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Key Points
- 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%.
