Guess which ASX mining share just rocketed 80% on a new copper strike

A male ASX investor sits cross-legged with a laptop computer in his lap with a slightly crazed, happy, excited look on his face while next to him a graphic of a rocket shoots upwards with graphics of stars scattered around itA male ASX investor sits cross-legged with a laptop computer in his lap with a slightly crazed, happy, excited look on his face while next to him a graphic of a rocket shoots upwards with graphics of stars scattered around it

The S&P/ASX 200 Materials Index (ASX: XMJ) is 4% in the red today, but one ASX mining share is bucking the trend.

The Culpeo Minerals Ltd (ASX: CPO) share price is leaping 50% to trade at 30 cents. But more sensationally, the company’s share price exploded 84% shortly after open on Monday, before pulling back.

So why is this ASX mining share exploding today?

Copper discovery

Investors appear to be buying up Culpeo shares on the back of exciting copper results.

Assay results showed drilling intersected high-grade copper mineralisation at the company’s Lana Corina Project in Chile.

Intersections at drill hole CMLCD005 included:

  • 49 metres (m) at 0.83% copper and 41 parts per million (ppm) molybdenum from 216m to 265m
  • 80.87m at 1.06% copper and 145 ppm molybdenum from 302.13 to 383m

Managing director Max Tuesley said:

CMLCD005 is another wide >1% copper intercept confirming our belief that the Lana Corina Project has the potential to host a significant >1% near surface copper orebody.

Further, a new mineralised breccia hosted copper zone was uncovered west of the Lana Pipe site. This corresponds to a T3 ground magnetic target discovered recently.

Commenting on this discovery, Tuesley added:

This has the potential to transform the prospectivity of the north-east sector of the Lana-Corina-Laura mineralised zone with multiple, high priority targets identified in the ground magnetic survey analogous to the T3 target over an approximately 1,000m strike.

Culpeo is working on expanding the mineralised footprint at the project and will report further drilling results to the market in the future.

Share price snapshot

The Culpeo Minerals share price is up 50% in the past 12 months, while it has surged 81% year to date. The company’s shares have rocketed 107% in the past month alone.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has fallen 12.5% in a year.

Culpeo Minerals has a market capitalisation of $11 million based on its current share price.

The post Guess which ASX mining share just rocketed 80% on a new copper strike appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of January 12th 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/XyjCmwt

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s