Cooper Metals (ASX: CPM) confirms ‘significant’ copper discovery at Brumby Ridge, shares soar - Kalkine Media

Highlights

• Assay results for 23MERC028 confirmed bonanza copper grades with 71m at 2.8% Cu including 24m at 5.4% Cu.
• Three out of five drill holes at Brumby Ridge have hit significant mineralisation and finished in mineralisation.
• DHEM survey is advancing at the Brumby Ridge and Raven prospects, with results anticipated in December 2023.

Cooper Metals Limited (ASX: CPM) has reported latest assay results for 23MERC028 drill hole at the Brumby Ridge prospect within the Mt Isa East Cu-Au project. The results are significantly higher than the recently reported portable XRF (pXRF) results.

The assays confirm bonanza copper grades in 23MERC028 drill hole, returning 71m at 2.8% Cu and 0.05 g/t Au from 115m to end of hole at 186m, including 24m at 5.4% Cu and 0.10 g/t Au from 115m.

The latest assays build on the previously reported RC results for drill hole 23MERC024, situated nearly 30m southeast of 23MERC028, that returned 50m at 1.32% Cu and 0.05g/t Au from 80m including 2m @ 6.1% Cu & 0.23g/t Au.

The company informed that mineralisation at Brumby Ridge is open in all directions and copper and gold grades seem to increase with depth.

More

The latest assays have confirmed a new copper discovery at the Brumby Ridge Prospect.

RC Drill hole 23MERC030 was drilled around 22m to the NW of 23MERC028, intersecting a broad breccia zone closer to surface, which returned 115 metres at 0.37% Cu from 86m with multiple elevated zones, comprising -

• 2m @ 2.18% Cu & 0.03 g/t Au from 88m
• 4m @ 1.1% Cu & 0.02 g/t Au from 101m
• 1m @ 1.02% Cu & 0.01 g/t Au from 143m
• 3m @ 1.00% Cu & 0.01 g/t Au from 159m

Background of drilling at Brumby Ridge

To date, five RC holes have been drilled at the prospect. Based on drilling, the mineralisation’s orientation is assumed to be striking northwest, but the dip of the mineralisation is not known as three drill holes - 23MERC024, 23MERC028 and 23MERC030 have ended in mineralisation. Therefore, at this early stage of exploration, the true width of mineralisation is not known.

The mineralisation in the area is linked with substantial magnetite, hematite, and albite alteration typical of iron oxide copper-gold (IOCG) systems.

CPM informed that the pyrite and chalcopyrite dominate the sulphide mineralisation and seems to be hosted in brecciated mafic volcanics. Therefore, the copper grade is variable across mineralised breccia.

Progress at Brumby Ridge and Raven prospects

Downhole electromagnetic (DHEM) and fixed loop electromagnetic (FLEM) survey has commenced over Brumby Ridge and Raven Cu-Au prospects. DHEM survey results are expected in December 2023.

The company has completed RC drilling at both the prospects and assay results are pending for four holes at Raven prospect.

Assessment of the recent assays and pending results of the drilling is advancing. The company is yet to ascertain the further drilling plan.

CPM shares soar

Following the release of significant assay results, CPM shares surged by over 69% to trade at AU$0.440 apiece during the early morning trading hours on 30 November 2023.