The Estrella Resources Ltd (ASX: ESR) share price has shot up today after the company intersected "massive" nickel and copper sulphides in West Australia's Carr Boyd ranges.
Estrella shares are up 17% at 5.5 cents at the time of writing, after peaking this morning at an intraday high of 6.5 cents.
Let's take a closer look at the latest results from its 100% owned Kimberley mine.
Image source: Getty Images
"Massive nickel, copper sulphide potential"
Estrella's most recent drilling hole intersected a 12.9 metre long zone of massive, semi-massive, breccia, matrix and
disseminated nickel, copper and iron sulphides.
The company is seeking to become a large ore producer, and this find reinforces a previous intersection of nickel and copper sulphides found 40 metres north of the current strike zone.
According to the company's update, the sulphide and rock textures in this drilling region confirm basal contact mineralisation and "massive nickel and copper sulphide potential".
The core of these findings is now being cut away and sent for assays, which usually take one to two weeks to return an accurate grade result.
Estrella was particularly encouraged by the drilling results, as it accelerates its third phase of drilling in the region to test downhole electromagnetic targets. It's also currently looking to find additional potential zones.
Estrella management comments
Estrella managing director Chris Daws welcomed the results, saying:
I am extremely pleased with this significant intersection as it further validates our exploration strategy at the T5 Conductor. Make no mistake, our resolve to locate a world-class orebody for our shareholders is unwavering and this intersection is yet another promising sign that we are homing in on this orebody.
Phase 3 drilling in particular has been highly successful, with a 100 per cent strike rate for hitting nickel-copper sulphides.
Estrella share price snapshot
Estrella investors had the time of their life in October last year, when the Estrella share price shot from one cent to 17 cents in two days, a casual 450% rise.
Since then it's been on a downward trend back to earth, and has fallen around 30% this year-to-date despite today's huge gains.
