The Tempest Minerals Ltd (ASX: TEM) share price closed higher today after the company reported a huge copper discovery.
Tempest shares finished the day at 8.4 cents apiece, a 265.2% again. In contrast, the S&P/ASX 200 Index (ASX: XJO) closed up a modest 0.08% today.
Let's take a look at what this ASX miner announced.
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Significant discovery
Tempest made a "significant discovery" at the Orion target of the Meleya Project in Western Australia.
The company sees the exploration target as one of "Australia's most exciting greenfields base and precious metal exploration opportunities".
The first hole drilled to 709 metres was found to intersect visible copper and semi-massive sulphides.
The company said "multiple mineralisation horizons" were observed in the core, including geology resembling the nearby "world-class" Golden Grove polymetallic mine.
The Meleya project is located in the Yalgoo region of WA, an area that includes many gold and VMS [volcanogenic massive sulphide] projects, including Golden Grove.
A second drill hole is currently reaching a depth of 1,100 metres, more than the first drill hole.
Commenting on the results, managing director Don Smith said:
This is a spectacular outcome. To make a new discovery on our very first hole into an entirely untested region far exceeds our expectations.
The team and I are very excited and just itching to get on with analysing exactly what we have here, do more drilling and continue exploring the hundreds of square kilometres of untested ground along strike we have secured.
Tempest entered a trading halt on 24 March pending the release of the news. In early March, the company informed the market it had doubled the size of land at the Meleya Project.
The drilling project is receiving funding from the WA government's Exploration Incentive Scheme.
Share price snapshot
The Tempest Minerals share price has gained 136% in a year, while it has surged 265% year to date.
For perspective, the S&P/ASX 200 Index (ASX: XJO) index has returned about 9% over the past year.
The company has a market capitalisation of about $33.4 million based on the current share price.
