Why the Carnaby Resources (ASX:CNB) share price rocketed 11%
Marc Sidarous | May 7, 2021 4:56pm |
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Carnaby Resources Ltd(ASX: CNB) share price was through the roof today. By close of trade, shares in the mineral exploration company were trading for 30 cents each – up 11.11%.
The significant price rise came after the company announced it detected “strong” induced polarisation (IP) signals at its gold mine in Queensland.
Let’s take a closer look at the announcement.
What boosted the Carnaby share price?
In a statement to the ASX, Carnaby Resources said 4 “strong IP conductors…have been generated at the Nil Desperandum Prospect [in Mt Isa, Queensland] …” The company says the results mean it now has immediate walk-up targets for drilling.