South32 Ltd (ASX:S32) saw its stock price soar by 12.70% in intraday trading, as investors reacted positively to news of its partner company's latest drilling activities. Noronex (ASX:NRX) has commenced diamond drilling at its Fiesta Copper Project in Namibia's Kalahari Copper Belt, a program funded by a wholly-owned subsidiary of South32 under an earn-in agreement.

The drilling campaign, part of a larger 2,000m initiative, aims to test depth extensions and gather crucial geological data in an area 500m west of previous promising intersections. The first hole is designed to follow up on earlier results that reported significant mineralization, including 5m @ 1.4% Cu and 58g/t Ag from 249m depth.

Investors appear to be optimistic about the potential of this copper project, particularly given its similarities to the successful Khoemacau Copper Project in neighboring Botswana. The Fiesta project's location and initial findings suggest it could be a valuable asset in South32's portfolio, potentially contributing to the company's future copper production amid growing global demand for the metal.