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Coppermoly (ASX:COY) share price up 355% before trading halt

The Coppermoly share price soared today before the company entered a trading halt this morning pending a response to an ASX price query.
The post Coppermoly (ASX:COY) share price up 355% before trading halt appeared first on Motley Fool Australia. –

man holding bunch of balloons soaring through the air signifying asx share price rise

The Coppermoly Limited (ASX: COY) share price was up 355.56% today to 4.1 cents. This came prior to the company entering a trading halt this morning.

Why did Coppermoly request a trading halt?

Coppermoly requested a trading halt in order to respond to an ASX price query. The company stated that it was not aware of any reason why a trading halt should not be granted in accordance with listing rule 17.1.

Coppermoly requested that the trading halt remain in place until the commencement of trading on Tuesday 22 September 2020 or when the company has made an announcement to the market in response to the ASX price query.

Trading in shares of Coppermoly was paused at 10.48 am this morning.

About Coppermoly

Coppermoly is a mineral exploration and development company focused on copper, gold, and molybdenum deposits. It operates in Papua New Guinea and has been listed on the ASX since 2007. 

In its quarterly report released in July, Coppermoly announced that it had cash reserves of $4.6 million at 30 June 2020, down from $5,026,000 at the end of the previous quarter.

In April, Coppermoly announced that it had intersected high grade copper and zinc mineralisations at its Mt Nakru project through electromagnetic ground surveys. At the Nakru 2 Northwest prospect, the company identified a strong electromagnetic conductor which returned 11 metres at 4.13% copper, 9.04% zinc and 0.29 grams per tonne of gold.

At the Nakru 3 prospect, the company identified a conductive zone which returned 2 metres at 0.41% copper, 1.45% zinc and 1.11 grams per tonne of gold along with 364 grams per tonne of silver. Another trench at the Nakru 3 prospect returned 2 metres at 0.41% copper, 1.45% zinc and 0.14 grams per tonne of gold. The electromagnetic survey at Mt Nakru revealed drilling targets which the company stated were “highly encouraging”.

The Coppermoly share price is up 925% since its 52-week low of 0.4 cents, and is up 310% since the beginning of the year. 

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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Coppermoly (ASX:COY) share price up 355% before trading halt appeared first on Motley Fool Australia.

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