The BHP share price reached a record $68.22, up 1.6% for the day and 56% over 12 months, in earlier trading.

This pushed two ASX mining exchange-traded funds (ETFs) to record highs as well, given their 40% weighting to BHP shares.

They are SPDR S&P/ASX 200 Resources ETF (ASX: OZR) and Betashares Australian Resources Sector ETF (ASX: QRE).

Meanwhile on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is 0.6% higher at 9,153.6 points.

As earnings season continues, let's look at the other ASX mining shares reaching new peaks today.

Sandfire Resources Ltd (ASX: SFR)

The ASX 200's largest pure-play copper mining share rose 2% to a record $22.89 today.

Genesis Minerals Ltd (ASX: GMD)

ASX 200 gold mining share, Genesis Minerals rose 1.75% to a 52-week high of $8.72 per share.

Capricorn Metals Ltd (ASX: CMM)

Fellow gold mining share, Capricorn Metals, spiked 1.6% to a new record of $18.02 today.

Andean Silver Ltd (ASX: ASL)

ASX silver mining share, Andean Silver increased 6.2% to a record $2.90 per share.

Vault Minerals Ltd (ASX: VAU)

Gold and copper mining share, Vault Minerals rose to a 52-week peak of $7.06, up 1.9%, on Tuesday.

Alkane Resources Ltd (ASX: ALK)

Gold and antimony miner Alkane Resources hit a 52-week high of $1.91 per share.

Carnaby Resources Ltd (ASX: CNB)

Copper and gold miner Carnaby Resources rose 4% to a 52-week high of $1.05 per share.

What about the ASX mining ETFs?

QRE and OZR were among the 6 top-performing ASX ETFs of FY26 amid the new mining boom underway in Australia.

The OZR ETF rose 1.1% to an all-time high of $19.38 on Tuesday.

OZR ETF delivered an exceptional total one-year return of 51% in FY26. The trailing distribution yield was 2.4%.

This ASX ETF seeks to mirror the performance of the S&P/ASX 200 Resources Index.

After BHP (40%), its other top holdings are Rio Tinto Ltd (ASX: RIO) (7.7%) and Woodside Energy Group Ltd (ASX: WDS) (7.4%).

The QRE ETF increased 1.9% to a record $11.16 today.

QRE ETF produced a similarly impressive total one-year return of 50% in FY26. The trailing distribution yield was 2.3%.

This ASX ETF seeks to track the Solactive Australia Resources Sector Index.

After BHP, its next top holdings are also Woodside (7.5%) and Rio Tinto shares (7.4%).

Both ETFs invest predominantly in ASX mining shares, along with oil and gas suppliers, and other resources companies like steel makers.

QRE also invests 2.5% in utilities, which is a key difference to OZR, although Origin Energy Ltd (ASX: ORG) is the only stock.

The post 8 ASX mining shares hitting 52-week highs today appeared first on The Motley Fool Australia.

Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed on Monday trading for $11.29. In early morning trade on Monday, shares are swapping hands for $11.78 apiece, up 4.3%.

For some context, the ASX 200 is up 0.8% at this same time.

Here's what's grabbing investor interest.

Evolution Mining shares jump on acquisition

The Evolution Mining share price is enjoying a strong start to the week after the mining giant announced that it has entered into a scheme of arrangement to acquire Aussie copper and gold miner Carnaby Resources Ltd (ASX: CNB).

In a deal that values Carnaby at around $213 million, shareholders in the junior mining stock will receive 0.0682 new Evolution shares for each Carnaby share they hold.

That equates to an offer price of 77 cent per Carnaby share, which closed at 48 cents a share on Friday. The Carnaby share price is up 62.5% today on the acquisition news, at 78 cents.

The Carnaby board unanimously recommended the scheme, in the absence of a superior proposal.

The takeover could support Evolution Mining shares longer term. The company noted that it will incorporate Carnaby's advanced copper-rich Greater Duchess Project, located near Evolution's Ernest Henry Operations in Queensland.

The ASX 200 mining stock said this could deliver an extra 10,000 tonne of copper production per year from Ernest Henry.

As part of the deal, the existing tolling and offtake agreements between Carnaby and Glencore will be terminated. Evolution and Glencore have separately agreed that any concentrate produced from ore extracted from Greater Duchess will be sold to Glencore under the existing Ernest Henry offtake arrangements between Evolution and Glencore.

The scheme remains subject to the customary closing condition.

What did management say?

Commenting on the $213 million acquisition that's boosting the Evolution Mining share price today, CEO Lawrie Conway said, "The acquisition of Carnaby represents an exciting opportunity to add the Greater Duchess project to our portfolio and further consolidate our position in the highly prospective Cloncurry region."

Lawrie continued:

The close proximity of Greater Duchess provides an opportunity to increase copper production at Ernest Henry, utilising latent mill capacity and existing infrastructure.

