Itâs a mixed day in the markets today, but you wonât hear investors in this ASX mining share complaining.
In late morning trade the Cobre Ltd (ASX: CBE) share price is up 96%, having earlier posted gains of more than 106%.
So, why are investors piling into this tiny ASX mineral explorer?
Why is the ASX mining share rocketing?
The Cobre share price is rocketing after the miner reported its first intersection of significant copper mineralisation at the Ngami Copper Project located in Botswana.
Cobre said the visual copper mineralisation was intersected in its first diamond drill hole at the project, situated within the Kalahari Copper Belt.
According to the ASX mining share, the promising early drill results highlight the strong potential of the area. The miner has 57 priority targets across KMLâs extensive license holding on the northern margin of the Kalahari Copper Belt.
Commenting on the early drill results, Cobre managing director Martin Holland, said:
Now we have a promising copper intersection, on one of the most prospective Copper belts in the world. This result, one-kilometre away from the previous historic hole, shows the current mineralisation thickens over a one-kilometre zone to date…
We have prioritised this portion of the belt due to its favourable geological setting. These results, which confirm the presence of significant copper mineralisation, validate the district scale opportunity of Cobreâs, soon to be 100%-owned, extensive license package within the Kalahari Copper Belt.
The ASX mining share has a second diamond hole currently being drilled further along the strike.
âWith diamond drilling ongoing in Botswana, we anticipate ongoing exploration updates to follow and look forward to updating our shareholders in due course,â Holland added.
Cobre share price snapshot
With todayâs big leap factored in, the ASX mining share is up 4% in 2022. That compares to a year-to-date loss of 12% posted by the All Ordinaries Index (ASX: XAO).
The post Guess which ASX mining share just exploded 100% on a new discovery appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben 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.
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