Cobre Limited (ASX:CBE) has seen its share price enjoy a hearty dose of enthusiasm as the company soars above 40% in the first hour of trade.
While investors should note this may well recede by market close today, the move comes as further evidence of Cobre’s ability to excite the market—as well as its ability to continue finding copper.
Today, Cobre announces a 13m long copper intersection from 69m depth, yet another thick copper intersection at Ngami, acreage which so far has treated Cobre Limited very well.
This new hit was located via infill drilling to the northeast of existing known targets, meaning that the company has not only found more copper, but also extended its strike length on-site to 4km.
The new hit was located to the north-east of prior drillwork.
But the big takeaway, which Cobre has consistently seen its share price rise on, is yet another copper deposit boasting visible in-situ copper mineralisation.
Management notes today’s results exceed initial expectations held by the geotech team ahead of infill drilling earlier this month.
“We’re delighted with results from the latest drill hole at [Ngami], which extend the known footprint of mineralisation over 4km,” Cobre CEO Martin Holland said.
“The footprint is [now] in line with the largest known deposits in the Kalahari Copper Belt.”
“As we continue, we look forward to updating the market again as assay results become available next month.”
This isn’t the first time Cobre has shaped up to be one of the more attention-grabbing copper plays this year.
In early July, the company’s share price jumped 28% in lunchtime trades to 5c as the geotech team simply launched drilling on-site.
For context: investor interest in copper resources remains strong with prices remaining high and tipped to increase.
By early August, Cobre had soared an additional 267% in the space of one week as the company returned its first evidence of visible copper mineralisation pulled from underground at Ngami.
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