The Recharge Metals Ltd (ASX: REC) share price exploded today before freezing in a trading halt.
The Australian explorer's shares surged 280.77% before retreating slightly and grinding at a halt at 48 cents each. This is 269% more than yesterday's closing price.
Let's take a look at what Recharge Metals announced today.
Copper discovery
This morning, Recharge Metals informed the market it has intersected "significant" copper mineralisation at the Brandy Hill South Project. This is located within the Archaean Gullewa Greenstone Belt within the Murchison Province, Yilgarn Craton in Western Australia.
Since then, the company has announced trading will be temporarily paused pending another announcement.
Diamond drilling at the project intersected ultramafic/high-magnesium basalts in hole BHRCD019 from 92m to the end of the hole at 393m.
The company observed massive sulphide, brecciated zones of semi-massive sulphide, and disseminated visual copper sulphide mineralisation.
Within the BHRCD019 hole, the company found sulphides beyond the target zone and, therefore, drilled further than the planned depth of 300m to 393m.
The company said drilling intersected intense hydrothermal alteration, including carbonate, chlorite, epidote, quartz, and sericite throughout the lithological sequence.
Commenting on the copper find, Recharge managing director Brett Wallace said:
The diamond tail drilling program was planned to provide valuable structural and lithological information which will allow Recharge to evaluate the continuity of mineralisation and the nature of the primary mineralisation as well as the apparent supergene mineralisation.
It is an outstanding result to observe abundant copper sulphide mineralisation from 92m to end of hole at 393m.
We are very pleased with the observations made so far and we look forward to completing the remaining two diamond tails and receiving assay results.
Assay results for a 16 further drill holes are pending with further market updates to follow.
Share price snapshot
The Recharge metals share price has gained 140% in a year, while it has soared 259% year to date. In the past week, the company's shares have rocketed 300%.
For perspective, the S&P/ASX 200 Index (ASX: XJO) index has returned about 10% over the past year.
The company has a market capitalisation of about $14.9 million based on the current share price.
