Highlights

• Initial drill assay results for the Mafic Sweats South and Raven prospects highlighted significant Cu-Au mineralisation.
• Assays are pending for two drill holes at Raven that hit visual sulphides.
• Planning is underway for follow-up drilling at Raven and other prospects.

Cooper Metals Limited (ASX: CPM) shares gained over 9.5% midday on 2 November 2022 as the company reported an update about its Mt Isa East Cu-Au project.

The company has released assay results from five reverse circulation (RC) drill holes from the Mafic Sweats South and Raven prospects. These five holes are part of 14 holes drilled in October across five prospects.

Assays have delivered significant Cu-Au mineralisation at these two previously untested prospects.

One drill hole at Raven intersected 10m @ 1.27% Cu and 0.17 g/t Au from 77m and 3m @ 1.46% Cu and 0.15g/t Au from 100m, both within a wider intercept of 44m @ 0.48% Cu and 0.055 g/t Au from 59m. Two other drill holes also reported visual sulphides.

At Mafic Sweats South, large low-grade copper mineralisation has been intersected, open in all directions. One drill hole at the prospect hit 65m @ 0.34% Cu from the surface and ended in mineralisation.

In November, the company intends to fast-track RC drilling at Raven to follow up results along strike and down dip. Moreover, pending assays at Raven are anticipated late this month.

Encouraging copper-gold assay results  

On five prospects, Mafic Sweats South, Brumby Ridge, Long Slot, Raven and Yarraman, 14 drill holes covering 1,553m were completed in October 2023. The company has received assay results from the initial batch of 294 one metre samples for Mafic Sweat South and a portion of Raven prospects.

Assay results from a batch of 344 one metre samples are anticipated to be received later this month.

Raven prospect - The prospect was identified through ground-truthing of a Versatile Time Domain electromagnetic (VTEM) anomaly in July 2023. This led to the discovery of Cu-Au-rich gossan, which reported maximum rock chip samples of 26.7% Cu and 2.49g/t Au.

During the last month, an initial drill test covering three holes was concluded at Raven prospect, and assays have been received for a single drill hole - 23MERC018.

• 10m @ 1.27% Cu and 0.17 g/t Au from 77m and 3m @ 1.46% Cu and 0.15g/t Au from 100m both within a wider intercept of 44m @ 0.48% Cu and 0.055 g/t Au from 59m.

Data source: Company update

Visual sulphides have been seen in holes - 23MERC019 and 23MERC020.

Only limited drilling has been conducted at the Raven prospect, and CPM believes that this prospect has substantial potential to expand, considering the size of the geochemical copper pXRF soil and VTEM anomaly, modelled at ~400m long and steeply dipping.

The VTEM anomaly is a good fit with mineralisation reported to date, informed CPM.

Mafic Sweats South Prospect - At the Mafic Sweats South Prospect, four RC drill holes covering 431m were drilled. The drill holes aimed at testing a coincident copper soil anomaly conducted with a VTEM conductor and portable XRF machine, and another hole aimed at examining copper anomaly on the sheared contact between volcanic rocks and pegmatites.

Thick low-grade copper oxide mineralisation from the surface is reported from three holes –

• 65m @ 0.34% Cu from surface (23MERC014)
• 66m @ 0.25% Cu from 6m (23MERC015), and
• 60m @ 0.11% Cu from surface (23MERC016)

The mineralisation is open in all directions, and the copper in soil anomaly continues north of the drilling for around 280m, taking the total strike length to about 500m. The mineralisation warrants additional investigation as a prospective low-grade copper oxide accumulation or indication of sulphide mineralisation at depth.

Focus remains on completing assays and interpretation while planning follow-up drilling at the prospects.

CPM shares closed the day’s trade higher by 14.285% to AU$0.120 on 2 November 2023.