The Cyprium Metals Limited (ASX:CYM) share price is down today, despite good news from the company regarding favourable assay results.
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The Cyprium Metals Ltd (ASX: CYM) share price is down 5.66% today, despite good news from the company regarding favourable assay results. The drop has come at a bad time for the mineral mining company, as it endures the final day of trading in a particularly volatile week.
At the time of writing, the Cyprium share price is down nearly 17% over the course of this week and is currently trading at 25 cents.
Let’s take a closer look at the company’s news.
The Cyprium share price is on the slide again today despite the company releasing its most recent assay results. The miner reported it has found extensive, shallow copper and gold mineralisation at its Nanadie Well Copper-Gold Project.
So far, the company has results for 38 out of 66 holes from its drilling program at Nanadie Well.
The drilling program found near-surface oxide and supergene mineralisation with potential mineralisation over a strike of 750 metres.
The drilling program began in January 2021, with the company stating the first lot of results are encouraging.
The Nanadie Well Copper-Gold Project is located in Western Australia, about 650kms from Perth. The company acquired 100% of the Project in July 2020.
Commenting on the company’s assay results, Cyprium executive director Barry Cahill said:
As anticipated, the results are continuing to show an extensive shallow and broad oxide copper-gold mineralisation.
We are really excited and encouraged from what we are seeing in these assay results from the supergene horizon at Nanadie Well. It gives us increasing confidence in the potential of the sulphide mineralisation. We are looking forward to the results of the assays of the diamond drill core and results of the downhole geophysics in that part of the mineralised zone.
We anticipate continued positive news flow over the coming weeks as the results for the remaining RC drill holes are received.
Cyprium share price snapshot
The Cyprium share price had a rough trot in 2020, but it has since bounced back. Currently, the company’s share price is up by more than 170% over the last 12 months. It is also up by almost 9% year to date.
Cyprium has a market capitalisation of around $26.12 million, with approximately 98 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.