Carnaby (ASX:CNB) share price rockets 33% on lithium update

Lithium remains in the spotlight as a crucial element in the world’s move towards electrification.

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The Carnaby Resources Ltd (ASX: CNB) share price is off to the races today, up 33% in early afternoon trade.

Below we take a look at the latest soil sampling results from the ASX resource explorer.

What lithium results were announced?

The Carnaby share price is surging after the company reported promising lithium results at its 100% owned Big Hill Project in the Mallina Basin of Western Australia.

According to the release, soil sampling results revealed a 1.5 kilometre by 0.5 kilometre lithium soil anomaly. Soil results came back with up to 179 parts per million (ppm) lithium.

Carnaby noted the proximity of its project to the “giant world class” Pilgangoora and Wodgina lithium mines. It said the soil anomaly at Big Hill is “coincident with a discrete magnetic high unit” located on a major fault structure. The geological setting appears to be similar to the Pilgangoora and Wodgina lithium deposits.

Commenting on the results, Carnaby’s managing director, Rob Watkins said:

We are in unexplored lithium and gold elephant country at Big Hill and look forward to first pass drilling of the Big Hill soil anomalies as quickly as possible. While we remain extremely excited about our gold prospects in the Pilbara, we cannot ignore a walk up lithium drill target of this ilk, which has presented itself at Big Hill.

Carnaby has significant exposure to energy metals with our Duchess Copper Gold project and considers lithium a long term metal of the future that we are compelled to explore for in conjunction with the gold exploration in the Pilbara of WA.

Carnaby said that heritage clearances needed to commence drilling at Big Hill, have been completed.

Carnaby share price snapshot

Despite today’s intraday leap, the Carnaby share price remains down 18% in 2021. By comparison the All Ordinaries Index (ASX: XAO) is up 10% year-to-date.

Over the past month, Carnaby’s shares are up 8%.

Should you invest $1,000 in Carnaby Resources right now?

Before you consider Carnaby Resources, you'll want to hear this.

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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 Bruce Jackson.

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