The Carnaby Resources Ltd (ASX: CNB) share price is exploding today on the back of a major mining update.
Shares in the company are swapping hands at $1.22 at the time of writing, up 66% since the Christmas Eve close. Earlier in the session, they were going for as high as $1.38.
Let's take a look at what may be spurring investor sentiment today.
Major discovery
The company announced it has made a major copper and gold discovery at the company's Nil Desperandum Prospect within the company's Greater Duchess Copper-Gold Project in Mount Isa, Queensland.
Carnaby said it had identified an "exceptionally broad and high-grade copper gold intersection" at drill hole NLDD044.
The results were better than the company estimated in announcements last week.
Speaking on the major copper gold discovery, managing director Rob Watkins said:
Nil Desperandum is shaping up as a major iron oxide copper gold discovery which is rapidly getting bigger and better at depth.
The scale of the mineralised system we are seeing is exceptional.
We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.
The company said it is still waiting on results from many other drill holes at the mine site, including one 80 metres to the northeast of NLDD044. More surveys and drilling will start from January 2022.
Carnaby Resources share price snap shot
The Carnaby Resources share price has charged up 219% year to date.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 12% over the past year.
The company's shares have also gained a staggering 404% in the past month.
Carnaby has a market capitalisation of roughly $149 million based on its current share price.
