Today's broader selling action hasn't dampened investor enthusiasm for this small-cap ASX mining share.
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.
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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.