The combination of Ernest Henry's Bert project and Greater Duchess enhances our ability to continue to maximise production and growth at Ernest Henry.

Carnaby managing director Rob Watkins added:

Following the release of the Greater Duchess PFS, Carnaby was well positioned to explore multiple pathways to advance the project, with one option being M&A.

Evolution's offer follows a comprehensive strategic review undertaken by the Board and its advisers, focused on identifying partners with the capability and expertise to develop Carnaby's discoveries and maximise long-term value for all shareholders.

The post Evolution Mining shares surging today on $213 million acquisition news appeared first on The Motley Fool Australia.

What did Evolution Mining report?

• Evolution to acquire 100% of Carnaby Resources via a Scheme of Arrangement.
• Carnaby shareholders to receive 0.0682 new Evolution shares for each Carnaby share, with an implied value of $0.77 per Carnaby share.
• The acquisition values Carnaby at roughly $213 million, a 60.4% premium to its prior closing price.
• Greater Duchess Project adds an estimated 10,000 tonnes per annum of copper production potential to Ernest Henry.
• The Scheme is unanimously recommended by Carnaby's Board, in the absence of a superior proposal.

What else do investors need to know?

The acquisition aligns with Evolution Mining's strategy to build a portfolio of high-quality, long-life gold and copper assets in world-class mining regions. By integrating the Greater Duchess Project with Ernest Henry, Evolution aims to boost copper output and leverage its existing infrastructure for cost efficiencies.

Existing tolling and offtake agreements between Carnaby and Glencore will be terminated, clearing the way for integration into Evolution's operations. Any concentrate from Greater Duchess will be sold to Glencore under Evolution's existing Ernest Henry offtake agreement, supporting continued market access.

Regulatory and shareholder approvals will be required before the Scheme can proceed. The process includes key milestones such as a scheme meeting in late October or early November 2026, with completion targeted by mid-November 2026.

What did Evolution Mining management say?

Commenting on the news, Evolution Mining's managing director and CEO, Lawrie Conway, said:

The acquisition of Carnaby represents an exciting opportunity to add the Greater Duchess project to our portfolio and further consolidate our position in the highly prospective Cloncurry region. The close proximity of Greater Duchess provides an opportunity to increase copper production at Ernest Henry, utilising latent mill capacity and existing infrastructure. The combination of Ernest Henry's Bert project and Greater Duchess enhances our ability to continue to maximise production and growth at Ernest Henry.

What's next for Evolution Mining?

Evolution intends to conduct an updated Feasibility Study for the Greater Duchess Project over the next 12 to 18 months, building on Carnaby's previous work. The goal is to maximise mining and processing efficiencies as Greater Duchess is integrated into Ernest Henry's life-of-mine plan.

Carnaby shareholders will gain exposure to Evolution's diversified portfolio and operational expertise. If all approvals are met, the Scheme is expected to be completed in the second half of 2026, with project development ramping up shortly afterwards.

Evolution Mining Limited share price snapshot

Over the past 12 months, the Evolution Mining Limited share price has smashed the ASX 200 index (ASX: XJO) with a 55% gain. This reflects positive market sentiment towards quality gold and copper exposures.

View Original Announcement

The post Evolution Mining to acquire Carnaby Resources, boosting copper at Ernest Henry appeared first on The Motley Fool Australia.

The analyst team is now expecting prices for the red metal to be 9% stronger this calendar year, an impressive 33% up on their previous estimates for 2027 and 14% up on their 2028 estimates.

These forecasts have flowed through into their price targets for Australia's major ASX copper miners, with a slew of upgrades announced in a recent research note to clients.

Let's see which companies they like.

Sandfire Resources Ltd (ASX: SFR)

In terms of pure-play ASX copper companies, Sandfire is Macquarie's top pick, with the analyst team keen on its diversified operating base, improving balance sheet, and growing pipeline.

Macquarie's analyst team said:

The key attraction is the combination of established production, low C1 cost performance and near-term free cash flow leverage to copper and by-product prices. Growth optionality is also improving on management's disciplined approach to M&A.  

Macquarie said the company's joint venture with Havilah Resources Ltd (ASX: HAV) also added a potential long-life copper-gold development option in South Australia over the medium term.

Macquarie has a price target of $21 per share on Sandfire compared to $20.86 currently.

Capstone Copper Corp (ASX: CSC)

The Macquarie team have an outperform rating on Capstone, saying the company offers a more leveraged exposure through its diversified Americas portfolio.

They said:

We see the key attraction as a combination of operating scale, copper beta and self funded growth, with balance sheet capacity improving; net debt reduced to US$738m at 1QCY26. The main risks remain execution at Mantoverde and Santo Domingo sanctioning (both in the 4QCY36), and input-cost inflation, but we view the risk/reward as attractive given strong growth outlook at an attractive multiple.

