The Carnaby Resources (ASX: WPL) share price is on fire today, starting 2022 up 13.7% to $1.535 at the time of writing.
Let's take a look at what may be spurring investor interest in the metals explorer today.
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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.
