The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.45% in the red today, but this ASX materials share is outperforming the index.
The Revolver Resources Holdings Ltd (ASX: RRR) share price is soaring 18.87% and is trading at 31.5 cents.
Let's take a look at why this ASX materials share is having a good day?
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Why is this ASX materials share going up?
Revolver Resources is exploring and developing copper projects in Queensland, Australia. This includes the Osprey and Dianne projects.
In today's news, Revolver advised it has discovered a new "exciting" electromagnetic (EM) anomaly. This was found directly under the high grade copper zone at the Dianne project.
The Dianne mine is about 260km from Cairns. Exploration so far has identified high grade copper, along with zinc, silver, gold and cobalt.
Revolver described the new EM anomaly announced today as major and "potentially signicant".
More specialist geophysics work will take place to help define the depth and type of anomaly. This will help guide further exploration activities.
Commenting on the news, managing director Pat Williams said:
We are building on the geological knowledge obtained from the phase 1 drill program by adding incremental state-of-the-art exploration activities.
Revolver share price snapshot
This ASX materials share has lost nearly 32% year to date, however, it has soared nearly 58% in a year.
For perspective, the ASX materials index has lost nearly 18% in a year and 13% year to date.
Revolver has a market capitalisation of about $26.7 million based on the current share price.
