUGnuzH