ASX mining share Conico Ltd (ASX: CNJ) exploded today following a market announcement.
The company's share price is currently up 22% in late afternoon trading to 5.5 cents.
However, in earlier trade, the micro-cap ASX mining share lifted nearly 32% before pulling back.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 0.6% today.
Let's take a look at the news that Conico revealed to the ASX today.
Exploration update
Investors have been buying up Conico shares following an exploration update on the Mount Thirsty Joint Venture. This is located near Norseman, Western Australia.
Conico has a 50% stake in the project, while Greenstone Resources Ltd (ASX: GSR) also owns 50%.
Phase one drilling intersected with a continuous zone of disseminated nickel and copper sulphides.
Diamond drill hole MTJV001 intercepted 65 metres of disseminated sulphides including 43 metres of ultramafics from 190 metres downhole, three metres of sediments from 233 metres downhole, and 19 metres of fluid-altered ultramafics from 236 metres downhole.
Conico is expecting full assay results showing platinum, copper, nickel, rhodium, and gold in the next four to six weeks.
Commenting on the news, executive director Guy Le Page said:
The company is delighted to have intersected a thick continuous zone of heavily disseminated nickel-copper sulphides in the very first hole drilled in this program.
The drilling program remains on schedule. Conico has moved the drilling rig further north to drill hole MTRC014D.
Price summary for this ASX mining share
The Conico share price has surged 37.5% in the year to date, although it has lost 21% in the past year.
In the past month, the Conico share price has exploded by 83%.
The ASX mining share has a market capitalisation of $65.35 million based on the current share price.