Macquarie has an $18 price target on Capstone shares compared to $15.41 currently.

Looking at some other companies in less detail, Macquarie has upped its price target for Aurelia Metals Ltd (ASX: AMI) from 40 cents to 43 cents. That would constitute a 38.7% return if achieved.

For Aeris Resources Ltd (ASX: AIS), Macquarie now has a price target of 73 cents, up from 70 cents. That compares to the current price of 42 cents.

Carnaby Resources Ltd (ASX: CNB) now has a price target of 80 cents, up from 70 cents, compared to 69 cents currently.

And for FireFly Metals Ltd (ASX: FFM), the price target has increased from $2.30 to $2.50, compared to $2.04 currently.

The post Macquarie has upgraded its copper price outlook. Let's see which ASX shares they like appeared first on The Motley Fool Australia.

Mining project likely to expand

The company said in a statement to the ASX that it had struck a copper grade of 7.1% copper equivalent over a 19m intersection during drilling at the Trek 1 Footwall Lode.

The company said the new drilling confirmed the discovery of a significant new deposit, adding to drilling results first reported late last year, with the new lode also open down plunge and along strike to the north.

Carnaby Managing Director Rob Watkins said of the discovery:

These fantastic results from the new Trek 1 Footwall Lode discovery have completely opened up the Trek 1 deposit beneath the Ore Reserve pit design. We are looking at a completely new mineralised structure that links off the Main Lode in a more favourable northerly strike and may indeed be the primary driver of the Trek 1 deposit. The Footwall Lode has only been intersected in a handful of holes to date. In addition to the 400m extension discovery of the Main Lode, the Trek 1 Footwall Lode discovery is outside of the existing Mineral Resource.

Mr Watkins said the company would incorporate the new results from the main and footwall lodes into an updated mineral resource estimate and also perform open-pit optimisations and underground scoping studies in the second half of the year.

He said Carnaby remains on track to complete the feasibility study for the project by mid-year, prior to a final investment decision, and was targeting first ore production in the second half of the year from the Greater Duchess project.

The company said there was scope for the size of the open pit at Trek 1 to increase in size, given the new drilling results.

The new drilling was part of an overall 3000m drilling campaign.

Positive study already released

Carnaby released a pre-feasibility study for the project in March, envisaging a mine which would operate for 12 years with a payback period of just 13 months.

The mine was expected to produce a total of 165,000 tonnes of copper equivalent.

Carnaby shares traded as high as 65 cents on the news on Thursday morning before settling back to be 10.9% higher at 61 cents.

The 65-cent mark is a new 12-month high, with the company's shares having traded as low as 27 cents over the past year.

Carnaby Resources is valued at $151.9 million.

The post Why has this ASX copper stock surged to a new 12-month high? appeared first on The Motley Fool Australia.

The potentially money-doubling stock in question is Carnaby Resources Ltd (ASX: CNB). And that estimate comes atop today's outsized gains.

Indeed, Carnaby Resources shares are on fire today.

The ASX mining share closed yesterday trading for 36.5 cents. In early afternoon trade on Wednesday, shares are changing hands for 42.5 cents apiece, up 16.4%.

We'll look at why Moelis expects that today's gains are just the tip of the iceberg below.

But first…

Why is the ASX mining share rocketing today?

Carnaby Resources is primarily focused on its Greater Duchess Copper Gold Project, located in Queensland.

Investors are piling into the ASX mining share today after the company announced new high-grade exploration drill results at Greater Duchess.

Carnaby reported top results from one drill hole of 8.1 metres at 9.9% copper equivalent, including 4.3 metres at 16.5% CuEq from 475 metres.

"These results are important as they demonstrate the excellent down plunge continuity of the extremely high-grade breccia shoot mineralisation over at least 600 metres below the Ore Reserve Open pit," Carnaby Resource managing director Rob Watkins said.

"The Trek 1 extension is shaping up as a very significant high-grade discovery which will be adding valuable mineral inventory to the Greater Duchess Project Mineral Resources," he added.

Which brings us to…

Why Moelis is bullish on Carnaby Resources shares

Prior to today's announcement, Moelis reiterated its buy rating on the ASX mining share.

According to the broker:

The defining feature of CNB in our view remains the low-capital pathway to the commencement of production. The planned development pathway will not require the construction of a concentrator, given the company's toll treatment agreement with Glencore at the nearby Mt Isa concentrator and accompanying offtake.

From an economic perspective, this may not be the most value additive approach if CNB were capital unconstrained, however, in this market, we think investors will be more interested in avoiding risk than academic arguments around the value of fixed infrastructure if CNB were to build a new facility.

Moelis also highlighted the production potential of Greater Duchess, as revealed by Carnaby Resources' updated pre-feasibility study (PFS) and maiden Ore Reserve estimates.

