The S&P/ASX 200 Materials Index (ASX: XMJ) is 4% in the red today, but one ASX mining share is bucking the trend.
The Culpeo Minerals Ltd (ASX: CPO) share price is leaping 50% to trade at 30 cents. But more sensationally, the company's share price exploded 84% shortly after open on Monday, before pulling back.
So why is this ASX mining share exploding today?
Copper discovery
Investors appear to be buying up Culpeo shares on the back of exciting copper results.
Assay results showed drilling intersected high-grade copper mineralisation at the company's Lana Corina Project in Chile.
Intersections at drill hole CMLCD005 included:
- 49 metres (m) at 0.83% copper and 41 parts per million (ppm) molybdenum from 216m to 265m
- 80.87m at 1.06% copper and 145 ppm molybdenum from 302.13 to 383m
Managing director Max Tuesley said:
CMLCD005 is another wide >1% copper intercept confirming our belief that the Lana Corina Project has the potential to host a significant >1% near surface copper orebody.
Further, a new mineralised breccia hosted copper zone was uncovered west of the Lana Pipe site. This corresponds to a T3 ground magnetic target discovered recently.
Commenting on this discovery, Tuesley added:
This has the potential to transform the prospectivity of the north-east sector of the Lana-Corina-Laura mineralised zone with multiple, high priority targets identified in the ground magnetic survey analogous to the T3 target over an approximately 1,000m strike.
Culpeo is working on expanding the mineralised footprint at the project and will report further drilling results to the market in the future.
Share price snapshot
The Culpeo Minerals share price is up 50% in the past 12 months, while it has surged 81% year to date. The company's shares have rocketed 107% in the past month alone.
For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has fallen 12.5% in a year.
Culpeo Minerals has a market capitalisation of $11 million based on its current share price.
