The Coppermoly Limited (ASX: COY) share price was up 355.56% today to 4.1 cents. This came prior to the company entering a trading halt this morning.
Why did Coppermoly request a trading halt?
Coppermoly requested a trading halt in order to respond to an ASX price query. The company stated that it was not aware of any reason why a trading halt should not be granted in accordance with listing rule 17.1.
Coppermoly requested that the trading halt remain in place until the commencement of trading on Tuesday 22 September 2020 or when the company has made an announcement to the market in response to the ASX price query.
Trading in shares of Coppermoly was paused at 10.48 am this morning.
About Coppermoly
Coppermoly is a mineral exploration and development company focused on copper, gold, and molybdenum deposits. It operates in Papua New Guinea and has been listed on the ASX since 2007.
In its quarterly report released in July, Coppermoly announced that it had cash reserves of $4.6 million at 30 June 2020, down from $5,026,000 at the end of the previous quarter.
In April, Coppermoly announced that it had intersected high grade copper and zinc mineralisations at its Mt Nakru project through electromagnetic ground surveys. At the Nakru 2 Northwest prospect, the company identified a strong electromagnetic conductor which returned 11 metres at 4.13% copper, 9.04% zinc and 0.29 grams per tonne of gold.
At the Nakru 3 prospect, the company identified a conductive zone which returned 2 metres at 0.41% copper, 1.45% zinc and 1.11 grams per tonne of gold along with 364 grams per tonne of silver. Another trench at the Nakru 3 prospect returned 2 metres at 0.41% copper, 1.45% zinc and 0.14 grams per tonne of gold. The electromagnetic survey at Mt Nakru revealed drilling targets which the company stated were “highly encouraging”.
The Coppermoly share price is up 925% since its 52-week low of 0.4 cents, and is up 310% since the beginning of the year.
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