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Highlights
- Cooper Metals has signed an agreement for 100% acquisition of tenement E59/2584 from DiscovEx Resources Ltd.
- As per the signed Binding Term Sheet, CPM will be paying up to AU$50,000 in Cooper shares for the proposed acquisition.
- With the proposed acquisition, Cooper will be able to expand its Gooroo Project in WA Goldfields’ highly prospective area.
- The company is planning to hold desktop evaluation and review of the tenement in order to detect potential gold and copper-gold targets.
ASX-listed mineral exploration company Cooper Metals (ASX:CPM) and DiscovEx Resources Ltd. (ASX:DCX) have entered into a Binding Term Sheet (BTS) for 100% acquisition of tenement E59/2584 by CPM. As per the agreed terms, CPM will be paying AU$50,000 in Cooper shares for the acquisition.
With this proposed acquisition, Cooper Metals will be able to expand the Gooroo Cu-Au Project in the highly prospective Gullewa Greenstone Belt of Western Australia.
The proposed Acquisition allows Cooper to leverage its current exploration efforts at Gooroo, expanding the search space in a highly prospective area of the WA Goldfields.
How can the new tenement prove to be an asset for CPM?
Located adjacent to one of the company’s current tenure (E59/2512), the newly acquired tenement E59/2584 covers a part of the Gullewa Greenstone Belt, which is a highly prospective area for orogenic gold and copper-gold deposits.
Recently, CPM updated the market about presence of gold in soil anomalies on its existing tenement E59/25121. It is important to note that anomaly 3 with a maximum value of 24.7ppb gold, lies on the border of the new tenement.
The new tenement also contains evidence of significant NE trending structures that may be important in the formation of orogenic gold and copper-gold deposits.
Management Commentary
Source: © 2023 Krish Capital Pty. Ltd.
What’s next?
The ASX-listed firm is planning to hold desktop evaluation and review of E59/2584 for detecting potential gold and copper-gold targets. Also, CPM will undertake a follow-up auger drilling of the detected gold anomalies at Gooroo Project.
Stock price surged 14% in past one month
CPM shares were trading at AU$0.290 today at 11:58AM AEDT, with market capitalisation of AU$13.22 million. In past one month, the stock price has appreciated by over 14.80% on the Australian Securities Exchange (ASX).
Source: © 2023 Krish Capital Pty. Ltd.
Stock price surged 14% in past one month
CPM shares were trading at AU$0.290 today at 11:58AM AEDT, with market capitalisation of AU$13.22 million. In past one month, the stock price has appreciated by over 14.80% on the Australian Securities Exchange (ASX).
