Shares in Carnaby Resources (ASX:CNB) rise following lithium anomaly find at Big Hill

• Shares in Carnaby Resources (CNB) were up as much as 26.5 per cent this morning after identifying a lithium soil anomaly at its Big Hill Project in WA
• The anomaly was identified by a recent first-pass soil sampling program completed over the Big Hill Prospect to target a magnetic high
• This revealed a 1.5-kilometre by 500-metre lithium soil anomaly which returned up to 179 parts per million lithium as well as elevated caesium and tantalum
• Carnaby is in the process of planning first-pass drill testing of the anomaly, with work to begin as soon as practicable
• Shares in Carnaby are still up 24.5 per cent on the market and are trading at 30.5 cents

Shares in Carnaby Resources (CNB) were up as much as 26.5 per cent this morning after the company identified a lithium soil anomaly at its Big Hill Project.

The Big Hill Project lies in the Mallina Basin of Western Australia and is situated 60 kilometres and 80 kilometres from the world-class Pilgangoora and Wodgina lithium mines, respectively.

While no significant historical mineral exploration has been undertaken, the project is prospective for hard rock lithium mineralisation.

The anomaly was identified by a recent first-pass soil sampling program completed over the Big Hill Prospect to target a magnetic high.

A total of 157 soil samples were collected from the southwest corner of the prospect and were analysed using an ultrafine assay method.

This revealed a 1.5-kilometre by 500-metre lithium soil anomaly coincident with the magnetic high unit.

Mapping and rock chip sampling over the anomaly indicated that a vast majority of it is covered by thin soil cover.

Additionally, the anomaly returned up to 179 parts per lithium and is also prospective for caesium and tantalum.

Carnaby is in the process of planning first-pass drill testing of the anomaly, with work to begin as soon as practicable.

Managing Director Rob Watkins commented on the find.

“We are in unexplored lithium and gold elephant country at Big Hill and look forward to first-pass drilling of the Big Hill soil anomalies as quickly as possible,” Mr Watkins said.

“While we remain extremely excited about our gold prospects in the Pilbara, we cannot ignore a walk-up lithium drill target of this ilk which has presented itself at Big Hill.”

Shares in Carnaby were still up 24.5 per cent on the market and were trading at 30.5 cents at 11:35 am AEDT.