Guess which ASX mining share just leapt 139% on 'another great intercept'

The ASX mining share reported on some very promising drill results today.

| More on:
happy mining worker fortescue share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Three satisfied miners with their arms crossed looking at the camera proudly
Dividend Investing

3 top ASX 200 mining shares for bank-busting dividend income in 2024

All three ASX 200 mining shares pay fully franked dividends.

Read more »

Miner looking at a tablet.
Resources Shares

What can ASX 200 investors expect from the Rio Tinto share price in 2024?

Atop a big boost in the Rio Tinto share price over the past 12 months, the ASX 200 miner also…

Read more »

Two miners standing together.
Resources Shares

Could Donald Trump really sink the Fortescue share price?

Fortescue founder Andrew Forrest is making some big bets on green hydrogen.

Read more »

Three miners looking at a tablet.

2 ASX mining ETFs to buy in December

Lithium and uranium exposure is a doddle with these ETFs.

Read more »

A young boy sits on top of a big rubber bouncing ball with handles as he smiles a toothless grin at the camera and bounces above the ground in a grassy field with a blue sky.
Dividend Investing

Here's why the dividends from BHP shares could rebound in 2024

The full-year BHP dividend slumped 43% in FY 2023, but passive income investors could see an uptick in FY 2024.

Read more »

Three satisfied miners with their arms crossed looking at the camera proudly
Resources Shares

Lithium, copper and gold stocks: Will they GO OFF IN 2024?

Bell Direct's Grady Wulff analyses the three hottest commodities to determine what their fortunes could be like next year.

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Why these 3 ASX 200 mining shares leapt into The Motley Fool's news this week

From iron ore to copper to green hydrogen, there was plenty of excitement amongst the ASX 200 miners this week.

Read more »

Two people smiling at each other while running.
Resources Shares

2 ASX 'not mining' shares I think are overdue for a big rally

The cyclical nature of resources stocks is not everyone's cup of tea. But here's a pair of investments that could…

Read more »