Cobra Resources Plc (LSE:COBR) shares were up 10% in Tuesday morning's trade, after it entered an option deal to potentially acquire the Manna Hill copper project in South Australia.
Manna Hill, a 1,855 square kilometre property, sits within the Nackara Arc, which the explorer described as a prospective porphyry province that has seen limited exploration in recent decades, due to land access issues.
Cobra highlighted that the project hosts several significant prospects with untested upside potential, capable of delivering large-scale copper discoveries.
"We have a tiger by the tail at Manna Hill, and a diligent exploration strategy can deliver a major discovery,” managing director Rupert Verco said in a statement.
In London, the share climbed 10% to 3.91p, valuing the small-cap explorer at just over £35 million.