FLEM crew at Mt Isa. Source: Cooper Metals
The Market Online - At The Bell

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

  • 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.

CPM by the numbers
More From The Market Online
Offshore oil and gas concept

Santos shrugs off shocker stock price decline; says Moomba CCS project working

Santos shrugged off its April stock price plummet as a "challenging" environment – and also claims…
The Market Online Video

ASX Market Close: Local bourse back to 7,800pts ahead of Easter long weekend

The ASX went its own way despite Wall Street’s overnight finish to close out this shortened…
The Market Online Video

WIN Metals boosts JORC-indicated mineral resource for Butchers Creek by 86%

WIN Metals (ASX:WIN) has boosted its JORC-indicated mineral resource for the Butchers Creek gold project in the East Kimberley
Image of a copper atom

Clarity scribes deal on delivery of copper 64 isotopes

Clarity Pharmaceuticals Ltd has seen its share price leap after it announced a deal with Nusano…