A little-known ASX mining share is shooting the lights out today.
In earlier trade on Tuesday, the mining company was up 139%, trading for 33.5 cents per share.
After some likely profit-taking, shares are trading for 27 cents apiece at the time of writing, up 92.9%.
For some context, the All Ordinaries Index (ASX: XAO) is up 0.67% at this same time.
Any guesses?
If you said Cooper Metals Ltd (ASX: CPM), give yourself a virtual gold star.
Here's what's spurring investor interest on Tuesday.
Image source: Getty Images
Why is the ASX mining share rocketing?
The Cooper Metals share price is flying higher after the ASX mining share reported some promising exploration results at its Mt Isa East copper and gold project, located in Queensland.
The assay results come from the Brumby Ridge and Raven Cu-Au prospects within the project.
Among the highlights, a reverse circulation (RC) hole at Brumby Ridge intercepted 50 metres at 1.32% copper from 80 metres. That includes 2m @ 6.1% Cu & 0.23 grams of gold per tonne.
Cooper Metals noted this represents the best assayed drill intercept at Mt Isa East so far. Follow-up drilling at Brumby Ridge started last week, intercepting what management labelled "an amazing" 72m @ 1.5% Cu from 113 metres to end of hole.
The miner also reported additional significant mineralisation intersection at its Raven prospect.
Commenting on the results sending the ASX mining share rocketing today, Cooper Metals managing director Ian Warland said, "To say we are pleased with the results of the initial scout drilling on five Cu-Au prospects is an understatement."
Warland added:
These two prospects are now the company's main focus and are being followed up as we speak, as Cooper continues to test its pipeline of quality Cu-Au prospects in the region.
This cluster of prospects, including Mafic Sweats South, are only around 30 kilometres to the southeast of Mt Isa, close to infrastructure and worthy of further priority investigation and exploration by Cooper.
Ongoing RC drilling at the prospects is expected to be completed this week. Assays are expected in December.
Cooper Metals share price snapshot
With today's big boost factored in, the ASX mining share is back in the green for 2023, up 20%.
