Carnaby Resources' (ASX:CNB) recent significant drill intercepts have been missed by the market as they extend the mineralization at the company's Greater Duchess project, according to a Monday note by Euroz Hartleys.

The research firm noted that the company has reported intercepts of up to seven meters at 9.3% copper equivalent with 8% copper and 1.5 grams per tonne gold from 415 meters.

The research firm believes such drill intercepts are not observed too often in Australia, particularly in a friendly state on a granted mining lease.

Euroz Hartleys has maintained its speculative buy rating with an under review price target of AU$0.80.