The S&P/ASX 200 Materials Index (ASX: XMJ) is leaping 1.28% today, but one ASX mining share is exploding far higher.
The Cobre Ltd (ASX: CBE) share price is currently up more than 74% to 15 cents.
Let's take a look at why investors are buying up this mineral explorer's shares today.
Image source: Getty Images
Why is this ASX mining share lifting?
Investors are buying up Cobre shares today on the back of another significant copper intersection.
Drilling at the second diamond drill hole intersected "abundant chalcocite mineralisation" at the Ngami Copper Project in Botswana.
Cobre said the result shows mineralisation from about 55m below surface at a strike length of more than 2km.
Cobre's share price is up 206% since market close on 26 July. On 27 July, the Cobre share price leapt 104% after it reported its first intersection of significant copper mineralisation at the site.
Commenting on today's news, executive chairman and managing director Martin Holland said:
The Ngami Copper Project in Botswana is demonstrating exceptional promise with this outstanding
copper intersection which confirms that we are potentially sitting on a new copper discovery within the Kalahari Copper Belt.This new intersection is 1km away from our initial diamond hole that also intersected significant copper mineralisation.
This has been a phenomenal start to our drilling program, which includes a total of 57 high-priority
targets, and is only just the beginning
The company is now working on a third diamond drill hole at the project. Cobre plans to continue drilling at the site to define copper and base metals mineralisation at the project.
Cobre share price snapshot
Cobre's shares have leapt 477% in a month, while they have jumped 249% in the past week. In the past year, this ASX mining share has lost more than 3%.
For perspective, the S&P/ASX 200 Materials Index has lost nearly 15% in the last year.
Cobre has a market capitalisation of nearly $25 million based on its current share price.
