ASX Mining Stock Doubles in 30 Minutes Following BHP Deal Announcement

The ASX trading floor witnessed a spectacle as both Cobre Ltd (ASX: CBE) and BHP (ASX: BHP) experienced unprecedented surges. Cobre soared by an impressive 112.2% in less than half an hour, propelled by a groundbreaking announcement. This unexpected turn of events saw Cobre's shares rise from the previous day's closing at 4.1 cents to the current 8.7 cents per share.


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BHP's 2024 Xplor Program

The spotlight is on Cobre as it secures a coveted spot in BHP Group Ltd's (ASX: BHP) prestigious 2024 Xplor program. Tailored for emerging players in critical minerals, this initiative is a catalyst for accelerating operations and fostering potential long-term collaborations. With a six-month duration, the program includes a substantial non-dilutive funding injection of US$500,000 from BHP, complemented by access to internal expertise and a global supplier network.

Turbocharging Kitlanya West Project

Cobre strategically earmarks the funds for its Kitlanya West Project in Botswana, nestled within the Kalahari Copper Belt (KCB). Encompassing a sprawling 5,348 square kilometers, the KCB stands out as a global hotspot for copper exploration, setting the stage for accelerated advancements.

BHP's Vote of Confidence and Exploration Triumphs

The Xplor program serves as a testament to BHP's confidence in Cobre's Kitlanya West Project. November brought forth "encouraging new targets," prompting an expansion of the targeted area to an impressive 4 km x 1.2 km. Notably, BHP retains pre-emption rights at Kitlanya West for a year post-program culmination, showcasing a strategic alliance.

CEO's Enthusiastic Outlook

Adam Wooldridge, CEO of Cobre, expresses eagerness about the Xplor program, emphasizing the unique collaborative opportunity with BHP experts. The rigorous selection process underscores the technical prowess of Cobre's team, validating its standing in the realm of mineral exploration.

Multi-Faceted Endeavors: Perrinvale Project

Simultaneously, Cobre is actively immersed in its Perrinvale project, nestled in the Panhandle Greenstone Belt of Western Australia. Boasting a globally rare VHMS deposit enriched in copper, gold, silver, and zinc, this project adds another layer to Cobre's dynamic exploration portfolio.

Share Price Odyssey

From its listing on the ASX in early 2020 at 20 cents per share, Cobre has navigated a remarkable journey, culminating in the recent surge that has seized the market's undivided attention.

In Conclusion

Cobre's inclusion in BHP's Xplor program marks a defining juncture in its trajectory. With unwavering dedication to the Kitlanya West Project and promising exploration targets, Cobre stands at the precipice of significant breakthroughs. The partnership with BHP, combined with Cobre's technical finesse, positions the company favorably in the dynamic landscape of mineral exploration.
Location: Australia

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