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Highlights
- Cobre shares were spotted trading 51.11% higher at AU$0.68 apiece at 12.51 PM AEST today (22 August).
- The company’s shares skyrocketed after an announcement made by the company on 18 August.
- Cobre expects copper's future expansion in the electric car and renewable energy sectors to be supported by its high-grade copper discoveries.
Shares of Cobre Limited (ASX:CBE), which is engaged in exploring and evaluating mineral properties. were spotted trading 51.11% higher at AU$0.68 apiece at 12.51 PM AEST today (August 22).
However, the overall ASX market is down today. The benchmark ASX 200 Index was 0.67% lower at 7,066.50 points at 12.53 PM AEST.
Cobre expects copper's future expansion in the electric car and renewable energy sectors to be supported by its enhanced, high-grade copper discoveries and high-grade development pipeline.
Why is Cobre share price rising?
This is to be noted that Cobre shares have been gaining investors' interest since last Thursday (18 August) when it informed that the Botswana Department of Mines has renewed Cobre Ltd's exploration licenses in the Kalahari Copper Belt, one of the most promising regions in the world for copper exploration. It is subject to a legally enforceable earn-in agreement with Kalahari Metals Ltd.
Triprop Holdings (Pty) Ltd now has five exploration licenses that are valid through 30 September 2024 for an additional two years.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 18 August 2022
Cobre stock performance
Since the company made the announcement on 18 August, Cobre shares have grown more than 85%. However, the company's shares have touched the sky in the last six months and exploded by more than 766%.
Other recent developments by Cobre
Cobre recently provided an update about its project and said that fourth intersection of copper mineralisation from its program on Kalahari Metals Limited's (KML) NCP licenses has been discovered.
Drill hole NCP10 has struck a broad 69-meter zone of copper mineralisation, which contains a 13-meter zone of rich chalcocite mineralisation that is centred at 310 meters downhole. PXRF measurements supported these estimations. Chalcocite in veins, fracture fill, and breccias, as well as secondary chrysocolla, make up the majority of the mineralisation.
Image Source: © Aduraopaz | Megapixl.com
Before that, on 9 August, Cobre announced that it had increased the scope of its exploratory programs for the NCP and KITW projects. Now that it has been determined that there are large concentrations of copper mineralisation present at NCP, the company may concentrate on determining the extent and continuity of the drill-confirmed mineralisation in an effort to find a new copper deposit.
Using the same technical approach, Cobre is now exploring other targets to draw in and unlock district-scale prospects in the Kalahari Copper Belt.
On 4 Augus), Cobre announced that it had completed a two-tranche placement with sophisticated and institutional investors for AU$7 million (before costs) at AU$0.15 per share. The company further informed that the money raised will be used to expedite the exploration of the tenement package held by Kalahari Metals Limited (KML) in Botswana.
