Cobre (ASX:CBE) shares jump over 27%; here’s why

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Highlights: 

  • Cobre shared today that Triprop Holdings has received notification regarding renewal of five exploration licenses in Botswana.
  • Triprop is the provider of mineral exploration services in Botswana. 
  • The renewal of licenses will boost the aggressive exploration programmes in Botswana.
  • Backed by this update, Cobre’s share price was quoted 27% higher at 12:03 PM AEST on the ASX. 

Australian mineral explorer Cobre Limited (ASX:CBE) shares skyrocketed on the ASX on Thursday afternoon, followed by a significant update from the company. Cobre announced that Triprop Holdings Pty Limited has received the notification of renewal of five exploration licences. These licenses are held by Triprop subject to a binding earn-in deal with Kalahari Metals Limited.

Nonetheless, these five exploration licenses have been renewed for another two years until 30 September 2024.

Followed by this update, Cobre shares gained significantly by 27.118% to AU$0.375 per share at 12:03 PM AEST on the ASX today (18 August). 

What did the management of Cobre say? 

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What else happened within Cobre recently?

On 16 August 2022, Cobre announced that the company has identified a significant copper intersection from its fourth diamond drill programme at the Ngami Copper Project. The project is located in the Kalahari Copper Belt in Botswana.

Cobre stated in an announcement that the drill hole NCP10 had intersected with a ‘broad zone of visible copper mineralisation’ at the Ngami Project. The mineralisation extends up to 69 meters, including a 13m area of chalcocite mineralisation.

As per the release by Cobre, the mineralisation constitutes of chalcocite in veins, fracture fill, and breccias along with secondary chrysocolla.  Followed by this update, Cobre shares gained around 40% on the ASX on 16 August 2022.

Cobre’s share price performance on the ASX: 

In last 12 months, Cobre’s share price has gained significantly by around 161% on the ASX. Furthermore, Cobre’s year-to-date share price surged by 305.56% (as of 12:18 PM AEST on the ASX today). 


 


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