The broker noted that headline elements include:

• 12-year production profile, producing ~15kt Cu Eq on average per annum
• MA Est. pre-production capex A$15m, pre-tax NPV (13%) at spot prices: A$650m. MA Est. expected IRR ~130%
• Feasibility study on track for completion June Q (2026) with FID expected within the current half. First production slated for 2H CY26
• Maiden Ore Reserve of 8.4mt grading 1.7% Cu & 0.3g/t Au for 164kt Cu Eq

Connecting the dots, Moelis has a 12-month price target of 90 cents per share on Carnaby Resources.

That represents a potential 111.8% upside from this ASX mining share.

The post Why this buy-rated ASX mining share is tipped to surge 112% appeared first on The Motley Fool Australia.

While the share prices of major gold companies such as Bellevue Gold Ltd (ASX: BGL), Regis Resources Ltd (ASX: RRL), and Capstone Copper Corp (ASX: CSC) are lower in mid-morning trade, Carnaby shares are 4.8% higher at 43.5 cents.

Low-cost capex

Carnaby released both a pre-feasibility study (PFS) and a maiden ore reserve for Greater Duchess, with the PFS stating that it would only cost $11 million to bring the project into production.

Greater Duchess was expected to produce for 12 years, with a six-year open-pit operation followed by a transition to underground mining.

The project is expected to have a payback period of 13 months under the company's base metal price assumptions, improving to 11 months if spot prices for copper and gold are used.

The maiden ore reserve indicates that the mine has 8.4 million tonnes of ore at a copper equivalent grade of 1.7%.

Forging ahead with next steps

The company has now started its feasibility study, which it expects to finish in the second quarter of calendar year 2026, with a final investment decision targeted by June 30.

This is expected to be followed by first production in the second half of calendar year 2026.

Carnaby Managing Director Rob Watkins said:

The release of the Greater Duchess PFS is a major milestone for Carnaby and its shareholders and is the culmination of extensive work completed by the Carnaby team and independent consultants over the course of the last year. The PFS results highlight an extremely robust new mine development project located close to existing world class infrastructure and processing facilities in the Mount Isa region. The Greater Duchess Copper Gold project has a clear pathway to a low pre-production capex ($11M) near term mining operation (target first production H2 CY26) that will capitalise on record copper and gold prices.

The mining project is expected to deliver EBITDA of $983 million, or $1.27 billion at spot prices.

The company added that there was the potential for further expansion of the mineral resource.

All deposits remain open at depth and the exploration upside in the Greater Duchess mine camp has clearly demonstrated potential to deliver additional production target tonnes in the future. This is particularly evident at Trek 1 and Trek 2 where recent outstanding exploration results have been recently reported.

The project will have an all-in sustaining cost of production of $9583 per tonne of copper, compared with the assumption used in the PFS of $16,500 per tonne.

Carnaby Resources was valued at $115 million at the close of trade on Friday.

The post This ASX copper company's shares are defying a weak market after good project news appeared first on The Motley Fool Australia.

A business with its destiny in its own hands is an excellent investment at any time, but is especially useful when the rest of the world is dealing with turbulence.

Seneca Financial Solutions investment advisor Tony Langford this week named two ASX shares that he would buy that fit exactly that criteria:

'Rapidly emerging scale'

Carnaby Resources Ltd (ASX: CNB) is a mining explorer with copper and gold interests in Western Australia and Queensland.

Langford is bullish on one particular project.

"Recent drilling at the Greater Duchess copper and gold project delivered encouraging intersects at Mount Hope, confirming high purity and high concentrate along strike that adds to its rapidly emerging scale," Langford told The Bull.

"This project could be fast tracked given its close proximity to infrastructure."

The Carnaby share price is almost 22% higher than where it started the year. But there is still a relative buying opportunity with the stock having plunged 26% since a 17 April peak.

Although the $190 million junior miner is not covered widely, CMC Markets encouragingly shows two analysts recommending Carnaby as a strong buy.

'A strong customer order book'

Perhaps a better-known and less speculative buy is ASX veteran ARB Corporation Ltd (ASX: ARB).

"ARB supplies 4-wheel drive accessories to Australian and international markets," said Langford.

"In recent years, the company has engaged with the Ford Motor Co (NYSE: F) to provide accessories to a bigger US growth market."

ARB has also been busy with new products.

"We expect the recently launched earth camper trailer to be popular among its loyal customers," said Langford.

"This innovative company is focused on supporting export markets."

The ARB share price has fallen nearly 5.5% since a 12 May peak, but Langford is nevertheless bullish.

"A strong customer order book supports a brighter outlook."

The post Copper, gold, & 4WDs: 2 ASX shares to buy with a 'brighter outlook' appeared first on The Motley Fool Australia.

The Solis Minerals Ltd (ASX: SLM), Iceni Gold Ltd (ASX: ICL) and Carnaby Resources Ltd (ASX: CNB) share prices are storming ahead.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is rising 0.38% at the time of writing.

