Tenement acquisition, capital raise plans send Cooper Metals (ASX:CPM) shares soaring

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Tenement acquisition, capital raise plans send Cooper Metals (ASX:CPM) shares soaring

 Tenement acquisition, capital raise plans send Cooper Metals (ASX:CPM) shares soaring
Image source: Investor Presentation
  • Cooper has signed of a Binding Heads of Agreement (HOA) for the acquisition of an exploration tenement, EPM19125.
  • The new tenement includes zones that require immediate exploration follow-up, including two historical copper mines and historical rock chip samples with grades up to 5% Cu and 5g/t Au.
  • Shares of CPM traded at AU$$0.48 a share on 9 August 2022, zooming 5.5% higher against the previous close.

Copper and gold-focused explorer Cooper Metals Limited (ASX: CPM) has shared a critical update on the signing of a Binding Heads of Agreement (HOA) for the acquisition of an exploration tenement, EPM19125. Cooper will acquire the tenement from Ardmore Resources Pty Ltd. Shares of CPM traded at AU$$0.48 a share on 9 August 2022, zooming 5.5% higher against the previous close.

The tenement’s acquisition will deepen the ground footprint at Cooper’s Mt Isa East Copper-Gold Project within the highly prospective Mt Isa Inlier. Earlier today, Cooper had also announced securing firm commitments worth AU$2.55 million (before costs) from sophisticated investors and local institutions.

Mt Isa East Project Source: Cooper Metals Announcement 9 August 2022

Under the agreement, Cooper will acquire 100% interest in EPM19125, which is located adjacent to the company’s tenement EPM27782. The tenement is located in the highly prospective Mary Kathleen Domain, a part of the Mt Isa Inlier, which is considered highly prospective for copper-gold mineralisation and hosts several deposits including Aeris Resources Ltd (ASX: AIS) Barbara Deposit and Carnaby Resources Ltd (ASX: CNB) Cu-Au discoveries at Nil Desperandum and Lady Fanny Prospects.

Historical exploration at EPM19125 has been restricted to only regional geochemical programs including rock chip sampling and stream sediment sampling. In the last decade, the previous tenement holder had undertaken an extensive airborne magnetic survey (100m line spacing) and limited rock chip sampling.

Within EPM19125, the GeoResGlobe database records two Cu-Au prospect, including an abandoned copper mine adjacent to the regional Fountain Range Fault. The mine is over 70m long, 3m wide, and 3m deep. The GeoResGlobe database includes over 35 historical rock chip samples with grades up to 5% Cu and 5 g/t Au on the eastern edge of the tenement.

A preliminary desktop assessment by Cooper’s geological team has delineated at least three priority areas including –

  1. Historical mine to the north of tenement adjacent to Fountain Range Fault, where rock chip samples recorded grades of up to 2.5% Cu and 0.7g/t Au.
  2. Historical working between Corella Formation rocks and mafic intrusive
  3. Copper anomalies historical rock chips adjacent to Fountain Range Fault.

Cooper is moving forward with the expansion of its ground position at the Mt Isa Inlier. Upon completion, Cooper will hold over 1,600km2 of tenure. The new tenement has substantial exposure to the highly prospective Fountain Range Fault, demonstrating large volumes of hydrothermal fluid flow, mineralisation and focuses of exploring area northeast of EPM19125 for large-tonnage copper deposits.

The new tenement includes zones that require immediate exploration follow-up including two historical copper mines and historical rock chip samples with grades up to 5% Cu and 5g/t Au. The tenement is perceived to be located along the strike from Carnaby’s interpreted IOCG corridor. Currently, Cooper is undertaking drilling at the King Solomon Cu-Au prospect.

The way forward

Next steps on Cooper’s agenda:

  • Undertaking desktop and on ground evaluation of EPM19125 and other tenements to delineate Cu-Au targets
  • RC drilling at the King Solomon prospect
  • Ongoing ground testing of VTEM anomalies

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