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Why Alderan Resources Ltd shares jumped 17% higher

One of the biggest movers on the market on Thursday was the Alderan Resources Ltd (ASX: AL8) share price.

It finished the day 17% higher at $1.68.

Why did its shares jump higher?

This morning the mineral exploration company announced that it has identified a large porphyry copper prospect at its Frisco project in Utah.

According to the release, an induced polarisation survey has identified a large 2.5km diameter chargeability feature consistent with a large mineralised porphyry copper system.

Management believes that the results provide further evidence that a large scale, multi-phase mineralised porphyry system exists at the Frisco Project.

Which is great news for shareholders considering the positive outlook for copper.

The spot copper price is currently fetching US$3.17 per pound, compared to US$2.50 per pound a year earlier.

However, it is worth remembering that it will be some time before Alderan is in a position to pull copper out of the ground.

Investors may want to consider gaining exposure to copper through mining giant BHP Billiton Limited (ASX: BHP) instead.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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