Join our daily newsletter At The Bell to receive exclusive market insights
Carnaby Resources (ASX:CNB) has seen shares jump a modest 1.20% in the first half hour of Monday trades after announcing a copper drill hit at the Mohawk Discovery.
The Mohawk discovery is part of the Greater Duchess Copper-Gold Project in QLD’s Mt. Isa region.
Carnaby reported a headline 21m intersection at 2% copper and 0.6g/t gold from 43m depth. A 12m section of that total run came in at 3.3% copper and 0.9g/t gold from 44m.
Assays for a second drillhole reported a 25m section at 1% copper and 0.3g/t gold. Notably, Carnaby pointed out assay results were higher than those delivered by handheld pXRF machine readings.
Some HotCopper users expressed disappointment on Monday that the news hadn’t seen a more enthusiastic response from the market. Others pointed out today was set to be a red day (referencing ore-market futures.)
Carnaby noted on Monday Mohawk was discovered by an electromag surey and pondered on whether geotechnical aspects of underground rock-types could mean higher grades of copper are nearby.
“Assay results from the first two drill holes at Mohawk have come in at much higher grades than the previously reported pXRF readings and confirm Mohawk as a significant new high grade sulphide discovery.,” Carnaby MD Rob Watkins said.
“To date we have only drilled six holes into the main Mohawk zone with every hole intersecting strong copper sulphide mineralisation over broad widths.
“Drilling continues and we eagerly await the next the next round of assay results where we may see similar increases in copper grades from the pXRF readings.”
CNB last traded at 42cps.
