Highlights
- Cooper Metals has received preliminary drill results from Ardmore South reverse circulation (RC) drilling campaign.
- Total 13 reverse circulation drill holes were drilled for 1,745m, while 685 one-metre drill hole samples were sent for analysis.
- Into the 500m long strong IP chargeability anomaly, seven RC drillholes were drilled for testing the source of the IP anomaly and coincident copper in soil anomaly.
- The sulphides are present in Corella Formation rocks and show “red rock” alteration and zones of magnetite, suggesting an extensive IOCG mineralised system.
In the latest announcement, ASX-listed explorer Cooper Metals Limited (ASX:CPM) revealed the preliminary results from the reverse circulation (RC) drilling at Ardmore South.
Out of the thirteen drill holes tested, seven holes showed strong IP chargeability anomaly with many holes intersecting a thick downhole sequence of trace to disseminated pyrite-dominated sulphides with low levels of chalcopyrite in the RC chips.
The sulphides are present in siltstones of the Corella Formation and show moderate “red rock” and magnetite alteration, suggesting a huge iron oxide copper-gold (IOCG) system with very low levels of chalcopyrite.
Many holes have been intersected over a 100m downhole of trace to disseminated pyritedominated sulphides strongly in line with the IP anomaly. Within the broad low-grade pyritedominated sulphide sequence, chalcopyrite is typically <10% of the total sulphide content with pyrite making up the other 90%. There are narrow zones of slightly higher proportions of chalcopyrite interspersed through the pyritic body.
Image source: company update
CPM stock was trading at AU$0.17 at the time of writing on 09 June 2023, with market capitalisation of over AU$10 million.
More to come…