It's a good day for those invested in this ASX mining share – the company has just struck a high-grade copper zone in Chile. The Culpeo Minerals Ltd (ASX: CPO) share price is leaping higher on the back of the find.
At the time of writing, the company's stock is swapping hands for 31 cents apiece. That's 93.75% higher than it was at Friday's close.
The Culpeo Minerals share price has settled after reaching an intraday high of 34 cents, representing a 112.5% gain.
Let's take a look at today's news from the Chile-focused copper explorer and developer.
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ASX mining share surges on its best copper find to date
The share price of ASX miner Culpeo Minerals is taking off on the back of assay results from the company's Lana Corina Copper Project.
The company's third drill hole at the project has identified a wide high-grade zone of copper mineralisation.
It intersected 173 metres at 1.05% copper and 50 parts per million of molybdenum – a record for the company's work at the project.
The results also confirmed the mineralisation continues at depth.
Culpeo Minerals also identified a high-grade molybdenum zone. Assays for the zone recorded 85 metres at 1,367 parts per million molybdenum and 0.07% copper.
Culpeo Minerals managing director Max Tuesley commented on the news driving the company's share price on the ASX:
The intersection of 173 metres of copper mineralisation at a grade of 1.05% [copper] is the highest-grade intercept to date from the ongoing drilling program.
Additionally, adjacent to this high-grade copper mineralisation we are seeing significantly elevated molybdenum that likely indicates the presence of a deeper mineralised source, associated with the dioritic intrusives that host the breccia system and adds significant exploration potential.
The company signed an agreement for the right to acquire up to 80% of the Lana Corina project in March.
The company's previous drill holes from the project returned assays including:
- 104 metres at 0.74% copper, 73 parts per million molybdenum from 155 metres, and
- 257 metres at 0.95% copper, 81 parts per million molybdenum from 170 metres
