Why is Cobre (ASX:CBE) share price skyrocketing 36% today?

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Why is Cobre (ASX:CBE) share price skyrocketing 36% today?

 Why is Cobre (ASX:CBE) share price skyrocketing 36% today?
Image source: © Phdpsx | Megapixl.com

Highlights

  • Cobre has discovered a sizable zone of clearly visible copper mineralisation at Nagami.
  • Shares of Cobre were trading 36.67% higher on Tuesday (August 16) at 2.16 PM AEST.

Cobre Limited (ASX:CBE) has discovered a sizable zone of clearly visible copper mineralisation at its Ngami copper project (NCP) in Botswana, the company said in an ASX announcement.

The mining firm has succeeded in achieving this goal through its continuing diamond drilling campaign.

According to Cobre’s announcement, 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. The steeply sloping mineralised zone is anticipated to sub-crop beneath 65 meters of cover.

On the back of the news, Cobre shares skyrocketed and were spotted trading at AU$0.21 each, up 36.67% on ASX today (16 August) at 2.16 PM AEST.

Drill hole NCP10 aims to reach the northern extension of anomalous mineralisation that was intersected across a 4 km strike in drill holes NCP09, NCP08, NCP07, and historic drill hole TRDH14-16a (2m @ 1.8% Cu and 8 g/t Ag).

On the comparatively unexplored northern edge of the KCB, the first 57 ranked targets across KML's expansive license holding were tested during this initial drill program. The ability of this region to produce new finds is highlighted by the demonstration of the existence of a considerable strike length of copper mineralisation.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 16 February 2022

NCP10 Results

Two meters at 1.8% Cu and eight grams per tonne of silver were assayed from the vein-hosted chalcocite mineralisation that drill holes 14-16a intersected on the contact.

The current program's first hole, NCP07, produced noticeably better results after intersecting a wide zone of copper mineralisation, followed by NCP08, which did the same after intersecting a thick zone of chalcocite mineralisation. Malachite, Chrysocolla, and Chalcocite were found in a thick zone of anomalous copper mineralisation that was intercepted by NCP09 once more, indicating the target is still open to the southeast.

By cutting a groove along the drill core, 1m composite pXRF samples were collected, and the composite powder was analysed with a pXRF to validate the visual mineralisation logs.

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