Share Watch –  CARNABY RESOURCES (ASX:CNB)

From Stockhead:

CNB is up +500% since hitting copper paydirt at the ‘Nil Desperandum’ prospect, part of the Greater Duchess copper-gold project in Mt Isa, Queensland.

Joining them on the journey is minority project partner Discovex Resources (ASX:DCX). DCX is up 225% over the same period.

On December 29 the major discovery was confirmed by assay — 41m at 4.1% copper, which included a 9m chunk grading 10.3%. “Nil Desperandum is shaping up as a major Iron Oxide Copper Gold discovery which is rapidly getting bigger and better at depth,” managing director Rob Watkins says.

“The scale of the mineralised system we are seeing is exceptional.” Today CNB announced new drilling results from ‘Lady Fanny’ – 3km from Nil Desperandum – which included a highlight 27m @ 2.8% copper and 0.8 g/t gold.

Remarkably, this is the first known recorded drilling within the historical Lady Fanny mining lease area, of which Carnaby owns 100%. No JV here, but DCX still made significant gains in early trade.

Outcropping copper gold at Lady Fanny has been traced for over 400m strike length, and these first drill results remain ‘open’ along strike and at depth. “These stunning first pass drill results from Lady Fanny, just 3km north of the spectacular Nil Desperandum high grade discovery, really demonstrate the untapped potential of the greater than 5km long IOCG corridor that is rapidly emerging within the Greater Duchess Copper Gold Project,” CNB managing director Rob Watkins says.

Iron oxide copper gold ore (IOCG) deposits, like BHP’s (ASX:BHP) Olympic Dam, can be tremendously large, simple-to-process concentrations of copper, gold and other economic minerals.

Financial indicators

The VIX fear gauge up by 4.03points since 11 January to 22.79 (and into the danger zone).

The Dow Jones Industrial Average down 1,216.59 points or 3.32% since 11 January to 35,368.47, the STOXX 600 down 6.46 points or 1.33% to 479.79 and the Shanghai Composite index down 27.66 points or 0.77% to 3,551.88.

Gold up to 1,812.50. US 10-year Treasury Bonds up to 1.877 and oil up to 86.38. Cryptos Bitcoin up by 378 points or 0.91% to 41,804.

ASX 200 down 120.80 points or 1.62% since 11 January to 7,332.50. The Aussie dollar up to 71.89 US cents.

Carbon Market Spot Prices

LGC $45.20                                                     STC $39.15

ESC $36.70                                                     VEEC $79.85

ACCU $55.25                                                  EU ETS €82.08

NZU $NZ73.35                                                UK ETS GBP72.30

Sources: RenewEconomy, demandmanager, Market Watch, CarbonView, Stockhead, Green Car Report