While described as "very large" and having "extremely strong IP chargeability", Carnaby cautioned that the increased chargeabilities seen at Mt Hope "may not necessarily translate to a larger or higher grade (copper) source".

Still, Carnaby noted the spatial location of the multiple other IP anomalies identified were "generally consistent and proximal to the location of historical open pits".

Except in one case!

Carnaby wasn't specific on the timing of the drilling.

Meanwhile, diamond and RC drilling is said to be continuing to extend the footprint of the Nil Desperandum discovery, owned 82.5% by Carnaby and 17.5% by DiscovEx Resources.

The two are also apparently very encouraged by the look of drilling at Lady Fanny South.

Cash at the start of the recently completed June quarter totaled A$23 million.

Shares in Carnaby were up 18% to $1.09 during the afternoon session, capitalising the company at about $161 million.

Earlier, the strongly traded stock spiked more than 25%.

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