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This mining stock has soared 600 per cent in six weeks


Carnaby Resources has seen its share price jump again after the junior discovered what it claimed to be a “major copper-gold discovery” at the Greater Duchess project in Queensland on Friday.

At reverse circulation (RC) drill hole NLRC066, Carnaby intersected 50m of copper sulphide mineralisation containing up to 30 per cent chalcopyrite on visual estimates.

NLRC066’s visual findings have confirmed the characteristics of Carnaby’s previous copper-gold discovery at adjacent drill hole NLDD044.

In late December, Carnaby intersected 41m at 4.1 per cent copper and 0.5 grams per tonne (g/t) of gold at NLDD044, and both it and NLRC066 have a similar dip to shallower parts of the deposit. This suggests the downhole widths of NLDD044 and NLRC066 are close to true width intersections.

Carnaby’s stock rose above $2 on Friday, up about 50 per cent on the day. The company’s market capitalisation was $285 million.

Carnaby has been one of the major mining success stories over the past few months. It was only mid-December when the company had a share price of $0.29.

Since then, Carnaby’s stock has increased by more than 600 per cent off the back of some significant announcements regarding the Greater Duchess project.

The company made an earlier discovery at NLDD044 on December 17. Carnaby hit 34 metres of copper sulphide mineralisation at NLDD044, including a 24-metre downhole zone of semi-massive copper sulphide.

The company made a further discovery at Nil Desperandum on January 10 and reported positive copper-gold assay results from Greater Duchess’ Lady Fanny prospect on January 13 and 17.

Carnaby also completed a $20 million placement on January 31, issuing 15.4 million shares as part of the initiative. This included an investment from OZ Exploration, a wholly owned subsidiary of OZ Minerals.

Proceeds from the placement will be used in the continued exploration of the Nil Desperandum and Lady Fanny prospects.

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