The S&P/ASX 200 Materials index (ASX: XMJ) is lifting 1.45% today, but this ASX gold share is soaring far higher.
The Carnaby Resources Ltd (ASX: CNB) share price soared 8.7% from $1.145 to $1.245 this morning before retreating. Carnaby shares are now up 6% and fetching $1.21.
The gold price is currently down 0.42% to US$1,976 an ounce.
Let's take a look at what Carnaby Resources reported to the market.
Image source: Getty Images
Drilling results
Carnaby reported "stunning" assay results and pXRF readings at the Greater Durchess Copper Gold Project in Mt Isa, Queensland.
Assay results at MHDD083 showed:
- 83m (True Width~28m) at 2.4% copper, 0.3 grams per tonne (g/t) gold including 36m (True Width~12m) at 4.2% copper, 0.5g/t gold
The grade has jumped 100% compared to previously reported pXRX readings.
A new Binna Burra Lode was also discovered at drill hole MHDD010.
Three drill rigs are currently at the site with 40,000 metres of drilling currently planned for 2023.
Commenting on the result, managing director Rob Watkins said:
The stunning drill result announced today in MHDD083 has effectively doubled the footprint of the Mount Hope Central discovery which remains completely open at depth.
These results all clearly demonstrate that the Mount Hope Central deposit will continue to grow strongly the more we drill.
The company is aiming to provide a maiden Mineral Resource Estimate at the project by the end of this financial year.
Carnaby Resources share price snapshot
Carnaby Resources shares have slipped 1% in the last year, but they have risen 9% in the last month.
This ASX gold stock has a market capitalisation of about $176 million based on the current share price.
