Carnaby Resources flies to an all-time high

Carnaby Resources (ASX: CNB) jumped almost 40% upon opening today, after announcing high-grade assays from the Lady Fanny Prospect in the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The results include 27m @ 2.8% Cu and 0.8 g/t Au from 61m.

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.” 

Carnaby flies high

Carnaby has experienced astronomic growth in the last month. The company has gained a whopping 466.67% since 16 December 2021. 

Currently, Carnaby is perched at an all-time high.

Carnaby's share price over the last three months. Note the sharp growth from 16 December.

“The scale of the mineralised system we are seeing is exceptional,” said managing director Rob Watkins in a 29 December announcement.

“We look forward to 2022 as being an incredible ride for Carnaby shareholders as we escalate the exploration at the Greater Duchess Copper Gold Project to a whole new level.” 

Watkins’ statement has certainly proved true so far, with Carnaby up 11.65% this year. 

Could rising copper prices take Carnaby higher?

Copper prices have risen 7.15% in the last month, lifted by a weaker dollar and expectations of stronger Chinese demand. 

Over the last year, copper has jumped 24.38%.

Copper prices are nudging closer to the all-time high of $4.90 USD/lbs experienced in May 2021. Currently, copper’s spot price is $4.55 - just 7.56% away from this peak.

Copper prices over the last 25 years. Source: Trading Economics