Kaoko Metals (ASX: KAO) has been issued a speeding ticket by the ASX after its shares jumped more than 140% on Wednesday morning following two broad drilling intersections containing visible copper in Namibia.

Following a diamond drilling program, the company reported one section more than 60 metres in length containing 32.3 metres of “strong visible mineralisation” from 60 metres depth.

A second intersection measured 52 metres in total width and included just over 17 metres of “strong visible mineralisation” from 58 metres depth. The company said the results suggest there could be an economic deposit in the area around the 60-metre depth mark. Geotechs and investors are also noting the discovery of several classic coincident minerals, including malachite, which is often watched closely in early-stage copper exploration because visible mineralisation can help guide where follow-up work is focused while assays are pending.

Assays are due back in four to six weeks after being fast-tracked by the company. The intensity of the drilling results was matched by the market reaction on Wednesday, when KAO shares reached $1.80 in the first hour of trading after closing at 74 cents on Tuesday.

At the time the trading halt was issued early in the Wednesday session, Kaoko Metals had delivered 1-year returns of about 800% for investors.

The results came from drillholes at the company’s Namibia-based Chalkos project, which is being watched for its copper potential and represents the first modern drilling on site. That makes the current program an early test of whether the visible copper mineralisation seen at Otniel can be backed up by laboratory assays and broader continuity across the prospect.

“While it is still early in the program and we are waiting for results of the initial assays, we are pleased to have observed broad zones of copper mineralisation in the first two holes at Otniel,” Kaoko Metals managing director Gerard O’Donovan said.

“DDOT002 intersected over 60m of predominantly malachite-chalcocite mineralisation, including a 32m zone of strong visible mineralisation, while DDOT001 returned over 51m of visible mineralisation including 17m of strong visible mineralisation.”

Investors will be watching for the assay results in the coming months, as those results will provide the first laboratory confirmation of the visually logged intervals and help clarify the significance of the early drilling at Chalkos.

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