Copper demand is forecast to remain strong as the world moves towards electrification.
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The Emmerson Resources Limited (ASX: ERM) share price is off to the races today. Shares are up a stellar 143.24% at the time of writing, to 18 cents per share.
Below we take a look at the ‘stunning’ copper results driving investor interest in the ASX junior resource explorer.
What copper results did Emmerson report
The Emmerson Resources share price is surging after the company reported ‘stunning’ copper results at its Hermitage Project. The Hermitage Project is located in Tennant Creek in the Northern Territory.
According to the release, reverse circulation (RC) drill hole HERC003 intersected continuous mineralisation of 117 metres at 3.38% copper from 75 metres including:
30m at 7.26% copper and 2.69 grams per tonne gold from 162m including:
3m @ 14.91g/t gold and 4.24% copper to end of hole
Likely also offering a boost to the Emmerson Resources share price today is the revelation that the RC drill hole was abandoned in mineralisation at a depth of 192 metres. Though, the miner said it will continue to drill deeper with a diamond tail in 2022.
The company also reported positive gold and copper results from a second drill hole. Assays from a third hole are pending.
Commenting on the results, Emmerson Resources managing director Rob Bills said:
These results are some of the best seen in the Tennant Creek Mineral Field as they reflect very extensive, high-grade copper mineralisation, with intervals of high-grade gold and cobalt – all associated with iron-oxides of hematite and magnetite. Whilst it is still early days, the metal zonation and mineralisation in drill hole HERC003 displays increasing gold and copper grades with depth – the subject of future diamond drilling.
Furthermore, noting that the Hermitage and Jasper Hills projects, which are in mining leases owned by Emmerson Resources, haven’t seen any modern exploration, Bills said the area is now a key priority for future exploration.
Emmerson Resources share price snapshot
The Emmerson Resources share price is up 127% in 2021. For context, that well outpaces the 12% gains posted by the All Ordinaries Index (ASX: XAO).
Over the past month, the ASX microcap stock is also up 125%
The post Emmerson Resources (ASX:ERM) share price explodes 143% on ‘stunning’ copper results appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.