Guess which ASX copper share exploded 182% this week?
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The Index of all ordinaries (ASX:XAO) had a pretty positive week as we head into this Friday weekend. Since the start of the week, the All Ords has put around 1.2% healthy. But that’s nothing compared to the jaw-dropping gains of an ASX copper share.
So let’s talk about the Cobre Ltd (ASX: CBS) share price. Last Friday, Cobre stock price closed at 14 cents. Today, the ASX copper share is going 41 cents. That’s up 15.7% today, and an extraordinary 182% since last Friday.
So what the hell is going on with this company to give its shareholders such fortune-making gains?
How did ASX Cobre copper share skyrocket 182% in one week?
Well, as we covered on Tuesday this week, those gains started when Cobre announced “a significant new copper intersection” at its Ngami copper project in Botswana. Here’s some of what Cobre President and CEO Martin Holland said about those results at the time:
We are delighted with the results of the latest drill hole at NCP, which have significantly extended the known footprint of mineralization over 4 km.
Importantly, all results so far indicate that the target remains open to the northeast and is larger than expected.
The mineralization footprint now extends over 4 km, which corresponds to the largest known deposits in the Kalahari copper belt.
Based on this announcement, we heard from the company again just yesterday. This time, Cobre announced that the company had successfully obtained five exploration licenses in Botswana renewed for another two years by the Botswana Department of Mines.
Here’s some of what Holland had to say about the news:
Renewal of these exploration permits came at an important time for the Society as we
begin an aggressive exploration program in Botswana.
Revival cements the belt–ladder opportunitytunity provided by our vast set of lands in the Kalahari Copperbeltand will support a Additional target exploration pipeline for future drill tests.
So it was an avalanche of good news for Cobre.
Investors are clearly very excited about the future of this company, especially now that these regulatory hurdles have been lifted. So I think this ASX copper share is definitely one to watch going forward.
At the latest Cobre stock price, this ASX copper stock has a market capitalization of $70.73 million.