Carnaby Resources (ASX:CNB) share price shoots 17% higher. Here’s why

Investors appeared to be on board with the latest news from this copper and gold explorer.

| More on:
A golden woman shoots a bow and arrow high.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Carnaby Resources share price surged more than 17% today 
  • Drilling results indicated the company has intersected copper and gold 
  • The company's share price has exploded nearly 500% in a year

The Carnaby Resources Ltd (ASX: CNB) share price rocketed today following the release of exploration results.

The company’s shares surged 17.8% to finish the day at $1.45. For perspective, the S&P/ASX 200 Index (ASX: XJO) has climbed 0.27% today.

Let’s take a look at what this explorer announced earlier.

‘Exceptional drill’ results

Carnaby Resources reported “exceptional exploration results” at the Greater Duchess Copper Gold Project in Mount Isa, Queensland.

The company released exploration results at both the Nil Desperandum and Lady Fanny prospects. At Nil Desperandum, drill hole NLDD084 intersected 31 metres at 3.9% copper, and 1.0 grams per tonne of gold from 313m.

Meanwhile, at the Lady Fanny Prospect, the company reported exceptional drill results and visual intersections. Broad zones of copper gold mineralisation were intersected including:

  • 22m at 2.4% copper, 0.5 grams per tonne gold in the drill hole LFRC019
  • 19m at 2.4% copper, 0.9 grams per tonne gold in the drill hole LFRC010
  • 43m of strong copper sulphide visuals in the drill hole LFRC120

Managing director Rob Watkins commented on the results:

We are in the early stages of unearthing the scale and significance of the Nil Desperandum and Lady Fanny discoveries.

The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess Copper Gold Project.

Share price recap

The Carnaby Resources share price has surged nearly 494% in the past 12 months, while it has gained nearly 8% this year to date.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 10% in the past 12 months.

Motley Fool contributor Monica O'Shea 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 Bruce Jackson.

More on Resources Shares

Two excited mining workers in yellow high vis vests and hardhats shake hands to congratulate each other on a mineral discovery
Resources Shares

Worried about the iron ore price? Why the need for it ‘ain’t going anywhere’: broker

The iron ore price has slipped from about US$160 per tonne in March to just above US$100 per tonne today.

Read more »

Miner on his tablet next to a mine site.
Resources Shares

Global Lithium shares edged higher today amid ‘very promising’ results

What did Global Lithium announce to the market?

Read more »

A white EV car and an electric vehicle pump with green highlighted swirls representing ASX lithium shares
Resources Shares

Why is the Sayona Mining share price surging 8% on Friday?

The Federal Government is talking up the need for electric vehicles in Australia today.

Read more »

Two Firefinch miners dressed in hard hats and high vis gear standing at an outdoor mining site discussing a mineral find with one holding a rock and the other looking at at his ipad
Resources Shares

Could Porsche’s new test run threaten the outlook for ASX lithium shares?

Lithium miners and explorers have benefited from soaring lithium prices.

Read more »

A young woman looks at something on her laptop, wondering what will come next.
Resources Shares

Why did the Lake Resources share price pop and then stop on Friday?

The clean lithium developer soared 8% this morning before partially retreating. Here are the details.

Read more »

A green bubble or balloon bursts on a man's face.
Resources Shares

1 factor that could drag on Fortescue Future Industries’ green dream

There’s a major factor that could impact how well FFI can do.

Read more »

A boy is about to rocket from a copper-coloured field of hay into the sky.
Resources Shares

Guess which ASX copper share has exploded 182% this week?

This ASX copper share has risen 182% since last week alone...

Read more »

tradie holding a laptop computer displaying ASX share price and scratching his head looking confused
Broker Notes

Are Rio Tinto shares a buy? See what top brokers are saying

The miner's share price has struggled to make ground in recent months.

Read more »