Guess which ASX mining share just rocketed 100% on a record find

This tiny ASX miner has uncovered a high-grade zone of copper mineralisation.

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Key points

  • ASX mining share Culpeo Minerals is surging higher on Monday, gaining 112.5% at its intraday high of 34 cents a share
  • Its gains come after the company announced it's intercepted its highest grade copper zone to date at the Lana Corina project
  • A drill hole at the project intersected mineralisation of 173 metres at 1.05% copper and 50 parts per million of molybdenum 

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.

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

Motley Fool contributor Brooke Cooper 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 Scott Phillips.

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