The Culpeo Minerals Ltd (ASX: CPO) share price is leaping 50% to trade at 30 cents. But more sensationally, the company's share price exploded 84% shortly after open on Monday, before pulling back.

So why is this ASX mining share exploding today?

Copper discovery

Investors appear to be buying up Culpeo shares on the back of exciting copper results.

Assay results showed drilling intersected high-grade copper mineralisation at the company's Lana Corina Project in Chile.

Intersections at drill hole CMLCD005 included:

• 49 metres (m) at 0.83% copper and 41 parts per million (ppm) molybdenum from 216m to 265m
• 80.87m at 1.06% copper and 145 ppm molybdenum from 302.13 to 383m

Managing director Max Tuesley said:

CMLCD005 is another wide >1% copper intercept confirming our belief that the Lana Corina Project has the potential to host a significant >1% near surface copper orebody.

Further, a new mineralised breccia hosted copper zone was uncovered west of the Lana Pipe site. This corresponds to a T3 ground magnetic target discovered recently.

Commenting on this discovery, Tuesley added:

This has the potential to transform the prospectivity of the north-east sector of the Lana-Corina-Laura mineralised zone with multiple, high priority targets identified in the ground magnetic survey analogous to the T3 target over an approximately 1,000m strike.

Culpeo is working on expanding the mineralised footprint at the project and will report further drilling results to the market in the future.

Share price snapshot

The Culpeo Minerals share price is up 50% in the past 12 months, while it has surged 81% year to date. The company's shares have rocketed 107% in the past month alone.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has fallen 12.5% in a year.

Culpeo Minerals has a market capitalisation of $11 million based on its current share price.

The post Guess which ASX mining share just rocketed 80% on a new copper strike appeared first on The Motley Fool Australia.

Despite the S&P/ASX 300 Metals & Mining Index (ASX: XMM) sliding more than 109 basis points today, these three ASX miners outpaced the rest of the pack.

Culpeo Minerals Ltd (ASX: CPO)

Shares in Culpeo Minerals exploded into the green on Monday, clipping a gain of more than 193% to finish the day. Investors bid up the miner's share price after a company announcement on its Lana Corina Copper Project.

Culpeo advised it has intersected a record 173 metres at 1.05% copper and 50 parts per million of molybdenum. Results also confirmed the mineralisation continues at depth.

"The intersection of 173 metres of copper mineralisation at a grade of 1.05% is the highest-grade intercept to date from the ongoing drilling program," CEO Max Tuesley said.

Copper has spiked back north in recent weeks and is now more than 5% higher on the month at US$4.41/lbs.

Firetail Resources Ltd (ASX: FTL)

The Firetail share price spiked more than 21% higher on Monday and closed the session at 36.5 cents. Despite no market-sensitive news for the company, investors bid up its share price at pace today.

The price of copper has raced higher in recent weeks as well, helping to drive shareholder returns for the company. Meanwhile, the gold price has stabilised at US$1,855 per troy ounce, after incurring heavy losses in recent weeks.

After making its debut in April, Firetail has traded off its IPO price and slipped 6% into the red this past month of trade.

However, investors appears to be buyers at these price levels, with today's gain occurring on a trading volume more than three times the four-week average.

Encounter Resources Ltd (ASX: ENR)

Shares in Encounter Resources were also net winners today, securing a 29% lift at the closing bell.

Despite trading down in recent weeks, investors rallied the Encounter Resources share price after an update at its Sandover project in the Northern Territory.

The company said on Friday:

Additional surface sampling and field reconnaissance completed at Sandover in April 2022 confirmed further areas of surface copper oxide mineralisation.

The potential for lithium and other critical metals will be investigated in conjunction with copper exploration activities [at the site].

News of the update have sent Encounter shares well into the green with investors still looking to capture gains as part of the wider commodity and energy trade.

In the last 12 months, the company has secured a 14% gain after spiking more than 16% this year to date.

The post These 3 ASX mining shares surged more than 20% on Monday appeared first on The Motley Fool Australia.

At the time of writing, the company's stock is swapping hands for 31 cents apiece. That's 93.75% higher than it was at Friday's close.

The Culpeo Minerals share price has settled after reaching an intraday high of 34 cents, representing a 112.5% gain.

Let's take a look at today's news from the Chile-focused copper explorer and developer.

ASX mining share surges on its best copper find to date

The share price of ASX miner Culpeo Minerals is taking off on the back of assay results from the company's Lana Corina Copper Project.

