Carnaby Resources’ share price jumped by more than 55 per cent on Friday after the company recorded what’s been described as a ‘spectacular’ copper discovery at its Greater Duchess copper-gold project near Mt Isa in Queensland.
Carnaby hit 34 metres of copper sulphide mineralisation at its NLDD044 drill hole at its Nil Desperandum deposit, including a 24-metre downhole zone of semi-massive copper sulphide.
The company was targeting an induced polarisation (IP) anomaly at NLDD044, with results presenting strong zones of copper mineralisation at the anomaly’s exact location.
NLDD044’s copper intersection remains completely open at depth and along strike to the southwest, opening the door for further discoveries to come.
In early 2022, Carnaby’s main priority at Greater Duchess will be to complete further drilling to confirm the orientation and true width of the copper mineralisation at NLDD044, with a focus on the southwest extension.
“Nil Desperandum is rapidly emerging as a major copper-gold discovery in one of Australia’s premier copper districts located only 70 kilometres from Mt Isa and surrounded by world class infrastructure,” Carnaby managing director Rob Watkins said.
“The deposit appears to be getting bigger and better at depth and we are now fast-tracking further IP geophysical surveys to help guide a follow-up drilling program which will commence in the first quarter of 2022.”
It comes after Carnaby intersected an 80-metre downhole zone of copper sulphide mineralisation at its NLDD042 drill hole, located approximately 80-100 metres along strike of NLDD044.
Results are pending for the two holes and will be reported once received and analysed.
Carnaby’s share price opened at $0.34 on Friday before reaching a top of $0.49. The company was trading at $0.45 at close on Friday.