The S&P/ASX 200 Materials Index (ASX: XMJ) fell 4% on Friday, but it wasn't such a bad day for all ASX mining shares.
The Cobre Ltd (ASX: CBE) share price rocketed 46.7% this morning from 15 to 22 cents before pulling back. The company's share price finished the day at 18 cents, a 20% jump on Thursday's closing price.
Let's take a look at what this ASX mining share reported to the market today.
Image source: Getty Images
Cobre share price soars on copper discovery
Cobre discovered a high-grade copper zone at the comet target at the Ngami project. This is located in the Kalahari Copper Belt in Botswana.
Drill hole NCP20A intersected with a 45m zone of visible copper mineralisation.
Visual estimates revealed "significant mineralisation" at the lower 30m of the zone.
This grew in abundance from about 0.6% to 1% chalcocite at the top of the zone to more than 10% chalcocite at the base of the zone.
Cobre said the results prove high-grade zones are present within the comet target. These resemble other known deposits within the Kalahari Copper Belt.
Commenting on the results that boosted the ASX mining share today, executive chairman and managing director Martin Holland said:
Cobre is delighted with the latest copper discovery intersection which has both the
thickness and grade to move the economics on the Comet Target.Importantly, these results provide further evidence for the team's current exploration model by demonstrating that high-grade zones of mineralisation occur along this extensive target.
Holland highlighted the company has been "moving rapidly" to drill the potential of this new copper district.
Cobre share price snapshot
Cobre shares have soared 89% in the past year, while they have gained 91% year to date.
For perspective, the ASX 200 Materials Index has gained 1.68% in a year.
This ASX mining share has a market capitalisation of about $36.7 million based on the current share price.
