The Coppermoly Limited (ASX: COY) share price shot 355.56% higher this morning before entering a trading halt in response to an ASX price query. This jump in the share price came despite no news out of the company.
Coppermoly shares will remain halted until the open of trade on 22 September 2020, or until the company provides a further update to the market.
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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.
