The All Ordinaries Index (ASX: XAO) has had a fairly positive week as we head towards the weekend this Friday. Since the start of the week, the All Ords has put on a healthy 1.2% or so. But that's nothing compared to the mind-blowing gains of one ASX copper share.
So let's talk about the Cobre Ltd (ASX: CBS) share price. Last Friday, the Cobre share price closed at 14 cents. Today, the ASX copper share is going for 41 cents. That's up 15.7% today, and an extraordinary 182% just since last Friday.
So what on earth is going on with this company to give its shareholders such fortune-making gains?
Image source: Getty Images
How has ASX copper share Cobre exploded 182% in a week?
Well, as we covered on Tuesday this week, these gains started when Cobre announced "a new significant copper intersection" at its Ngami Copper Project in Botswana. Here's some of what Cobre chair and managing director Martin Holland said on these results at the time:
We're delighted with the results from the latest drill hole at NCP, which have significantly extended the known footprint of mineralisation over more than 4km.
Importantly, all the results so far indicate at the target remains open-ended to the northeast and is larger than previously anticipated.
The footprint of mineralisation now extends over 4km, which is in line with the largest known deposits in the Kalahari Copper Belt.
Building on this announcement, we again heard from the company just yesterday. This time, Cobre announced that the company had successfully had five exploration licenses in Botswana renewed for an additional two years by the Botswana Department of Mines.
Here's some of what Holland had to say on that news:
The renewal of these exploration licenses has come at a significant time for the Company as we
commence an aggressive exploration program in Botswana.The renewal cements the belt–scale opportunity provided by our extensive land package in the Kalahari Copper Belt, and will support an additional exploration pipeline of targets for future drill testing.
So it's been an avalanche of good news for Cobre.
Investors are clearly very excited over this company's future, especially now these regulatory hurdles have been cleared. So I think this ASX copper share is definitely one to watch going forward.
At the last Cobre share price, this ASX copper share has a market capitalisation of $70.73 million.
