Cooper Metals (ASX:CPM) - Ian Warland, Managing Director
Ian Warland, Managing Director
Source: Cooper Metals
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Cooper Metals (CPM) has received assay results from follow-up reconnaissance rock chip geochemical sampling
  • Results from several prospects including King Solomon, Yarraman and Python demonstrate wide-spread copper and gold mineralisation
  • A high-powered electromagnetic survey is currently underway at Python, designed to delineate any sulphide conductors for drill testing
  • The company is planning to move into less explored areas of the prospective Mary Kathleen domain with an airborne electromagnetic survey to start after the wet season
  • Shares were up 20.7 per cent to 55.5 cents

Cooper Metals (CPM) has received assay results from follow-up reconnaissance rock chip geochemical sampling during a recent field trip to its Mount Isa East Project in northwest Queensland.

An additional 18 rock chip samples were collected from historical workings and selected outcrops, containing visual evidence of copper mineralisation or appearing gossanous in nature.

The project area covers part of the Mary Kathleen domain within the Mount Isa Inlier, which also hosts Carnaby Resources’ (CNB) Nil Desperandum and Lady Fanny prospects.

The reconnaissance field trip focussed on the northeast portion of the project.

Following Cooper’s first reconnaissance geochemistry programme, which yielded samples containing up to 35.3 per cent copper from the Python prospect, data from follow-up sampling at various prospects, including Python, King Solomon, Yarraman, and Prince Albert Trend, have been obtained.

King Solomon

Infill rock chip sampling along the 1.5-kilometre copper-mineralised trend at King Solomon returned up to 9.85 per cent copper and 2.58 grams of gold per tonne, indicating higher gold potential than previously envisaged.

Cooper Metals Managing Director, Ian Warland said the highest gold result at King Solomon to date of 2.58 grams of gold per tonne highlights the strong gold potential of the prospect which was mainly exploited by historical miners for copper mineralisation.

Yarraman

Yarraman historical copper in soil anomaly extends for 400 metres centred on old workings, with cooper rock chip samples up to 3.31 per cent copper returned from the historical shaft.

Rock chip samples up to 20.2 per cent copper from gossanous outcrop 640 metres southeast of Yarraman workings indicates the broader potential of the area.

Python

Further old workings found at the Python prospect extends known mineralisation with 8.53 per cent copper and 0.11 grams of gold per tonne returned from rock chip samples near the historical mine shaft.

A high-powered electromagnetic survey is currently underway at Python, designed to aid interpretation of the mineralisation in three dimensions and delineate preliminary drill targets.

Mr Warland said he is pleased with the company’s progress at assessing copper-gold occurrences and targets to date.

“The company is planning to move into less explored areas of the prospective Mary Kathleen Domain with an airborne electromagnetic survey to start after the wet season,” he said.

Shares were up 20.7 per cent to 55.5 cents per share.

CPM by the numbers
More From The Market Online
The Market Online Video

Daily ASX Market Close: Index slides as basketball fan makes $40 million bid for Perth Wildcats, May 30, 2024

The ASX200 continued to slide today, shedding another half a per cent off the back of…
The Market Online Video

Daily ASX Market Update: Materials drags market under – May 30, 2024

The ASX200 is trading down as predicted, around half a per cent.

Sports Entertainment Group jumps 15% as firm bids to buy Perth Wildcats for $40M

Sports Entertainment Group announced on Thursday it has received a non-binding offer to buy WA basketball…
The Market Online Video

Market Update: ASX turns green with real estate flowering

The ASX200 is trading up around 0.7 per cent.