It certainly has been a positive day of trade for the Stavely Minerals Ltd (ASX: SVY) share price.
In afternoon trade the copper and gold-focused mineral exploration company's shares are up an incredible 287% to 93 cents.
Why is the Stavely Minerals share price on fire today?
Investors have been scrambling to get hold of the company's shares today after it advised that it has made a significant shallow high-grade copper-gold discovery at the Thursday's Gossan prospect at its 100%-owned Stavely Copper-Gold Project in Victoria.
According to the release, the results have been "exceptional" and revealed grades of up to 40% copper within a 32-metre-wide high-grade zone.
Combined with visual observations of the drill core from a second step-out hole located 160 metres to the south-west, which also encountered a thick zone of massive to semi-massive mineralisation, the recent drilling represents a major exploration breakthrough for the company.
Overall, management notes significant similarities between the large mineral system at Thursday's Gossan and the world-class Butte, Montana copper mine, which used to be known as "The Richest Hill on Earth."
Stavely Minerals' executive chairman, Chris Cairns, appeared to be delighted with the results.
He said: "It's not often in the career of an explorer that you see 40% copper grades over sub-metre intervals, let alone over two metres – and those stunning copper numbers are accompanied by very significant gold and silver values as well."
"Encouragingly, our first step-out hole, collared some 160m to the south-west, has also intersected a thick zone of structurally controlled semi-massive to massive sulphide mineralisation. We are eagerly awaiting assays from that hole and results from further step-out drilling which is currently in progress," he added.
Also rising strongly on the market today have been the FlexiGroup Limited (ASX: FXL) share price following an update on its BNPL platform and the Starpharma Holdings Limited (ASX: SPL) share price after it received FDA authorisation for a key clinical trial.
