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ASX-listed mineral exploration company, Cooper Metals Limited (ASX:CPM) now owns 100% of EPM19125 as it has successfully finalised the acquisition of Ardmore Resources Pty Ltd. With this development, the company has further expanded its flagship Mt Isa East Copper-Gold Project within the highly prospective Mt Isa Inlier.
Following the upbeat update, CPM stock is trading in the green zone on ASX today (18 October 2022). The price of CPM shares was quoted at AU$0.315 apiece, up 8.620% at 12:25 PM AEDT.
Image Source: Company Announcement
Mt Isa East Project Location, including new acquisition tenement over regional geology and main prospects
Significance of EPM19125 acquisition
In August, the Heads of Agreement was signed for acquisition of Ardmore Resources, the owner of 100% of EPM19125. With complete acquisition, EPM19125 becomes a part of CPM’s present tenement EPM27782. This will increase Cooper’s coverage of the Mary Kathleen Domain, a highly prospective structural Domain for copper-gold (Cu-Au) deposits as highlighted by Carnaby Resources’ (ASX:CNB) recent discoveries at Nil Desperandum and Lady Fanny just to the south of Cooper’s existing tenure.
Furthermore, the interpreted IOCG corridor of Carnaby’s defined by the position of Lady Fanny, Nil Desperandum, and Mt Hope appears to stretch towards the southern end of EPM19125.
Also, the new tenement gives major exposure to the highly prospective Fountain Range Fault (and subsidiary structures) which have shown large volumes of hydrothermal fluid flow, mineralisation and presently the focus of exploration to the northeast of EPM19125 at Hammer Metals (ASX:HMX) Ajax and Trafalgar Cu-Au prospects.
Historical exploration on EPM19125 is limited to regional geochemical programs, including rock chip sampling and stream sediment sampling.
In the last ten years, the former tenement holder finished an airborne magnetic survey (100m line spacing) as well as some limited rock chip sampling. However, plans to drill test the area did not work out during the exploration downturn.
The Queensland’s Government GeoResGlobe database records two Cu-Au prospects within EPM19125. These include an abandoned copper mine (70m long, 3m wide, and 3m deep) adjacent to the regional Fountain Range Fault. Thirty-five historical rock chip samples with results up to 5% Cu and 5 g/t Au at the eastern edge of the tenure (sample 5013082, Summit Gold Aust Pty Ltd) are also included in GeoResGlobe.
Corella Formation, meta-dolerite intrusions, Magna Lynn Metabasalt, Argylla Formation and Bowlers Hole Granite dominate the EPM area. At least three priority areas to follow up have been highlighted during an initial desktop review by Cooper’s geologist:
Image: © 2022 Kalkine Media®
What’s next?
- CPM will continue to perform EPM19125’s desktop as well as on ground evaluation along with the company’s other tenure to detect potential Cu-Au targets
- RC drilling is likely to begin later this month at Python and King Solomon prospects
- Ground truthing of VTEM anomalies is underway
Image: © 2022 Kalkine Media®
