Cooper Metals (ASX: CPM) identifies new Cu-Au targets at Mt Isa East

Highlights

• Cooper Metals has located three VTEM anomalies that show high prospectivity for copper-gold mineralisation.
• Robust drill targets are identified at the VTEM003 and VTEM005 anomalies in the Barbara East tenement.
• The company has identified multiple copper-gold targets for drill testing and intends to complete ~5,000m RC (reverse circulation) scout drilling in 2023.

Mineral explorer Cooper Metals Limited (ASX: CPM) has provided an update on ground truthing and reconnaissance sampling for prospects and VTEM (Versatile Time-Domain Electromagnetic) anomalies at the Mt Isa East Project.

Reconnaissance sampling over VTEM and geochem anomalies have led to new copper-gold targets.

Few of the VTEM anomalies and other prospects identified from the 2022 and 2023 work were looked into through a heliborne reconnaissance survey.

VTEM1820b anomaly looks like an outcome of an iron oxide and carbonate rich gossan with solid copper mineralisation.

Rock chip samples up to 26.7% Cu and 2.49g/t Au were discovered from the gossan. Two more rock chips from the gossan returned an assay of 5.85% Cu and 0.29g/t Au and 3.22% Cu and 0.047g/t Au. The gossan has been named the Raven Prospect.

Geophysical interpretation of the VTEM data at the Barbara East tenement has led to the identification of 10 high-priority anomalies.

Significant rock chip results were returned from the several prospects that were sampled for the first time by the company along with the new prospect Bowlers. They are undergoing further work for drill testing in 2023.

Source: Company update

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On the Barbara East tenement (EPM28087), geophysical interpretation of the VTEM data by a consultant geophysicist has resulted in identifying ten high priority anomalies.

As per the company, anomalies VTEM003, VTEM005 and VTEM010 look very promising post the initial ground inspection. VTEM003 and 005 on a Corella/dolerite contact marked by strong quartz veining and iron oxide gossan suggesting sheared mineralised contact zone at depth.

Also, sample MER265 of the quartz vein over VTEM003 included anomalous copper of 430ppm Cu (MER265). The highest assay result was returned from VTEM010 near the sheared contact of the Wonga Granite and Argylla Formation rocks, where a narrow gossan returned 2,070ppm Cu and 0.017 ppm Au (MER272).

From the plate modelling of high priority VTEM targets, it was observed that VTEM003, VTEM005 and VTEM010 are from 35m to 60m below surface and return clear well defined plate models for drill targeting.

Two rock chip samples were taken from the historical Rocky Rule prospect which has a small adit mined into the side of the hill. The adit mined a narrow copper vein hosted within the Corella Formation.

MER271 delivered an assay of 23.3% Cu and 1.94g/t Au from the shear zone in the adit and MER270 returned assay of 6.23% Cu and 0.51g/t Au from a stockpile.

What’s ahead for CPM?

The company will take forward the ground checking work of VTEM/geochem anomalies, geochemical sampling, and mapping.

For the numerous Cu-Au prospects identified, CPM is planning to complete around 5,000m of reverse circulation (RC) scout drilling this year.