Here’s why the Carnaby (ASX:CNB) share price is rocketing 33% today

The company’s shares are surging to a record high on Thursday.
The post Here’s why the Carnaby (ASX:CNB) share price is rocketing 33% today appeared first on The Motley Fool Australia. –

The Carnaby Resources Ltd (ASX: CNB) share price is having a day out today. This comes after the company announced strong drill results within the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

At the time of writing, the mineral exploration company’s shares are trading 33.33% higher to an all-time high of $1.66.

Carnaby untaps huge high-grade discovery

In today’s statement, Carnaby advised it has received exceptional assay results from the first five holes drilled at the Lady Fanny Prospect. These highlighted high-grade copper and high-grade gold results, which included:

27 metres at 2.8% Cu, 0.8 g/t Au from 61 metres (drill hole LFRC009)
20 metres at 2.8% Cu, 0.8 g/t Au from 30 metres (drill hole LFRC013)
17 metres at 2.8% Cu, 0.8 g/t Au from 74 metres (drill hole LFRC012)

While the assay is extremely encouraging, the company will move ahead with a major program at the Lady Fanny discovery. It noted that the area along with the Burke & Wills prospects will be targeted with ground Induced Polarisation (IP) surveys. This will aid further drilling to explore for mineralisation that may exist beneath the historical drill results.

Carnaby 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.

Investors have been fighting to get a hold of Carnaby shares following the impressive assay results. Notably, Lady Fanny remains completely open and undrilled to the north of the high-grade result. If RC drilling uncovers additional mineralisation, this could potentially lead to the company’s shares further moving into uncharted territory.

Carnaby share price snapshot

Over the last 12 months, the Carnaby share price has jumped by more than 370% for shareholders. The company’s shares reached an all-time high today of $1.66.

Based on today’s price, Carnaby commands a market capitalisation of around $1.35 billion with approximately 131.61 million shares on issue.

The post Here’s why the Carnaby (ASX:CNB) share price is rocketing 33% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Carnaby right now?

Before you consider Carnaby, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Carnaby wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

More reading

Why is the Carnaby Resources (ASX:CNB) share price melting 22% today?

Carnaby Resources (ASX:CNB) share price leaps another 13% in stellar start to the year

Why is the Carnaby Resources (ASX:CNB) share price up 66% today?

Here’s why the Carnaby Resources (ASX:CNB) share price has exploded 114% in a week

Carnaby Resources (ASX:CNB) share price explodes 46% on ‘spectacular’ copper find

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.

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!