CPM
The Market Online - At The Bell

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

  • Cooper Metals (ASX:CPM) is trading up nearly 60 per cent after announcing a copper discovery at the Brumby Ridge Prospect within the Mt Isa East Cu-Au Project
  • Drill hole 23MERC028 revealed copper and gold mineralisation over a 71 metre interval, with an average assay value of 2.80 per cent copper and 0.05 grams per tonne of gold from 115 metres. A notable section included 24 metres at 5.37 per cent copper and 0.10 g/t of gold
  • Mineralisation at Brumby Ridge remains open in all directions. A downhole electromagnetic survey is underway at that prospect and the Raven Prospect
  • Assay results are pending for four drill holes from the Raven Prospect
  • CPM shares have been trading at 41 cents (12.16pm AEDT)

Cooper Metals (ASX:CPM) shares have rocketed after the announcement of a copper discovery at the Brumby Ridge Prospect within the Mt Isa East Cu-Au Project.

Notable findings from drill hole 23MERC028 revealed copper and gold mineralisation over a 71 metre interval. The average assay values were 2.80 per cent copper and 0.05 grams of gold per tonne from 115 metres. It included 24 metres at 5.37 per cent copper and 0.10 g/t of gold.

And, 23MERC028 averaged 1.88 per cent copper and 0.04g/t gold over the last 3 meters.

It follows results from 23MERC024 – about 30 metres southeast – where assays showed 50 metres at 1.32 per cent copper and 0.05g/t gold from 80 metres, including two metres at 6.1 per cent copper & 0.23 g/t gold.

Five holes were drilled at Brumby Ridge and mineralisation remains open in all directions. A downhole electromagnetic survey is underway at that prospect and also at the Raven Prospect. Assays are pending for four drill holes from the Raven Prospect.

Cooper Metals’ managing director Ian Warland said the latest results “could be the start of a significant discovery at Brumby Ridge for Cooper Metals”.

“Of the five drill holes to date, three have hit significant mineralisation and finished in mineralisation,” he said.

“DHEM (Downhole Electromagnetic Survey) is being trialled at the Brumby Ridge and Raven prospects, along with plans to conduct a larger program of RC (reverse circulation) and diamond drilling at Brumby Ridge in the first quarter of 2024, chasing the higher-grade mineralisation at depth and along strike.

“This whole prospect area is well located, just down the road from Mt Isa township and will continue to be our main focus going in to 2024.”

CPM shares have been trading up nearly 60 per cent, at 41 cents (12.15pm AEDT).

CPM by the numbers
More From The Market Online

Weekly Wrap-up: The Headlines That Matter

A list of headlines and economic data that moved markets this week – and what's next.
The Market Online Video

Market Close: ASX200 wraps up the week on a high

The ASX200 closed up nearly half a per cent. Most sectors finished in the green.
The Market Online Video

Webinar: Australia’s Uranium Awakening: Investing in a Glowing Future

Uranium's regained serious value after an extended price depression that resulted from plentiful supplies coupled with…