Shares of Cooper Metals (ASX:CPM) witnessed a massive fall, plunging as much as 52.7% to A$0.130 and marking their greatest intraday percentage drop on record.

The company’s shares hit its lowest level since November 7, 2023.

This dramatic shift is ascribed to the disappointing outcomes from its mining assays at the Mt Isa East copper-gold project in Queensland.

The mineral explorer announced that the prospect drilling found a relatively narrow steeply dipping sulphide mineralised vein at the project, contrary to expectations of broad intercepts of copper mineralisation not being intersected so far.

Astonishingly, about 4.6 million shares changed hands, compared with the usual 30-day average volume of 239,069.

So far, based on the last close, the stock is down 19.1% year-to-date.

Cooper Metals is an Australian company engaged in the exploration and mining of copper and gold resources.