The Tennant Minerals Ltd (ASX: TMS) share price is breaking serious ground in Monday afternoon trade. It comes after the company posted drilling results from its Bluebird Discovery site in Australia's Northern Territory.
Shares of the copper and gold exploration company trade for 4.6 cents and are up 15% for the day. Tennant Minerals shares previously closed for 4 cents each.
Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) is in the red today, losing 2%.
Let's go over the highlights of the discovery.
Image source: Getty Images
What did Tennant Minerals discover?
Drilling found "exceptionally high-grade copper-gold sulphide intersections". This included significant deposits of chalcocite containing copper grades up to 54.5% purity and gold grades of approximately 39 grams per tonne.
Tennant Minerals chair Matthew Driscoll commented on the discovery:
The latest thick and high-grade copper and gold intersections from our Bluebird diamond drilling program are a real breakthrough. The recognition that the majority of the high-grade copper mineralisation is in sulphides has given impetus to our down hole EM program, to detect extensions to this high-grade copper-gold discovery. We have also commenced an IP geophysical survey over Bluebird to fingerprint the copper sulphide mineralisation, which will help us prioritise the up to 12 geophysical targets within the Bluebird-Perseverance Target Zone for drill-testing. This will give us even more confidence that Bluebird is just one of several high-grade copper and gold deposits awaiting discovery within the Company's broader Barkly Project.
Assay results are pending for two more completed holes, as drilling intersected hematite and visible copper sulphide mineralisation.
The price of gold is down 0.38% today, while copper is up 0.7%, according to Markets Insider.
Tennant Minerals share price snapshot
The Tennant Minerals share price is up 31.4% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 9.66% over the same period.
The company's market capitalisation is $28.36 million.
