Cooper Metals (ASX:CPM) expands RC drilling program at Mt Isa East Cu-Au Project

Highlights

• Cooper Metals is expanding its original drill program by around 50% at the King Solomon Cu-Au prospect part of the Mt Isa East Copper-Gold Project.
• The firm has completed 16 RC drill holes of the original 20 planned drill holes at the prospect.
• It is likely that the drilling campaign at King Solomon will be completed in early September.
• The ongoing drilling program is being conducted with the prime objective of extending copper-gold mineralisation along strike and down dip. 

Cooper Metals Limited (ASX:CPM) is marching ahead on the RC drilling campaign at a great pace at the King Solomon Cu-Au prospect part of the Mt Isa East Copper-Gold Project in northwestern Queensland. In the latest announcement, the firm revealed that it had completed 16 RC drill holes of the original 20 planned drill holes at the prospect.

Notably, the ASX-listed explorer has decided to carry out an expansion of the original drill program by around 50%, following the intersection of the host shear zone further along strike and down dip. It is likely that the drilling program will be completed in early September.

Following the update on RC drilling progress at the project, CPM’s shares were trading with an uptick of around 5.3% at AU$0.456, on 24 August 2022. The company has a market capitalisation of AU$21.23 million.

The Mt Isa East Cu-Au Project is a flagship project of the company, spanning over 1300 sq.km of tenure. Several historical Cu-Au workings and prospects of the project have already been marked for follow-up exploration. The Mt Isa Inlier is highly prospective for iron sulphide copper gold (ISCG), iron oxide copper gold (IOCG), and shear-hosted Cu +/- Au deposits.

Image Source: Company Announcement

Progress made so far in the ongoing drill program

The copper mineralised host shear zone, which was identified in the June 2022 maiden drilling program, has been intersected during RC drilling. A mineralisation of up to 17m @ 2.2% Cu from 84m, including [email protected]% Cu from 84m (22MERC016), was intersected at the King Solomon one.

The ongoing drilling program is being conducted with the prime objective of extending copper-gold mineralisation along strike and down dip. It will test new targets identified during an Induced Polarization (IP) survey in July. As of now, the host shear zone outside of the original June drill pattern is being intersected as part of the drilling program.

So far, Cooper Metals has deposited more than five hundred one-metre drill samples in a laboratory. The first assay results are expected in September. The remaining drill samples will be processed on priority through the laboratory.

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

Shares of CPM were trading at AU$0.480 at 10:51 AM AEST on 30 August 2022, with a market capitalisation of AU$22.37 million.