Let's take a look at these ASX mining shares in more detail

Solis Minerals

Solis Minerals shares are soaring 30% today. Investors appear to be buying up Solis shares after the company received "firm commitments" for an $8.155 million capital raise.

Sophisticated and professional investors, along with North American institutional funds, will receive Solis shares at 55 cents per share. This was a 6.78% discount on yesterday's closing price of 59 cents per share.

Latin Resources, a major shareholder, has lifted its investment in the company to a 17.79% stake.

Commenting on the news, executive director Matt Boyes said:

I want to welcome new shareholders and thank our existing ones, particularly Latin
Resources, for their continued support and validation of our lithium strategy and investment in
an emerging lithium district in Brazil.

Solis shares have rocketed ahead 670% in the last year.

Iceni Gold

Iceni Gold shares are soaring 56% at the time of writing. This company is exploring gold in Western Australia. Today, the company advised it has discovered "spectacular high-grade vein" at the 'Christmas Gift' target at Everleigh Well.

Assay results included 18,207 grams per tonne (g/t) of gold, 18,179 g/t, 16,776 g/t, 16,659 g/t and 14,780 g/t.

Commenting on the news, technical director David Nixon said:

Assay results from the discovery of the second outcropping quartz vein with visible gold in the Everleigh target area are exciting, as they back up the initial field observations that reported visible gold in outcrop.

Iceni shares have fallen 23% in the past 52 weeks.

Carnaby Resources

Carnaby shares are lifting nearly 14% today amid gold exploration results. The company is exploring the Greater Duchess Copper Gold Project in Mount Isa, Queensland.

Today, Carnaby reported "exceptional new assay results" and pXRF readings at the mount hope central prospect within the project.

This included pXRF readings such as 40 metres at 4.2% copper, 72 metres at 2.2% copper and 11 metres at 5.7% copper as well as 0.9 grams per tonne of gold.

Commenting on the news, managing director Rob Watkins said:

Some of the most spectacular copper gold mineralisation yet seen at the Greater Duchess Project has just been intersected at the Chalcus Lode and the newly named Boomerang Lode at Mount Hope Central.

This is an outstanding discovery which is rapidly growing with every new hole drilled.

Carnaby shares have returned nearly 42% in the last year.

The post 3 ASX mining shares booming on big news appeared first on The Motley Fool Australia.

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.

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.

The post Which ASX gold stock just leapt 9% on a 'stunning drill result'? appeared first on The Motley Fool Australia.

The Carnaby Resources Ltd (ASX: CNB) and Magmatic Resources Ltd (ASX: MAG) share prices are smashing the index today.

Let's take a look at why these ASX mining shares are having such a great day.

Carnaby Resources

Carnaby shares are currently soaring 23.49% to 92 cents apiece.

As we reported earlier, the ASX mining share advised of "phenomenal results" from the Mount Hope prospect. This is located within the Greater Duchess Copper Gold Project in Queensland. Results included 60 metres at 3.1% copper and 16 metres at 7.6% copper.

Commenting on the news, managing director Rob Watkins said:

The outstanding result of 60m @ 3.1% copper in MHRC029 is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole at Nil Desperandum.

Magmatic Resources

Magmatic Resources shares are surging 20% to 12 cents at the time of writing.

The ASX mining share is exploring gold and copper at the Wellington North, Parkes, Myall, and Moorefield projects.

The gold price leapt higher to US$1,674 in global markets overnight, while copper fell slightly to US$7,545 a tonne.

Earlier this week, Magmatic reported a 722.5 metre copper intersection. Results included:

• 722.5 metres at 0.25% copper, 0.05 grams per tonne gold, and 14 parts per million (ppm) molybdenum from 134.5m

Commenting on the results, managing director Dr Adam McKinnon said: "I couldn't be any more impressed with results from first full hole at our Myall program."

Share price snapshot

The Carnaby Resources share price is up 200% in the past 12 months but is down 43% this year to date. However, it has gained 6% in the past month.

Magmatic Resources shares are up 20% over the past year and 9% year to date, but are down 14% over the past month.

The post Two ASX mining shares soaring by 20% today appeared first on The Motley Fool Australia.

Drilling at the company's Greater Duchess Copper Gold Project has returned its highest grade and widest result to date.

The Carnaby Resources share price is leaping 21.48% on the back of the news to trade at 91 cents. Earlier in the day, it hit a high of $1.08 — representing a gain of 43% on Wednesday's closing price.

Let's take a closer look at the announcement taking the ASX mining share by storm.

ASX mining share launches 21% on record results

The Carnaby Resources share price is taking off as the market digests news from the ASX miner's Mt Isa project.

Drilling at the Greater Duchess Project's Mount Hope Prospect has returned results including 60 metres at 3.1% copper – marking the project's best-ever result.

