The Culpeo Minerals Ltd (ASX: CPO) share price is rocketing higher on Wednesday after the company announced it has struck copper.
The first hole of the maiden drilling program at the company's Lana Corina Project found the visual copper mineralisation.
At the time of writing, the Culpeo Minerals share price is 30 cents, 140% higher than its previous close.
However, at its intraday high, the company's stock was swapping hands for 45 cents – representing a 260% surge.
Let's take a closer look at the news driving the copper explorer and developer's share price sky high.
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Culpeo Minerals share price takes off on copper find
Shares in Culpeo Minerals are flying off the shelf on news that's boosting hopes the company's recently secured project could house a significant copper deposit.
The first hole drilled by the company at the site has intersected visual copper mineralisation.
The mineralisation is hosted in sheeted veins and breccia pipes from around 50 metres down hole to a depth of 200 metres.
Culpeo Minerals managing director Max Tuesley commented on the find:
We are excited about the intersection of significant amounts of copper sulphides in this first hole.
This provides further confidence in the prospectivity of Lana Corina and its potential to host a significant copper deposit.
[We] view Lana Corina as a key component of our high-quality copper portfolio in Chile.
For now, the company is continuing to drill the eight-hole maiden program. It also expects assay results will be complete in the next six weeks.
The company entered an agreement to acquire up to 80% of the project, located in Chile, earlier this month. It began the drilling program immediately after securing the rights to a holding in the project.
Today's gains see the Culpea Minerals share price 82% higher than at the start of 2022.
