One of the biggest movers on the market on Thursday was the Alderan Resources Ltd (ASX: AL8) share price.
It finished the day 17% higher at $1.68.
Why did its shares jump higher?
This morning the mineral exploration company announced that it has identified a large porphyry copper prospect at its Frisco project in Utah.
According to the release, an induced polarisation survey has identified a large 2.5km diameter chargeability feature consistent with a large mineralised porphyry copper system.
Management believes that the results provide further evidence that a large scale, multi-phase mineralised porphyry system exists at the Frisco Project.
Which is great news for shareholders considering the positive outlook for copper.
The spot copper price is currently fetching US$3.17 per pound, compared to US$2.50 per pound a year earlier.
However, it is worth remembering that it will be some time before Alderan is in a position to pull copper out of the ground.
Investors may want to consider gaining exposure to copper through mining giant BHP Billiton Limited (ASX: BHP) instead.
