Cooper Metals (ASX:CPM) initiates VTEM survey at Mt Isa East copper-gold project, shares jump - Kalkine Media

Highlights

• Cooper Metals has begun the acquisition of a 725 line-kms VTEM airborne survey.
• The survey will cover the tenement EPM28087, which comes under the company’s copper-gold project, Mt Isa East.
• The survey is partly funded by the CEI grant of AU$137,500 from the Queensland government.
• The survey is designed to identify any bedrock conductors that may represent copper sulphide mineralisation.

ASX-listed explorer Cooper Metals Limited  (ASX:CPM) today announced the commencement of a Versatile Time-Domain Electromagnetic (VTEM) airborne survey over the newly granted tenement EPM28087 (Barbara East). The tenement is a part of the company’s Mt Isa East asset.

The survey is partly funded by the Collaborative Exploration Initiative (CEI) grant of AU$137,500 from the Queensland government.

CPM shares jump over 8% 

On the Australian Securities Exchange (ASX), the company shares gained over 8.4% in the early hours of trade to AU$0.320 on 8 May 2023. The stock has soared by over 22.92% on a year-to-date basis.

Details of the survey

The tenement spans over a portion of the Mary Kathleen Domain, which is considered to be a highly prospective structural domain for copper-gold deposits. The Barbara copper-gold deposit, which is believed to contain a VTEM signature, is situated around 1.8km west of the tenement.

Nearly 200 square kilometres and 725 line-kms will be covered under the airborne survey, which will be flown at a 300-metre line spacing in an east-west orientation.

The company is conducting the detailed survey to detect any bedrock conductors with copper sulphide mineralisation.

Upon the survey completion, the company plans to ground check any conductors while ranking them for further exploration work. The company intends to undertake ground-based geophysics, geochemistry, and drill testing programs.

Mt Isa East Project Location, including new acquisition tenement over regional geology and main prospects 

The ASX-listed company is expecting that the initial VTEM results will be delivered in around six weeks. The release of results will be followed up with ground truthing of any priority anomalies detected.