The Tennant Minerals Ltd (ASX: TMS) share price is heading for the sky.
The ASX resource minnow closed last Thursday at 4.9 cents before entering a trading halt.
The explorer exited that trading halt today following the announcement of a "spectacular copper intersection" at its Bluebird Prospect in the Northern Territory. The news comes after the price of copper hit a multi-year high last week.
Investors reacted to the news by driving the Tennant Minerals share price to 6.8 cents, up 38.78% for the day at the time of writing. However, it climbed as high as 8.3 cents in early trade, a gain of 69% on its previous close. This comes even as the All Ordinaries Index (ASX: XAO) dips into the red.
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What exploration results were announced?
In this morning's release, the resource explorer reported the results from the first three of five diamond drill holes in a 1,048-metre program within its 100% owned Barkly Project at Bluebird.
The Tennant Minerals share price looks to be getting a big boost from the report that all five of those holes intersected "intense hematite alteration with visible copper mineralisation including malachite and/or chalcocite (copper sulphide), as well as native copper in two deeper step-out holes".
Tennant said the results from one hole (BBDD009) confirm the entire 50-metre mineralised zone holds "significant" copper and gold mineralisation. It highlighted the following copper-gold, and silver intersections from that drill hole:
— 50.0 metres at 2.70% copper and 0.52 grams per tonne of gold (0.4% Cu cut-off) from 158 metres (downhole)
- including 24.0m @ 5.01% Cu and 1.01 g/t Au (0.8% Cu cut-off) from 159m
- including 5.0m @ 7.28% Cu and 1.29 g/t Au, 291 g/t Ag (5.0% Cu cut-off) from 165m
- including 4.3m @ 14.7% Cu and 3.10 g/t Au (5.0% Cu cut-off) from 176.6m
Commenting on the drill results sending the Tennant Minerals share price rocketing today, chairman Matthew Driscoll said:
BBDD0009 is the first hole drilled to test the Bluebird copper-gold zone below previous drilling, and to return a 50-metre intersection of high-grade copper with gold, that approximates true-width, is a spectacular result.
Adding to the excitement is that like BBDD0009, the remaining two holes of the current diamond drilling program also intersected thick widths of visible copper mineralisation, including native copper.
The results suggest we could be on top of a very exciting copper-gold discovery improving with depth, and we will be accelerating our drilling and exploration programs as a matter of priority to test that potential.
The explorer said it intends to commence follow-up diamond drilling later this month.
Tennant Minerals share price snapshot
With today's intraday gains factored in, the Tennant Minerals share price is up an impressive 91% so far in 2022. That compares to a year-to-date loss of 6% posted by the All Ords.
