ASX mining share Carnaby Resources Ltd (ASX: CNB) is launching higher on Thursday after the company revealed a major copper find.
Drilling at the company’s Greater Duchess Copper Gold Project has returned its highest grade and widest result to date.
The Carnaby Resources share price is leaping 21.48% on the back of the news to trade at 91 cents. Earlier in the day, it hit a high of $1.08 — representing a gain of 43% on Wednesday’s closing price.
Let’s take a closer look at the announcement taking the ASX mining share by storm.
ASX mining share launches 21% on record results
The Carnaby Resources share price is taking off as the market digests news from the ASX miner’s Mt Isa project.
Drilling at the Greater Duchess Project’s Mount Hope Prospect has returned results including 60 metres at 3.1% copper – marking the project’s best-ever result.
It exceeded initial portable X-ray fluorescent (pXRF) results – announced last month – by more than 30%.
Carnaby Resources managing director Rob Watkins commented on the news driving the company’s share price, saying:
These exceptional drill results from Mount Hope are pointing towards a very material and growing discovery, regionally significant within the Mount Isa Inlier.
With numerous IP anomalies, structural targets and obvious direct extension drill targets to the results announced today, we look forward with great anticipation to the unfolding discovery at Mount Hope.
The broader drilling campaign has initially defined a more than 200-kilometre-long strike of continuous wide and high-grade copper mineralisation.
The area is located beneath an open pit, historically mined to a maximum depth of around 35 metres.
Carnaby Resources share price snapshot
Sadly, today’s gain hasn’t been enough to pull the ASX mining share back into the longer-term green.
The Carnaby Resources share price has dumped 43% since the start of 2022. Though, it has gained 200% since this time last year.
The post Guess which ASX mining share is rocketing 20% on ‘phenomenal’ drill results appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper 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.
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