The Carnaby Resources Ltd (ASX: CNB) share price is blasting off today after a major copper discovery.
Shares in the mining company were trading at 43 cents at the time of writing, up 46.55%.
Carnaby is a mineral exploration company focused on developing gold, copper and other mineral deposits in Australia, Norway and Sweden.
Image source: Getty Images
What did Carnaby announce?
In today's release, Carnaby informed the market it has made a spectacular copper discovery within the Nil Desperandum Prospect. This project is located within its Greater Duchess Copper-Gold Project in Mount Isa, Queensland.
The company reported that its drilling program had intersected a 24m zone of "semi massive copper sulphide mineralisation".
This is the largest copper mineralisation zone discovered by the company at this exploration site to date.
However, Carnaby said further drilling would be required to verify the orientation and length of the copper mineralisation.
The company will continue drilling until December 20 and start again in early 2022.
Carnaby said it would boost its exploration efforts at the project in light of the copper discovery announced today.
The company plans to complete further IP surveys and secure more drill rigs to target more copper mineralisation.
Management comment
Speaking on the copper find, Carnaby managing director Rob Watkins said:
Nil Desperandum is rapidly emerging as a major copper gold discovery in one of Australia's premier copper districts located only 70km from Mt Isa and surrounded by world-class infrastructure.
The deposit appears to be getting bigger and better at depth and we are now fast-tracking further IP geophysical surveys to help guide a follow-up drilling program, which will commence in Q1 2022.
Carnaby share price snap shot
The Carnaby share price has surged more thaN 41% in the past 12 months.
The value of the company's shares has shot up 46.5% in the past month and a mammoth 57% in the past week.
The mining explorer has a market capitalisation of around $50 million based on its current share price.
