Cooper Metals (ASX: CPM) jumps on completing follow-up drilling on Mt Isa East Cu-Au Prospects

April 26, 2024 11:15 AM AEST | By Sonal Goyal

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Cooper Metals (ASX: CPM) jumps on completing follow-up drilling on Mt Isa East Cu-Au Prospects — Image source: Company update

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Highlights

Follow-up RC drilling on Cu-Au prospects at the Mt Isa East Project has been concluded.

A total of 12 drill holes were completed across four prospects, covering approximately 1,800m.

523 one-metre samples were selected for laboratory assay.

Follow-up drilling targeted deeper extensions along the same strike as 2023 drill holes.

CPM shares traded 8% higher after the announcement.

Copper and gold exploration company Cooper Metals Limited (ASX: CPM) has concluded follow up reverse circulation (RC) drilling at the Raven, Yarraman, Mafic Sweats South and Mafic Sweats North prospects within the Mt Isa East Project.

This latest drilling campaign was following up on notable occurrence of copper oxide mineralisation covering a substantial thickness of 65m at 0.34% Cu from the surface (hole 23MERC014), previously identified at Mafic Sweats South in 2023.

Moreover, the drilling aimed to test for extensions to Cu-Au mineralisation discovered in 2023 at Raven as well as investigate a coinciding induced polarisation survey (IP) chargeability anomaly and a copper soil geochemistry anomaly at the Yarraman Cu-Au Prospect.

Details of the RC drilling

A total of 12 drill holes, covering approximately 1,800m, were finalised across the four Cu-Au prospects with 523 one-metre samples (including QAQC) chosen for laboratory assay. These samples were identified based on the detection of anomalous copper (>1,000ppm Cu) through portable XRF analysis and/or visual logging conducted by a company geologist.

Majority of the samples have come from the Mafic Sweats South Prospect. The follow-up drilling aimed to test deeper and along the same strike as the drill holes from 2023.

Further, the company plans to interpret assays and undertake follow-up exploration.

CPM shares jump

CPM shares jumped 8% to trade at AU$0.135 apiece during the early trading hours on 26 April 2024.

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