Cooper Metals’ (ASX:CPM) September quarter features high-octane exploration activities at Mt Isa - Kalkine Media

Highlights

• Cooper Metals (ASX:CPM) recently released its report for the September quarter ended 30 September 2022
• During the quarter, RC Drilling identified three plunging shoots of copper-gold mineralisation at King Solomon 1
• CPM signed a binding agreement for the acquisition of 100% of EPM19125 located just north of Carnaby’s Mt Hope prospect
• The company raised AU$2.55 million upon the completion of a successful placement; the proceeds were used to fund exploration activities at the Mount Isa East copper-gold project

ASX-listed mineral exploration company, Cooper Metals Limited (ASX:CPM), is focused on copper and gold exploration in proven mineralised provinces that are underexplored and close to significant infrastructure. The company wrapped up its quarter ended 30 September 2022 with great progress made at related business goals.

In this article, we will discuss how Cooper Metals concentrated on-ground exploration activities at its flagship Mt Isa East Project in Queensland during the quarter and made impressive developments. Also, Cooper completed an RC drilling program at the King Solomon prospect, intersecting significant shallow copper-gold (Cu-Au) mineralisation and identifying three plunging shoots at King Solomon.

Key developments at CPM’s flagship project
During the period, Cooper concluded an RC drilling program at the King Solomon prospect, where significant Cu-Au mineralisation was identified earlier. Twenty-seven RC drill holes for 3,463m were drilled to a maximum downhole depth of 208m and an average downhole depth of 127m.

At King Solomon 1, 20 RC drill holes were drilled in August for testing IP anomalies and extending mineralisation intersected during the June 2022 maiden drilling program.

Now, the tally of drill holes stands at 48 for 5,110m at the King Solomon prospect for the current year.

Image: © 2022 Kalkine Media®, Data Source: Company Announcement

Image: © 2022 Kalkine Media®, Data Source: Company Announcement

Image: © 2022 Kalkine Media®, Data Source: Company Announcement

Recent activities at King Solomon 2 and 3

Out of the 27 holes drilled in the August program, only six tested IP and geochemical anomalies at King Solomon 2 and 3. Broad low-grade zones of Cu-Au mineralisation were intersected in many holes, along with significant disseminated magnetite and pyrite alteration, which may partially explain IP anomalies and potentially hint at a huge IOCG system at depth.

Drillhole 22MERC024 intersected 98m @ 0.1% Cu from 25m with a higher-grade intercept of 37m @ 0.2% Cu from 63m associated with disseminated pyrite and magnetite. Hole 22MERC025 situated nearly 60m to the south intersected patchy low-grade copper mineralisation, including 39m @ 0.1% Cu from 94m, along with disseminated pyrite and magnetite. Drillhole 22MERC045 around 80m SSE of 22MERC025 also intersected broad low-grade copper with 43m @ 0.2% Cu from 36m.

Hole 22MERC026 testing an IP anomaly intersected a narrow vein of copper mineralisation with a halo of 12m @ 0.2 % Cu from 41m including 1m @ 1.4% Cu before entering a zone of strong magnetite alteration coincident with the IP anomaly. Drillhole 22MERC019A intercepted 4m @ 1% Cu from 78m including 1m @ 3.3% Cu testing beneath a mineralised outcrop and a weak IP anomaly.

Other significant developments during September Quarter

• Cooper inked a Binding Heads of Agreement (HOA) for the acquisition of tenement EPM19125 which Ardmore Resources Pty Ltd holds. This will lead to the expansion of the Mt Isa East Copper-Gold Project within the highly prospective Mt Isa Inlier. The new tenement also provides significant exposure to the highly prospective Fountain Range Fault (and subsidiary structures) that have demonstrated large volumes of hydrothermal fluid flow, mineralisation, and currently, the focus of significant exploration to the northeast of EPM19125 at the Hammer Metals (ASX: HMX) Ajax and Trafalgar Cu-Au prospects.
• The ASX-listed explorer submitted a work program to the regulators for air core drilling at the Gooroo Copper-Gold Project WA. It is likely to start once approvals from all stakeholders are received.
• Cooper received firm commitments to place ~5.67 million shares at AU$0.45 per share to raise AU$2.55 million (before costs). The placement proceeds were directed at Mt Isa Copper-Gold Project drilling programs. Also, funds were used to acquire additional tenements at the Mt Isa region and carry out exploration activities.

Future plans
In the upcoming quarters, Cooper Metals is looking forward to planning and executing a follow-up geophysical program over deeper targets and drill test new targets at King Solomon 1. Also, the company is planning to hold regional exploration over VTEM targets.

Stock information: Shares of CPM were trading at AU$0.280 apiece on 15 November 2022, with a market capitalisation of AU$13 million.