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.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are pushing higher:

Carnaby Resources Ltd (ASX: CNB)

The Carnaby Resources share price has rocketed 41% to $1.92. Investors have been buying the mineral exploration company's shares after it reported a major copper gold discovery at its Nil Desperandum Prospect in Queensland. According to the release, a reverse circulation drill hole intersected a strong 50 metre down hole zone of copper sulphide mineralisation from 250 metres to bottom of hole. Based on visual estimates, the zone contains up to 30% chalcopyrite.

News Corp (ASX: NWS)

The News Corp share price is up 5.5% to $33.29. Investors have been buying the media giant's shares following the release of its second quarter and half year update. For the second quarter, News Corp reported a 13% increase in revenue and an 18% lift in EBITDA. This led to a first half operating profit of almost US$1 billion, which is up 30% year on year.

Piedmont Lithium Inc (ASX: PLL)

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The post Why Carnaby Resources, News Corp, Piedmont Lithium, and PointsBet shares are pushing higher appeared first on The Motley Fool Australia.

• Carnaby Resources share price lifts off on copper gold discovery
• The results indicate extension potential of the deposit
• Further exploration is ongoing

The Carnaby Resources Ltd (ASX: CNB) share price is off to the races today, up 33% to $1.80 per share.

Below, we take a look at the ASX resource explorer's drill results that look to be stoking investor interest today.

What exploration results were announced?

The Carnaby Resources share price is rocketing after the company reported a major copper gold discovery at its Nil Desperandum Prospect, within the Greater Duchess Copper Gold Project, located in Queensland.

According to the release, a reverse circulation (RC) drill hole (NLRC066) intersected a strong 50 metre down hole zone of copper sulphide mineralisation from 250 metres to bottom of hole. Based on visual estimates, the zone contains up to 30% chalcopyrite. Assay results are pending.

The Carnaby Resources share price could also be getting a boost from the company's report that the visual intercept confirms that the copper mineralisation in the adjacent drill hole (NLDD044) "has a similar dip to shallower parts of the deposit and therefore downhole widths are close to true width intersections for both NLDD044 and NLRC066".

As the company reported on 29 December, NLDD044 intersected 41 metres at 4.1% copper.

This morning, Carnaby also highlighted that results from the first 3 new lines of Induced Polarisation (IP) southwest of NLDD044 have "outlined a continuous 300-metre-long with the copper sulphide mineralisation in NLDD044".

Commenting on the discovery, Carnaby Resources' managing director, Rob Watkins said:

It is highly encouraging and exciting to confirm that the high-grade copper gold mineralisation intersected in NLDD044 and now in NLRC066 are over exceptional true widths. This gives us great confidence in the plunge extension potential of the high-grade Nil Desperandum breccia shoot.

This is especially significant given that the results from the first three extensional lines of IP all show strong and continuous chargeability anomalies, which we know is vectoring us to high grade copper gold mineralisation as seen in NLDD044.

Carnaby said that extensive drilling and IP surveys are ongoing. The explorer expects to report results from another 3 lines of IP "shortly".

Watkins said his team is looking forward to the next IP and drill hole results "with incredible anticipation".

Carnaby Resources share price snapshot

The Carnaby Resources share price is up an eye-popping 567% over the past 12 months. For comparison, the All Ordinaries Index (ASX: XAO) has gained 5% over the same time.

So far in 2022, Carnaby Resources shares are up 15%.

The post Boom! Carnaby Resources (ASX:CNB) share price rockets 33% on 'major discovery' appeared first on The Motley Fool Australia.

At the time of writing, the mineral exploration company's shares are trading 33.33% higher to an all-time high of $1.66.

Carnaby untaps huge high-grade discovery

In today's statement, Carnaby advised it has received exceptional assay results from the first five holes drilled at the Lady Fanny Prospect. These highlighted high-grade copper and high-grade gold results, which included:

• 27 metres at 2.8% Cu, 0.8 g/t Au from 61 metres (drill hole LFRC009)
• 20 metres at 2.8% Cu, 0.8 g/t Au from 30 metres (drill hole LFRC013)
• 17 metres at 2.8% Cu, 0.8 g/t Au from 74 metres (drill hole LFRC012)

While the assay is extremely encouraging, the company will move ahead with a major program at the Lady Fanny discovery. It noted that the area along with the Burke & Wills prospects will be targeted with ground Induced Polarisation (IP) surveys. This will aid further drilling to explore for mineralisation that may exist beneath the historical drill results.

Carnaby managing director, Rob Watkins commented:

These stunning first pass drill results from Lady Fanny just 3 km north of the spectacular Nil Desperandum high grade discovery really demonstrate the untapped potential of the greater than 5km long IOCG corridor that is rapidly emerging within the Greater Duchess Copper Gold Project.