It exceeded initial portable X-ray fluorescent (pXRF) results – announced last month – by more than 30%.

Carnaby Resources managing director Rob Watkins commented on the news driving the company's share price, saying:

These exceptional drill results from Mount Hope are pointing towards a very material and growing discovery, regionally significant within the Mount Isa Inlier.

With numerous IP anomalies, structural targets and obvious direct extension drill targets to the results announced today, we look forward with great anticipation to the unfolding discovery at Mount Hope.

The broader drilling campaign has initially defined a more than 200-kilometre-long strike of continuous wide and high-grade copper mineralisation.

The area is located beneath an open pit, historically mined to a maximum depth of around 35 metres. 

Carnaby Resources share price snapshot

Sadly, today's gain hasn't been enough to pull the ASX mining share back into the longer-term green.

The Carnaby Resources share price has dumped 43% since the start of 2022. Though, it has gained 200% since this time last year.

The post Guess which ASX mining share is rocketing 20% on 'phenomenal' drill results appeared first on The Motley Fool Australia.

The All Ordinaries Index (ASX: XAO) has given back its early morning gains and is currently down 0.8%.

But Carnaby Resources Ltd (ASX: CNB) is heading the other direction, up 8.3% to 78 cents per share.

Here's what's driving investor interest in the ASX mining share.

What did Carnaby Resources report?

The Carnaby Resources share price is surging after the ASX mining share reported a fresh round of "exceptional drill results" from its Mount Hope Prospect at the Greater Duchess Copper Gold Project, located in Queensland.

Top composite drill results included 30 metres at 3% copper and 0.4 grams of gold per tonne from 60 metres to bottom of hole.

Another highlighted result was 35m at 1.7% Cu, 0.2g/t Au from 60 metres; including 15 metres at 2.9% Cu, 0.3g/t Au.

Commenting on the results sparking interest in the ASX mining share today, Carnaby Resources managing director Rob Watkins said:

We are only at the start of unlocking what lies beneath the ground at Mount Hope and believe that this could rapidly unfold and link up into a very large discovery with numerous IP anomalies and outcropping mineralisation about to be drilled for the first time.

Watkins also pointed to the promising results shown by the miner's portable X-ray fluorescent (pXRF) testing at one particular hole.

"We are eagerly awaiting the laboratory assay results from MHRC029 in particular, from which the pXRF results indicate an intersection of at least 65m @ 2.1% copper," he said. Adding that "analysis of past samples has shown actual assay grades can exceed pXRF readings by up to 30%".

How has this small-cap ASX mining share been performing?

Though Carnaby Resources has lost a fair bit of ground in 2022, the ASX mining share remains up 143% over the past 12 months. That compares to a full-year loss of 12% posted by the All Ordinaries.

The post 'This could rapidly unfold': Why this ASX mining share is leaping 8% today appeared first on The Motley Fool Australia.

After rocketing 22% on 23 June and another 15% the following day on the back of significant discoveries, the Carnaby Resources share price is again on the move today.

This follows the company's exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

At the time of writing, the Carnaby Resources share price is up 24.3% to a two-month high of $1.15. In earlier trading, the share price reached $1.18.

Carnaby uncovers another encouraging anomaly

In its statement, Carnaby advised exploration activities are ramping up with extensive induced polarisation (IP) surveys conducted at the Mount Hope and Duchess prospects.

Results from a further nine IP lines reveal a very large and extremely strong IP chargeability anomaly.

As such, a very strong chargeability inversion anomaly of 47 milliseconds was modelled at Mount Hope at approximately 150 metres below the surface.

Carnaby stated that plans are underway to complete first pass drilling of this IP anomaly immediately.

In addition, the miner found highly encouraging and undrilled IP anomalies at the Duchess prospect.

Management said the source of this IP anomaly is unknown but represents an excellent drill target in the upcoming programs.

Lastly, Carnaby received rock chip and sampling results from the Shamrock prospect. These have further enhanced the potential to host copper sulphide mineralisation.

Rock chip results included up to 17.7% copper and four grams per tonne (g/t) of gold.

Channel sample results include two metres at 7.2% copper, 0.5 g/t of gold.

Carnaby will complete heritage surveys at Shamrock first before commencing first pass drilling.

'Cause for excitement'

Carnaby managing director, Rob Watkins commented:

The IP continues to delineate outstanding new drill targets at the Greater Duchess Copper Gold Project. This along with the ongoing drilling success continues to grow the scale and value of these discoveries. The inventory and quality of the drill ready targets about to be tested is cause for excitement.

Carnaby Resources share price snapshot

Including today's euphoric gains, the Carnaby Resources share price has soared by 238% over the past 12 months.

The shares were trading for as little as 24 cents in November 2021 before a spectacular copper discovery at the Greater Duchess Project put the company into stardom.