The company's third drill hole at the project has identified a wide high-grade zone of copper mineralisation.

It intersected 173 metres at 1.05% copper and 50 parts per million of molybdenum – a record for the company's work at the project.

The results also confirmed the mineralisation continues at depth.

Culpeo Minerals also identified a high-grade molybdenum zone. Assays for the zone recorded 85 metres at 1,367 parts per million molybdenum and 0.07% copper.

Culpeo Minerals managing director Max Tuesley commented on the news driving the company's share price on the ASX:

The intersection of 173 metres of copper mineralisation at a grade of 1.05% [copper] is the highest-grade intercept to date from the ongoing drilling program.

Additionally, adjacent to this high-grade copper mineralisation we are seeing significantly elevated molybdenum that likely indicates the presence of a deeper mineralised source, associated with the dioritic intrusives that host the breccia system and adds significant exploration potential.

The company signed an agreement for the right to acquire up to 80% of the Lana Corina project in March.

The company's previous drill holes from the project returned assays including:

• 104 metres at 0.74% copper, 73 parts per million molybdenum from 155 metres, and
• 257 metres at 0.95% copper, 81 parts per million molybdenum from 170 metres

The post Guess which ASX mining share just rocketed 100% on a record find appeared first on The Motley Fool Australia.

The first hole of the maiden drilling program at the company's Lana Corina Project found the visual copper mineralisation.

At the time of writing, the Culpeo Minerals share price is 30 cents, 140% higher than its previous close.

However, at its intraday high, the company's stock was swapping hands for 45 cents – representing a 260% surge.

Let's take a closer look at the news driving the copper explorer and developer's share price sky high.

Culpeo Minerals share price takes off on copper find

Shares in Culpeo Minerals are flying off the shelf on news that's boosting hopes the company's recently secured project could house a significant copper deposit.

The first hole drilled by the company at the site has intersected visual copper mineralisation.

The mineralisation is hosted in sheeted veins and breccia pipes from around 50 metres down hole to a depth of 200 metres.

Culpeo Minerals managing director Max Tuesley commented on the find:

We are excited about the intersection of significant amounts of copper sulphides in this first hole.

This provides further confidence in the prospectivity of Lana Corina and its potential to host a significant copper deposit.

[We] view Lana Corina as a key component of our high-quality copper portfolio in Chile.

For now, the company is continuing to drill the eight-hole maiden program. It also expects assay results will be complete in the next six weeks.

The company entered an agreement to acquire up to 80% of the project, located in Chile, earlier this month. It began the drilling program immediately after securing the rights to a holding in the project.

Today's gains see the Culpea Minerals share price 82% higher than at the start of 2022.

The post Here's why the Culpeo Minerals (ASX:CPO) share price is exploding 140% today appeared first on The Motley Fool Australia.

Before entering a trading halt on the back of the ASX's warning, Culpeo released news of a diamond drilling program.

The ASX newbie listed on the exchange less than a fortnight ago. Since then, Culpeo's stock has gained an impressive 56.5%.

Right now, the Culpeo share price is 36 cents. It will remain frozen there for the near future.

Let's take a look at what's going on with the copper exploration and development company's shares today.

Culpeo's stock sparks suspicion

The Culpeo share price is currently frozen following its 41% surge this morning.

Before market open on Monday, Culpeo had announced news of the first drilling program at its flagship Las Petacas Copper Project, located in Chile's Atacama Desert.

The program will test zones of known high-grade copper mineralisation, as well as recently defined, high priority geophysical targets.

Culpeo already found new zones of visible surface copper mineralisation while it was constructing its drill pad.

On open, the Culpeo share price took off, apparently prompting the ASX to smell a rat.

In the 16 minutes between the market opening on Monday and the ASX pausing trade of Culpeo's stock, a whopping 2.45 million of the company's shares were traded.

For context, that's approximately 4.4% of Culpeo's outstanding shares.

Culpeo has since entered a trading halt. Right now, it's preparing to respond to the speeding ticket and extraordinary levels of trade.

It has until the ASX opens on Wednesday to craft a response, otherwise its shares will be put back into circulation without word from the company.

Culpeo share price snapshot

The Culpeo share price is currently 56% higher than it was at the end of its first day on the ASX and 80% higher than its prospectus' offer price of 20 cents apiece.

At its current share price, the company has a market capitalisation of around $19.8 million. Culpeo has approximately 55.19 million shares outstanding.

The post Culpeo (ASX:CPO) share price rockets 41% prior to speeding ticket appeared first on The Motley Fool Australia.