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Cooper Metals (ASX: CPM) gears up for drilling at Brumby Ridge Cu-Au Prospect with firm financial footing - Kalkine Media

February 22, 2024 10:05 AM AEDT | By Manisha
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Highlights

  • Cooper Metals has begun fieldwork at the Brumby Ridge Prospect of the Mt Isa East Project.
  • First line of PDP IP survey confirmed strong depth potential of the chargeability anomaly at the Prospect.
  • CPM is all set to begin diamond drilling of about 1,000m and RC drilling of up to 2,000m at Brumby Ridge.
  • CPM has raised a capital of AU$3.5 million through an oversubscribed placement.

Cooper Metals Limited (ASX: CPM) has restarted fieldwork at the Brumby Ridge Prospect, located within the Mt Isa East Cu-Au Project. Also, CPM has begun an Induced Polarisation survey at the prospect for optimisation of the drill targeting.

As per the first line of pole-dipole IP survey, there exists strong depth potential of the chargeability anomaly at the Prospect.

Cooper Metals is geared up to start diamond drilling of about 1,000m and RC drilling of up to 2,000m at Brumby Ridge to measure the size and grade potential of the mineralisation.

The initial diamond drilling will include scissor holes to measure width and dip of the mineralisation. Later, diamond holes will be drilled along strike as well as down dip, if needed. As per the firm, it is on track to begin diamond drilling later this month.


Data source: company update

Also, the ASX-listed firm has announced a capital raise of AU$3.5 million through an oversubscribed placement. Under the Placement, total 14 million new fully paid ordinary shares will be issued at AU$0.25 per Placement Share.

Induced Polarisation Survey

CPM has concluded a gradient array induced polarisation (GAIP) survey at Brumby Ridge, which highlighted a broad moderate chargeability high in the vicinity of the Prospect with the highest chargeability response from the northwestern portion of the grid coincident with a creek.

A single PDP line will be used to test the chargeability high over the creek.

CPM has completed one PDP line (L10300N) over the drill section with drill hole 23MERC028. The chargeability anomaly matches the geology quite well with the chargeability response starting ~50m below the surface and continuing at depth.

The IP response indicates a near vertically dipping chargeability anomaly that may represent a vertically dipping dome shaped mineralised breccia which is consistent with RC drilling to date.

Key details of the placement

The issue price of AU$0.25 per Placement Share represents an approximately 16.5% discount to the last traded price of AU$0.30 and approximately 13.5% discount to the 15-day VWAP of AU$0.29.

Prenzler Group Pty Ltd, serving as the lead manager to the Placement, is entitled to a 6% fee on the gross amount raised.

CPM will give 3,750,000 Performance Rights to Directors and Senior Management of the Company; however, it remains subject to getting all essential approvals.

CPM shares traded at AU$0.255 on 21 February 2024.


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