Materials

Carnaby confirms high grade discovery to cap off a month of explosive growth

Mon 10 Jan 22, 5:41pm (AEST)
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Key Points

  • Carnaby has skyrocketed 377% in the last month
  • The stock tanked substantially, before recovering slightly before the close
  • Further drill results from the Nil Desperandum Prospect have been reported

Carnaby Resources Limited (ASX: CNB) has reported further drill results from the Nil Desperandum Prospect in the Greater Duchess Copper Gold Project, located in Mt Isa, Qld.

Despite the assays confirming broad high grade copper gold discovery, the company plummeted today. 

Within an hour of the market opening, Carnaby plunged -21.21%. However, the stock rallied through the day, closing at -7.61%.

carnaby's share price on 10 January 2022

^ Carnaby’s share price today, with trading volume shown in the lower chart.

According to Carnaby’s managing director, Rob Watkins, today’s announcement confirms “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.”

Today’s assay results included 60.3m @ 0.9% copper and 0.1g/t gold from 256m.

Carnaby has moved fast to capitalise on the discovery. The company has increased the Greater Duchess Copper Gold and Tick Hill Gold project area by 638 sq.km to 1,022 sq.km of tenure.

Outside of Nil Desperandum, results are still pending from drilling at the Lady Fanny and Burke & Wills prospects, where significant copper sulphides have been observed in drill chips. Numerous holes were drilled at these prospects at the end of last year. 

An explosive month of growth

Despite losing ground in today’s correction, the company has experienced an exceptional few weeks. 

Carnaby skyrocketed 377% in the last month. The near-vertical growth saw the company soar from $0.27 on 10 December to $1.275 at the close of markets today. 

price chart showing Carnaby's share price over the last three months

^ Carnaby’s share price over the last 3 months, with trading volume shown in the lower chart.

With further results to follow, Carnaby may be one to watch as the company gears up for its 2022 exploration programs. 

Written By

Jed Herne

Content & Strategy

After graduating with a 99.4 ATAR, Jed won 3 scholarships to Curtin University, where he earned his Bachelor's degree and served as a Student Ambassador. He is primarily interested in long-term passive index funds as a vehicle for financial independence. Outside of covering financial news, Jed is a published author, podcaster, and has an unhealthy obsession with bouldering.

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