This ASX-listed mining share exploded over 90% today, here’s why

July 27, 2022 03:01 PM AEST | By Bhawna Gupta
 This ASX-listed mining share exploded over 90% today, here’s why
Image source: © Salajean | Megapixl.com

Highlights

  • Cobre shared that significant visible copper mineralisation was encountered in first diamond drill hole NCP07.
  • Chrysocolla and fine-grained dispersed copper sulphides are part of mineralisation.
  • Shares of Cobre were zooming 93.88% on ASX, trading at AU$0.095 each at 2.14 PM AEST.

On Wednesday (27 July 2022), Mineral explorer Cobre Limited (ASX:CBE) today (July 27, 2022) shared that significant visible copper mineralisation was encountered in the first diamond drill hole NCP07 at the Ngami Copper Project (NCP) in Botswana.

Chrysocolla and fine-grained dispersed copper sulphides are part of the mineralisation; they are distributed throughout a broad 59-meter span downhole, with an increase in abundance in the lower 10 metres.

Following the news, shares of Cobre were zooming 93.88% on ASX, trading at AU$0.095 each at 2.14 PM AEST.

In order to determine the extent of the anomalous chalcocite mineralisation encountered in historical hole TRDH14-16a (2m @ 1.8% Cu and 8 g/t Ag), NCP07 was created 1km distant along the strike. This proved that the mineralisation expands and thickens out dramatically along the strike.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 27 July 2022

NCP07 Results

Drill hole NCP07 is located 1 km southwest of TRDH14-16a, which is a drill hole.

With assay findings of 2m @ 1.8% Cu and 8 g/t Ag, which are deemed abnormal for the KCB and more typical of contacts on the edges of deposits, drill holes 14-16a found vein-hosted chalcocite mineralisation on the contact. An apparent rise in Cu, Pb, and Mo anomalies in the findings of the soil sample is another factor supporting the design of Hole NCP07, which was intended to test the extent of mineralisation to the southwest of TRDH14-16a.

Image Source: © Meinzahn | Megapixl.com

Before striking the sheared contact with the underlying Ngwako Pan Formation at 260.10 metres downhole, NCP07 was drilled through a stretch of steeply dipping D'Kar Formation sandstones and siltstones. From 214 metres to 273 metres, visible mineralisation is recorded, with a notable increase in abundance in the 10 metres above the contact.

The NCP comprises a significant strike of the sub-cropping Ngwako-Pan / D'Kar Formation contact, on which most known KCB deposits occur and is situated close to the northern boundary of the KCB. The project is situated directly east of KML's Kitlanya West licences, which together cover a sizeable chunk of the potential KCB strata.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.