Cooper Metals (ASX:CPM) - Ian Warland, Managing Director
Ian Warland, Managing Director
Source: Cooper Metals
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  • Cooper Metals (CPM) discovers some “robust” conductors at its Mt Isa East copper-gold project in Queensland following two fixed loop electromagnetic (FLEM) surveys
  • The conductors come from the Python and King Solomon prospects in the project area, which Cooper says have both had historical workings but have never been drill tested
  • At Python, the survey unveiled a shallow south-easterly plunging anomaly extending roughly 420 metres long and 100 metres down-dip
  • Meanwhile, the electromagnetic work at King Solomon identified a conductive zone at King Solomon coincident with an already-known 1.2-kilometre mineralised trend in the area
  • Shares in Cooper Metals spiked in early trading action but have since reversed their gain, down 11.72 per cent at 11:39 am AEDT to 56 cents each

Cooper Metals (CPM) has discovered some “robust” conductors at its Mt Isa East copper-gold project in Queensland following two fixed loop electromagnetic (FLEM) surveys.

The junior explorer took on the survey work at the Python and King Solomon prospects in the project area, which Cooper said had both been the subject of extensive historical workings but had never been drill tested.

The FLEM surveys were the first of their kind taken on across these prospects and were designed to identify conductive anomalies under the old workings at Python and King Solomon.

At Python, the survey unveiled a shallow south-easterly plunging anomaly extending roughly 420 metres long and 100 metres down-dip. The company said this conductor was coincident with a north-westerly trending regional fault possibly important in focussing copper mineralisation.

Meanwhile, the electromagnetic work at King Solomon identified a conductive zone at King Solomon coincident with an already-known 1.2-kilometre mineralised trend in the area. Cooper said rock chip samples taken from this zone had previously returned up to 16.65 per cent copper and 2.56 grams of gold per tonne (g/t gold).

Cooper Metals Managing Director Ian Warland said he was “highly encouraged” that the company’s first high-powered FLEM survey at Mt Isa had identified conductors at both the Python and King Solomon prospects.

“The Python conductor is especially exciting with the modelled conductor extending for over 400 metres and coincident with a significant regional fault,” Mr Warland said.

“The use of publicly available Versatile Time Domain Electromagnetic (VTEM) data led Cooper to the Python conductor, confirming our strategy to use VTEM as an effective way of screening our tenure for sulphide-rich deposits.”

He said in light of this, the company has already signed a contract to complete more VTEM work in the June quarter.

“Importantly, Coper now has initial targets for drill testing and our highest priority is to organise a drill program while continuing to generate a pipeline of high-quality copper-gold targets.”

Looking ahead, Cooper said it now planned to finalise drill planning and seek necessary approvals before kicking off drill testing in the Mt Isa area, with planning for the next bout of VTEM survey work also underway.

At the same time, the company will complete FLEM modelling of the King Solomon prospect.

Shares in Cooper Metals spiked in early trading action but have since reversed their gain, down 9.38 per cent at 12:20 pm AEDT to 58 cents each. The company has a $15.4 million market cap.

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