Highlights

• In March, CPM concluded four diamond drill holes and five reverse circulation (RC) drill holes at the Brumby Ridge prospect.
• Around 500 drill samples are under analysis with results anticipated in May.
• Till date, RC drilling has been completed on four copper-gold prospects within the Mt Isa East project.
• The soil and rock chip sampling program conducted at the Gooroo project confirmed the presence of five highly anomalous gold targets.
• The company raised AU$ 3.5 million via a placement at AU$ 0.25 per share.

Cooper Metals Limited (ASX: CPM), an ASX-listed copper and gold exploration firm, carried out significant on ground activities at its flagship Mt Isa East Project in Queensland during the three-month period ended 31 March 2024. The project covers approximately 1,637 square kilometres, with multiple gcopper-gold targets identified over the past two years.

During the quarter, the company raised AU$ 3.5 million through a placement of 14 million shares priced at AU$ 0.25 per share. As of the quarter end, CPM reported cash reserves of AU$ 4.4 million.

Drilling at multiple Mt Isa East Cu-Au Prospects

The period saw RC and diamond drilling on the Brumby Ridge Cu-Au prospect as well as geophysical and geochemical programs across the project area.

Four diamond drill holes covering 1,054m and five RC drill holes covering 1,044m were concluded at Brumby Ridge. Results from around 500 drill samples are anticipated this month.

Post the quarter, the company completed RC drilling on four regional Cu-Au prospects at Mt Isa East project inlcuding Mafic Sweats North, Raven, Mafic Sweats South and Yarraman.

Geological analysis at Brumby Ridge is in its initial phases and suggests the presence of a north-northwest trending sulphide mineralised quartz-carbonate vein (MQCV). This vein typically ranges in width from 1 to 3.5 metres down the hole and has a steep dip to the east-northeast (ENE).

Data interpretation is underway at Brumby Ridge to determine the mineralisation potential and extent of the follow-up campaign. Further, an external geological consultant with significant Mt Isa Inlier experience has been consulted to review the data.

Highly anomalous gold targets at Gooroo Project

During the reported period, the company announced assay results from soil and rock chip sampling program conducted at the Gooroo Project, located approximately 413km northeast of Perth, WA. The results confirmed five highly anomalous gold targets.

According to the company, it is currently well-placed to initiate its maiden drilling program at Gooroo in 2024 and is seeking required regulatory approvals. Additionally, CPM has outlined plans for aircore drillingin the areas of cover where basemet rocks are not exposed. The aircore drilling will take place after securing all regulatory approvals.

CPM shares traded at AU$0.135 apiece on 17 May 2024 with a market cap of nearly AU$11million.