Based on today's share price, Carnaby Resources commands a market capitalisation of $133.71 million.

The post What is catapulting the Carnaby Resources share price 24% higher? appeared first on The Motley Fool Australia.

Let's take a closer look at what they have uncovered and how they are performing on Thursday.

2 ASX mining shares lifting on exciting news

Far East Gold Ltd (ASX: FEG)

The Far East Gold share price is surging 14% higher to trade at 33 cents on Thursday.

The company's gain follows news from its Woyla Copper Gold Project. Samples from the project have been tested and found to house gold associated with sulphides.

The gold was identified by petrographic studies, undertaken to better understand gold occurring within samples that assayed bonanza grade gold and silver.

The studies have also helped verify a previous petrographic study on the project's Aloe Rek vein system.

Additionally, they confirmed high-grade gold and silver mineralisation associated with ginguro banded quartz is present within all of the defined Woyla vein systems.

Carnaby Resources Ltd (ASX: CNB)

Another tiny ASX mining share enjoying a day in the green following a new discovery is Carnaby Resources. Its stock has lifted 17% to trade at 82 cents on Thursday.

The company announced "very significant" geophysical anomalies identified at the Greater Duchess Copper Gold Project this morning.

Induced polarisation (IP) surveys have recorded large and strong IP chargeability anomalies in two previously undrilled areas of the project.

The company's managing director, Rob Watkins commented on today's news, saying:

The undrilled 3 kilometre corridor between [the project's Nil Desperandum prospect] and [its Lady Fanny prospect] now has two excellent deposit scale drill targets following the identification of these highly significant IP anomalies.

Watkins also noted that IP identified the original high grade discovery hole at the project's Nil Desperandum prospect. It showed similar anomalies as those announced today.

The post 2 tiny ASX mining shares surging on new discoveries appeared first on The Motley Fool Australia.

The ASX 200 Resources Index is down 1.81% to 5,579.9 points at the time of writing.

Let's take a look at which ASX mining shares are outperforming the index.

Carnaby Resources Ltd (ASX: CNB)

The Carnaby Resources share price rocketed 27.55% to $1.435 in earlier trade, before retreating. The explorer's shares are currently trading at $1.235, up 9.78%. Carnaby shares surged on the back of positive drill results from the Greater Duchess Copper Gold Project in Queensland. Drill hole LFRC120 intersected with the widest high-grade mineralisation to date. This included 2.4% copper from 68m and 0.4 grams per tonne of gold from 40m. Year to date, ASX mining share Carnaby's shares have depreciated 8.52%, while they are up 209% over 12 months.

Quantum Graphite Ltd (ASX: QGL)

The Quantum Graphite share price is surging 8.96% to 36.5 cents. In earlier trade, the ASX mining company's share price soared 16% to 39 cents. Quantum is a producer of flake graphite products. The company is investing in advanced processing technologies for the electric vehicle (EV) battery market. Quantum recently reported its shareholder base has increased by 35% since requoting on the ASX on 14 December. Quantum is green all round, up 128% year to date and a whopping 615% over the last 12 months.

Middle Island Resources Ltd (ASX: MDI)

Middle Island Resources shares have surged 23% today despite no news from the company. The miner is exploring gold and copper at the Barkly Copper Gold Super Project in the Northern Territory. Recently, the company reported significant copper oxide has been identified at its crosswinds prospect. This included spot pXR readings between 24.8 and 76.2% of copper. Year to date, ASX mining share Middle Island Resources shares have appreciated 33%, and a respectable 23% over 12 months.

The post In a sea of red, these ASX mining shares are surging more than 10% appeared first on The Motley Fool Australia.

Below we look at the drill results that look the be driving ASX investor interest.

What drill results did Carnaby announce?

The Carnaby Resources share price is rocketing after the company reported "stunning drill results". The results are from the exploration campaign at its Greater Duchess Copper Gold Project in Mt Isa, Queensland.

The results come from both reverse circulation and diamond drilling.

One of the drill holes intersected the widest high-grade intercept Carnaby has discovered to date. Results were 68 metres at 2.4% copper, 0.4 grams per tonne of gold from 40 metres, including 42m @ 3.6% copper, 0.5 g/t gold from 63m.

The ASX resource explorer said it has now intersected "wide, high-grade and very shallow" copper-gold mineralisation across a zone of more than 300 metres strike length that remains open.

Atop this, it reported receiving a number of other new results and visual intersections. Those include a 30-metre zone of very strong copper sulphides.

On the results that look to be lifting the Carnaby Resources share price today, Carnaby managing director Rob Watkins said:

These stunning drill results clearly demonstrate the resource and development potential of the Greater Duchess Copper Gold Project. We are discovering and building a pipeline of exceptional and highly desirable copper gold deposits whose intrinsic value will only grow over time as we define and grow the maiden resource and move towards a development timetable.

