Great Boulder Resources Ltd [ASX:GBR] hit the jackpot today. Shareholders will be mighty pleased.
The company’s shares are up 139% at time of writing, all thanks to the miner’s latest discovery.
What happened to the Great Boulder Share Price?
It’s no secret that electric cars are hot right now. Carmakers around the world are moving towards an all-electric future. That future is going to need a whole heap of batteries. Batteries that are made of a few key metals.
Great Boulder just announced that they have found a significant amount of three metals in particular: copper, nickel and cobalt. All three have seen prices driven higher by the speculative demand for batteries.
The mineralisation of the site is copper rich, with some nickel and cobalt zones spread throughout, according to the company. Which presents a massive win, one that was reflected in their soaring share price.
What next for Great Boulder?
This initial find may only be the tip of the iceberg for Great Boulder, meaning that the site could present even more opportunity if fully explored. Managing Director Stefan Murphy comments:
‘To achieve such intersections of cobalt, copper and nickel from the first nine holes is simply outstanding,
‘Given that we are conducting scout drilling over a strike length of 7.5km, it is remarkable to have intersected such widths and grades from these initial holes.
‘As with any initial drilling program over such a vast area, it is a needle-in-a-haystack exercise. The potential at Mt Venn is becoming very apparent, with knowledge gained from recent drilling and an improved understanding of the ore-forming systems further confirming the prospectively of the project.’
Shareholders will be pleased with today’s find, but who knows what the company might unearth next.
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Junior Analyst, Money Morning