Insights

Carnaby (ASX:CNB) share price strikes gold and shoots 14% higher

The Carnaby Resources Ltd (ASX: CNB) share price is shooting higher today after the company announced positive test results at its Shelley gold project.
The post Carnaby (ASX:CNB) share price strikes gold and shoots 14% higher appeared first on The Motley Fool Australia. –

Hand holding gold nugget ASX stocks buy

The Carnaby Resources Ltd (ASX: CNB) share price is shooting higher today after the company provided an update on its Strelley gold project

Carnaby shares lifted by as much as 14% to 36.5 cents per share before dropping back slightly. At the time of writing, the Carnaby share price is sitting at 35 cents, up 9.38% on yesterday’s close.

Carnaby is an Australia-based mineral exploration company, engaged in acquiring, exploring, and developing gold and other mineral deposits. 

Carnaby’s high-grade gold finding

Carnaby’s market update today reported that intrusive-hosted gold mineralisation was intersected for the first time at its Strelley gold project, highlighting the potential for “Hemi style” gold mineralisation within Carnaby’s large 442 square kilometre tenure.

Hemi refers to a highly lucrative gold mine operated by De Grey Mining (ASX: DEG) in the region.

The Strelley project is 100% owned by Carnaby and located in the Pilbara region of Western Australia.

The company also noted that its recently discovered intrusion within the Bastion Prospect remains “completely open and untested” to the north for two kilometres. 

One of the company’s drill holes, the Bastion Prospect diamond drill hole, intersected a “broad mineralised intrusion”. The company report the following assays: 19 metres at 0.3 g/t gold from 136 metres deep, including six metres at 0.6 g/t gold from 149 metres and 0.6 metres at 3.2 g/t gold from 153.4 metres deep.

Carnaby management comments

Carnaby’s managing director Rob Watkins commented on the results:

Hitting potentially “Hemi Style” intrusion hosted gold mineralisation at the Bastion Prospect in the first ever diamond drill holes drilled at Strelley is highly significant and has materially increased the potential of the entire region. We look forward to receiving additional results over the coming weeks and following up with a concerted RC [reverse circulation] drilling program soon.

Carnaby share price snapshot

The Carnaby share price has now risen 45% the past month and 400% over the past 12 months, but has lost more than 7% on two separate days over the past week.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Carnaby (ASX:CNB) share price strikes gold and shoots 14% higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!