1 ASX penny stock I'd buy in April while it is still only 21 cents

Up 135% since February, I think this ASX penny stock has a lot more gains ahead.

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ASX penny stocks come with the potential for explosive share price growth, along with considerable added risks.

Those risks include a bigger chance the company could run into financial stress that could pressure its share price. And small-cap stocks tend to have higher volatility, meaning investors should be prepared for some sizable share price moves in both directions.

With that in mind, one ASX penny stock I believe is poised for a strong run in April and through 2024 is Aeris Resources Ltd (ASX: AIS).

The ASX copper miner closed yesterday trading for 21 cents per share, giving it a market cap of $197 million.

Here's why I think it could charge higher from here.

Why this ASX penny stock could surge

Aeris Resources looks to be in a strong turnaround stage.

As you can see in the chart above, the Aeris Resources share price plunged a gut-wrenching 85% from this time last year through to 22 February, when it closed at just 9 cents a share.

Then the ASX penny stock went ballistic, with shares rocketing more than 135% since then.

The most recent uplift came this Tuesday when the ASX miner reported on the potential to significantly expand its copper resource growth at its Canbelego copper project, located in New South Wales.

Canbelego is a joint venture project between Aeris Resources and Helix Resources Ltd (ASX: HLX).

Commenting on the potential copper resource growth, Helix executive technical director Kylie Prendergast said:

The new geophysical survey results show there are significant new copper targets in close proximity to known, high-grade copper mineralisation at the Canbelego deposit.

This is generating a lot of excitement in the Helix team on our ability to expand our Canbelego Copper Mineral Resources with drilling scheduled to start in May.

The Aeris Resources share price closed up 14.3% on the news, trading for 20 cents apiece.

And with drilling kicking off in May, this ASX penny stock could surge on any strong results.

Why now could be a great time to buy Aeris Resources

Sure, it would be nice to jump back to 22 February and load up on Aeris Resources when shares were trading for just 9 cents apiece.

But with copper prices leaping 10% year to date, with many analysts forecasting further gains in 2024, this ASX penny stock could continue to handsomely reward investors.

'Dr Copper', as the metal is called for its correlation to global economic performance, is noncorrosive and highly conductive. This sees it used in pipes and wiring, with demand growth outpacing supply as the world moves towards decarbonisation.

The rapid growth of AI, and the requisite copper-hungry data centres to support the technology, are also forecast to see a sustained uptick in demand for the red metal.

And this ASX penny stock looks well-placed to make the most of it.

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.

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