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Highlights
- Carnaby shares closed 17.813% high on the ASX today (4 April 2022).
- Carnaby has shared updates on new diamond and RC results at the Greater Duchess Copper-Gold project.
- The drilling continues at the greater Duchess Copper-Gold project with two dedicated rigs.
Shares of exploration company Carnaby Resources Limited (ASX:CNB) zoomed up on 4 April 2022, as the company informed its shareholders that it has received exceptional exploration results at the project located in Mt Isa, Queensland.
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Unusual results reported by Carnaby
Carnaby has shared new diamond, and RC (reverse circulation) results from the ongoing drilling at the two prospects of the Greater Duchess Copper-Gold project - the Nil Desperandum prospect and the Lady Fanny prospect.
Nil Desperandum prospect – In this prospect, Carnaby has 82.5% interest. NLDD084 is a diamond drill hole that has intersected,
- 31 meters at 3.9% copper, 1.0 gram per tonne gold from 313 meters
- Including 24 meters at 5% copper, 1.3 gram per tonne of gold from 313 meters
- Including 12 meters at 8.1% copper and 2.2 grams per tonne of gold from 322 meters.
As per the statement by Carnaby, the results published today confirm the progression of the high-grade breccia shoot.
Image source: © Wawritto | Megapixl.com
Lady fanny prospect – 100% owned by Carnaby, the lady Fanny prospect delivered unusual visual intersections and drill results. The management informed that the Lady Fanny discovery is emerging as a large discovery that is growing with the ongoing drilling. The new results include,
- 22 meters at 2.4% copper, 0.5% grams per tonne in one of the holes (LFRC019)
- 19 meters at 2.4% copper, 0.9 grams per tonne gold in another hole (LFRC101)
- Strong copper sulphide visuals at the different hole (LFRC120)
On the development, Rob Watkins commented:
With two drill rigs – a dedicated RC and diamond drill rig, the drilling continues at the greater Duchess Copper-Gold project – Carnaby said in a statement.
How Carnaby Resources stock performing on the ASX?
Following the news, shares of Carnaby closed 17% high on the ASX from the previous close at AU$1.46. The shares aligned with the broader ASX 200 materials index (XMJ), which closed at a 0.98% high and gained 186 points.
Worth mentioning here is that in the last six months, the shares have gained 370%, including today’s gain. In the past year, the shares generated a 508% return. However, year-to-date, the shares have declined by 7%.
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