Investors have been fighting to get a hold of Carnaby shares following the impressive assay results. Notably, Lady Fanny remains completely open and undrilled to the north of the high-grade result. If RC drilling uncovers additional mineralisation, this could potentially lead to the company's shares further moving into uncharted territory.

Carnaby share price snapshot

Over the last 12 months, the Carnaby share price has jumped by more than 370% for shareholders. The company's shares reached an all-time high today of $1.66.

Based on today's price, Carnaby commands a market capitalisation of around $1.35 billion with approximately 131.61 million shares on issue.

The post Here's why the Carnaby (ASX:CNB) share price is rocketing 33% today appeared first on The Motley Fool Australia.

Assay results from a drilling regime at its Nil Desperandum prospect, located at Greater Duchess, confirms a broad high-grade copper-gold discovery at the site.

Whilst the announcement is touted as a positive by the company, the market has disagreed with its assessment.

At the time of writing, Carnaby shares have dropped 22.46% after haemorrhaging soon after the open today.

Why is the Carnaby Resources share price falling today?

The company advised of several assay results and investment highlights from the Nil Desperandum prospect in its release today.

It announced assay results from hole NLDD042 showed an intersection of 60.3m @ 0.9% copper, 0.1g/t gold from 256m and 3m @ 1.1% copper, 0.2 g/t gold from 238m.

Carnaby says the result from RC diamond hole NLDD042 confirms "the excellent continuity of the main high-grade breccia shoot directly down plunge from the previously reported drill hole NLRC017 which intersected 87m @ 0.9 % copper including 30m @ 1.8% copper" back in July 2021.

The intersection in NLDD042 is approximately 80m along strike from the recent spectacular copper results at another hole which remains "completely open down and up dip and down plunge to the southwest".

It also notes that results from numerous other holes drilled at the end of 2021 at Nil Desperandum, Lady Fanny, and Burke & Wills prospects are also on the way.

As such, follow up exploration is being "rapidly escalated with extensive IP surveys and multiple drill rigs to commence this month".

The company notes that extensive infill and extensional drilling is required to confirm the orientation and true width of the mineralisation intersected to date. It is also required to quantify the magnitude of the discovery, according to the announcement.

Carnaby also advised that "major new tenement applications targeting the southern continuation of a strong structural corridor to the south of Nil Desperandum" have increased landholdings by 638 km2 at Greater Duchess to 1,022 km2.

Management commentary

Speaking on the announcement, Carnaby Resources Managing Director, Rob Watkins commented:

NLDD042 has confirmed the strong continuity of the broad high-grade Nil Desperandum breccia which has been traced for over 500m and getting bigger and better at depth. We look forward to receiving more results shortly and the imminent start of 2022 exploration. We are also highly excited about the regional upside potential of the extensive new land tenure announced today.

Despite the weakness today, the Carnaby Resources share price remains one of the ASX's top-performing names over the last 12 months.

It's soared more than 218% in that time after rallying 326% in the past month alone.

The post Why is the Carnaby Resources (ASX:CNB) share price melting 22% today? appeared first on The Motley Fool Australia.

Let's take a look at what may be spurring investor interest in the metals explorer today.

Going for copper and gold

The company's share price is surging despite no price sensitive news from the company. Today's gains may reflect continuing investor confidence after the company announced a major copper and gold discovery on December 29.

This saw shares in the company surging 71% — from 73.5 cents at market close on Christmas Eve to $1.26 at market close just five days later.

Investors reacted positively after Carnaby revealed it had found an "exceptionally broad and high-grade copper-gold intersection" at drill hole NLDD044. This was a better than expected result from its Greater Duchess Copper-Gold Project in Mount Isa, Queensland.

Carnaby is also exploring projects in the Pilbara's Mallina Basin and Yilgarn Margin of Western Australia and the Mt Isa Inlier of Queensland.

During December, the company's share price skyrocketed from 25 cents on 1 December to $1.35, a 440% hike for the calendar month.

It seems the company's share price surged on the back of confirmation of significant copper mineralisation at the Greater Duchess Copper-Gold project. Carnaby rated this discovery as the company's largest copper find to date.

The major share price explosion started in mid-December on the back of "significant" and "spectacular" copper discoveries at the project. The Carnaby share price then continued to soar as the company released further details of its drilling results.

Share price snap shot

The Carnaby Resources share price has surged 253% in the past year and 443% in the past month alone. Meanwhile, it's up nearly 107% in the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 13% to investors in the past year.

The company commands a market capitalisation of around $180 million based on its current share price.

The post Carnaby Resources (ASX:CNB) share price leaps another 13% in stellar start to the year appeared first on The Motley Fool Australia.