Estrella Resources (ASX:ESR) share price jumps 19% on massive nickel discovery

The company's shares are on the move today…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Estrella Resources Ltd (ASX: ESR) share price is rocketing after the company announced the discovery of massive nickel-copper sulphides.

At the time of writing, the junior exploration company's shares are fetching for 4.3 cents, up 19.44%.

Happy man with a mining hat pumping his fist, on a mobile phone.

Image source: Getty Images

Estrella hails nickel-copper sulphides discovery

According to its announcement, Estrella advised that it has intersected a new zone of massive nickel-copper sulphides at Broonhill in Western Australia. This follows the discovery of a 12-metre zone of nickel-copper sulphides including 2-metres of basal massive sulphides.

Estrella stated that reverse circulation (RC) drill hole CBP076 bears all the hallmarks of the 2019 RC hole CBP043. The latter recorded 8 metres of 1.11% of nickel and 0.36% of copper, which led to the T5 Discovery (1.4 kilometres north of Broonhill).

As a result of the latest findings, CBP076 will be cased for downhole geophysics and ahead of diamond drilling. This is expected to commence once the downhole geophysical results have been interpreted.

It's worth noting that the RC program still has another 2 kilometres of highly prospective basal contact yet to explore. The area has had no historical drilling specifically targeting sulphides on the basal contact.

Estrella managing director Chris Daws commented:

We are extremely excited with the CBP076 intersection of massive nickel-copper sulphides on the contact, which is reminiscent of the intersection achieved by CBP043 in 2019.

It was this historic hole that led the Company to drill and locate the T5 massive sulphides at depth, so we are particularly encouraged by what may come of this find.

In addition, the intersection of further nickel-copper sulphides in an area which already hosts the historic Carr Boyd mine and our T5 Discovery illustrates the significant potential of this region for discoveries.

About the Estrella share price

It has been a disappointing 12 months for Estrella shares, plummeting by more than 71% for the period. Year-to-date, its share price has lost 35%.

Estrella presides a market capitalisation of roughly $50 million and has approximately 1.16 billion shares on its books.

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

More on Resources Shares

Three people jumping cheerfully in clear sunny weather.
Resources Shares

This ASX mining stock just jumped 19% on a huge drilling result

Firefly shares jump 19% after another major Green Bay drilling hit.

Read more »

Two workers working with a large copper coil in a factory.
Resources Shares

Why surging ASX 200 copper stocks like Sandfire and BHP shares are 'vulnerable'

ASX copper stocks like BHP and Sandfire Resources could come under pressure, according to the latest forecasts from Goldman Sachs.

Read more »

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Resources Shares

Looking for an ASX lithium share with plenty of potential upside? This could be the one

Recent exploration results have impressed the analysts.

Read more »

Woman holding $50 notes with a delighted face.
Resources Shares

Why Greatland shares just hit a record high after a $260 million cash jump

Let's take a look.

Read more »

Engineer looking at mining trucks at a mine site.
Resources Shares

These lithium shares could triple in value: Broker

This company's project is coming together well.

Read more »

Miner puts thumbs up in front of gold mine quarry.
Resources Shares

Regis Resources posts strong Q3 cash build and gold production

Regis Resources grew its cash and bullion balance to $1.128 billion with strong March quarter gold output.

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Greatland Resources posts March quarter update

Greatland Resources posted strong gold production and boosted its cash position in the March 2026 quarter.

Read more »

A young man sits at his desk reading a piece of paper with a laptop open.
Resources Shares

3 analysts give their verdict on BHP shares

Let's see if they are bullish, bearish, or something in between.

Read more »