Cooper Metals (ASX:CPM) to buy strategic tenement at Mt Isa East project

• Cooper Metals (CPM) agrees to buy a tenement for $50,000 cash from Nuclear Energy
• The new land expands the Mt Isa East copper and gold project, near the Python and King Solomon prospects
• Cooper said the new tenement has known historical copper and gold prospects and covers the north-westerly extension to the Patricia Albert Trend
• The company is continuing to explore the area, with a planned regional airborne electromagnetic survey and reverse circulation drilling at Python and King Solomon in the June quarter
• Cooper shares are up 7 per cent and trading at 38 cents

Cooper Metals (CPM) has signed an agreement to buy a tenement neighbouring its copper-gold deposits in western Queensland for $50,000 cash from Nuclear Energy.

The new land expands the Mt Isa East copper and gold project, near the Python and King Solomon prospects.

The tenement, EPM27537, is located within the Mary Kathleen Domain, a part of the Mt Isa Inlier, home to Round Oak Minerals’ Barbara Deposit and Carnaby Resources’ (CNB) Nil Desperandum and Lady Fanny prospects.

Cooper said the new tenement has known historical copper and gold prospects and covers the north-westerly extension to the Patricia Albert Trend, where Cooper previously announced rock chips assays up to 7.96 grams per tonne of gold.

Managing Director Ian Warland said the new tenement purchase “significantly expands the company’s footprint”.

“The acquisition of EPM27537 is consistent with the company’s strategy to explore and discover copper-gold deposits in the highly prospective Mt Isa Inlier and further enhances the value of the Mt Isa East project as a ‘bolt-on’ tenement to the district-scale exploration program currently underway,” he said.

“Cooper firmly believes the tenement geology has all the right attributes to host copper-gold mineralisation. The tenure is close to existing infrastructure, with potential for third party processing options.”

With this new purchase, Cooper is fast becoming a major landholder in the Mt Isa Inlier, growing its holding from around 1300 square kilometres to about 1575sqkm.

The company is continuing to explore the area, with a planned regional airborne electromagnetic survey and reverse circulation drilling at Python and King Solomon is scheduled for the June quarter.

On the market, Cooper was up 7 per cent and is trading at 38 cents per share at 3:37 pm AEDT.