Carnaby Resources (ASX:CNB) has announced a new copper discovery, but some HotCopper users were skeptical of the claims on Monday.
To be sure, shares dropped -4% to 47.5cps – but that comes in the context of a Monday trading session seeing the ASX200 down -2% out the gate.
Carnaby’s new reported copper discovery is located in Mt. Isa, QLD, at the Greater Duchess Copper Gold play. A single assay result – 10m @ 1.63% copper – appears to back up what is otherwise an electromagnetic area of interest.
Outcropping samples hit with a scanner returned grades of nearly 36% copper but given outcrop samples are detected visually by eye, there’s a disproportionate number of high-grade chips found in any fieldwork run. True assays are the only things that really matter for eventual FID.
Called Mohawk, Carnaby confirmed on Monday the 2km strike boasting area of interest has not been subject yet to any drilling. Not all HotCopper users commenting on the relevant thread on Monday were convinced the company was onto a good thing.
“[T]his is pretty poor. 10m @1.63. “New discovery,”” one user wrote.
“I feel like they’re just looking for any excuse to put an announcement out at the moment…gonna need something a lot more juicy to get any momentum,” another said.
Not everybody was pessimistic.
“Gosh there have been comments about no news and here we have a really positive announcement. High grade over a large distance. Looking forward to the first pass drilling,” one upbeat shareholder submitted.
Nobody seemed to be willing to comment on the fact copper prices have pretty much erased all YTD gains.
CNB last traded at 47.5cps.