The stock fell around 15% after reporting a 27m downhole diamond core intersection of copper sulphides 125m down plunge of the discovery hole, and an RC hole hitting 40m at 1.5% copper from 251m.

Carnaby said the diamond core hole was the first one drilled through the entire high-grade lode "and has given us great insight into this unique looking new style of copper gold mineralisation".

Analysts at capital markets firm Argonaut noted the RC hole assaying 1.5% copper was close (20m) to a previous high-grade hole.

Meanwhile, drilling is continuing.

Carnaby completed a A$20 million placement in January that priced new shares $1.30.

Investors in that fundraising included copper-gold miner OZ Minerals.

Shares in Carnaby were down 12% to $1.39 in midday trade, capitalising the company at $199.5 million.