Drilling at the project continues with two dedicated drill rigs on site.

Carnaby Resources share price snapshot

Though it has come under pressure in 2022, the Carnaby Resources share price remains up 220% in the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 0.48% since this time last year.

The post Here's why the Carnaby Resources share price just rocketed 27% appeared first on The Motley Fool Australia.

The copper and gold exploration and development company is purchasing the mining licence for Mount Hope, located near its Lady Fanny and Nil Desperandum copper gold discoveries.

At the time of writing, the Carnaby Resources share price is $1.40, 2.56% higher than its previous close.

However, earlier today it hit a high of $1.48, representing an 8% gain.  

Let's take a closer look at the news driving the Carnaby Resources share price higher today.

What's going on with Carnaby Resources today?

The Carnaby Resources share price is taking off on news that the company's expanding its Greater Duchess Copper Gold Project.

At 1 kilometre long and 500 metres wide, the Mount Hope mining lease covers around 0.5 square kilometres.

According to Carnaby Resources, Mount Hope looks to be hosted in the same iron oxide copper gold structural corridor as its Lady Fanny and Nil Desperandum discoveries.

Historically, it has produced 322,000 tonnes at 1.9% copper. Though, Carnaby Resources notes there's a "remarkable" shortfall in publicly available or verifiable historical exploration drilling.

The company plans to start a first pass exploration drilling program following the mining lease's settlement. That's expected to be in the second or third quarter.

Carnaby Resources managing director, Rob Watkins commented on the acquisition, saying:

Mount Hope is a highly accretive acquisition and another potential corner stone in the rapidly growing Greater Duchess Copper Gold Project.

It is hard to believe that an exploration opportunity like this still exists in the Mt Isa region today.

Ultimately the planned first pass drilling at Mount Hope will tell the story, however the historical production from the shallow pits and the extensive copper mineralisation left in the pit walls and outcropping elsewhere within the mining lease is evidence enough as to its potential.

The company is acquiring the lease from the privately-owned Integrated Global Resources. It will be paying $1 million in cash and the other $1 million in scrip.

Carnaby Resources share price snapshot

The Carnaby Resources share price has been struggling in 2022.

It has slipped 10.8% year to date. Though, it's still 483.3% higher than it was this time last year.

The post Why is the Carnaby Resources share price surging 8% on Monday? appeared first on The Motley Fool Australia.

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.

The post Carnaby Resources (ASX:CNB) share price shoots 17% higher. Here's why appeared first on The Motley Fool Australia.

At the time of writing, the Carnaby Resources share price is trading 8.06% down at $1.71. However, the materials sector (ASX: XMJ) is the best performer today, up 0.8%.

So, why are ASX investors unenthused by the copper and gold explorer's latest announcement?

Let's take a closer look…

Copper mineralisation at Nil Desperandum

Carnaby Resources has exploration sites in the Pilbara Mallina Basin and Yilgarn Margin in Western Australia, and in the Mt Isa Inlier in Queensland.

Today's announcement comes from its Queensland site — more closely, the Nil Desperandum Prospect of the Greater Duchess Copper-Gold Project.

The miner has hit a 70-metre downhole of copper sulphide mineralisation from 195 metres at the NLRC069 drill hole zone. It held a "visual estimate" of between 1 to 18% chalcopyrite, which is yet to be officially confirmed.

Another mineralisation of the same nature was intercepted at the NLRC067 drill hole, with a 63-metre downhole zone from 169 metres. The interception also contained the same percentage of chalcopyrite and is awaiting results.

With the results pending, and with the spread of COVID-19 in Queensland creating delays to drilling, Carnaby is focusing on the Lady Fanny target on the same site.

Comment from management

Managing director Rob Watkins called the copper mineralisation found in these zones "excellent".

(…) the copper grades are clearly increasing in depth in the southernmost hole drilled which intersected 41m @ 4.1% copper in NLDD044.

While we must wait to complete heritage surveys before we can target the IP anomalies over 400m strike southwest of NLDD044, we have no shortage of quality drill targets to pursue at the Lady Fanny Prospect, where six lines of IP are in progress targeting below shallow drill results of up to 27m @ 2.8% copper, 0.9% g/t gold in LFRC009.

We eagerly await results from drilling at Nil Desperandum and IP geophysics from Lady Fanny.

Carnaby Resources share price snapshot

It hasn't all been downhill for Carnaby Resources.

Last Friday, the Carnaby Resources share price shot up 33% to $1.80 apiece. This came after the company announced it had intersected strong copper sulphide mineralisation at the same site. In the month before, it soared after pleasing assay results.

The miner has a market capitalisation of $246 million and a price-to-earnings ratio (P/E) of 573.

The post Carnaby Resources (ASX:CNB) share price drops 8%, with investors unimpressed by exploration success appeared first on The Motley Fool Australia.