Guess which ASX mining stock is up 92% thanks to a potentially 'significant discovery'

This copper explorer is getting investors excited today. But why?

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Cooper Metals Ltd (ASX: CPM) shares are catching the eye on Thursday.

In morning trade, the ASX mining stock is up a massive 92% to a 52-week high of 50 cents.

Why is this ASX mining stock rocketing?

Investors have been scrambling to buy the copper explorer's shares today after it released assay results from the Brumby Ridge Prospect within the Mt Isa East Cu-Au Project in Queensland.

According to the release, the latest assays confirm bonanza copper grades at Brumby Ridge in drill hole 23MERC028. This includes 71 metres at 2.8% copper and 2 metres at 6.1% copper.

In addition, RC hole 23MERC030 was drilled closer to surface, just north-west of 23MERC028, and intersected the top of the breccia zone, returning good grades.

The good news is that the mineralisation at the Brumby Ridge Prospect is open in all directions and appears to increase in copper and gold grade with depth according to management. This bodes well for future drilling activities.

But management isn't resting on its laurels. It advised that a downhole electromagnetic survey (DHEM) is in progress at the Brumby Ridge and Raven Prospects, with results expected in December.

The ASX mining stock's managing director, Ian Warland, believes this could be the start of something special. He said:

Seventy-one metres at 2.8% Cu, with a higher-grade intersection of twenty-four metres at 5.4% Cu could be the start of a significant discovery at Brumby Ridge for Cooper Metals. Of the five drill holes to date, three have hit significant mineralisation and finished in mineralisation.

DHEM is being trialled at the Brumby Ridge and Raven Prospects, along with plans to conduct a larger program of RC and diamond drilling at Brumby Ridge in first quarter 2024, chasing the higher-grade mineralisation at depth and along strike. This whole Prospect area is well located, just down the road from Mt Isa township and will continue to be our main focus going in to 2024.

Motley Fool contributor James Mickleboro 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.

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