11:02 AM EDT, 05/28/2024 (MT Newswires) -- Bravo Mining ( BRVMF ) shares were last seen up 23% after the company on Tuesday detailed initial assays from the T5 and T6 targets at the Luanga project in Brazil, intersecting high-grade copper and gold mineralization.

Highlights include 11.48 meters at 14.3% copper and 3.3 grams per tonne (g/t) gold, including 2.9 meters at 22.9% copper and 3.6 g/t gold.

"We are very encouraged by the discovery of high-grade copper and shareholders should be cognizant that Luanga is situated within the world class Carajas IOCG province, an area very fertile for high-grade copper discoveries," chief executive Luis Azevedo said.

The company said the high-grade copper mineralization at T5 is likely unrelated to the original platinum group metals-nickel-gold deposit, which is located 1 kilometer away.

The T6 target also intersected massive sulfides in ultramafic rock, Bravo said.

Meanwhile, Bravo kept its outperform rating and $2.75 price target from National Bank of Canada following the update.

The bank said the results were "impressive" and expects more positive news flow from the regional program.

Bravo's shares were last seen up $0.52 to $2.75 on the TSX Venture Exchange.

Price: 2.78, Change: +0.55, Percent Change: +24.66