Cooper Metals reveals positive assays from scout drilling at Mt Isa copper-gold project
Junior explorer Cooper Metals (ASX: CPM) has announced positive assays from scout drilling at the Brumby Ridge and Raven prospects within its Mt Isa East copper-gold project in Queensland.
The program, which kicked off in early October, comprised 14 holes at the two priority targets as well as Mafic Sweats South, Yarraman and Long Slot.
The prospects are within 10 kilometres of each other and located approximately 30km to the southeast of Mount Isa.
An initial drill hole at Brumby Ridge was designed to test an area where the company’s sampling activities had indicated anomalous copper in soils coincident with a ridge where two historical shafts were the only indication of previous work.
It returned a standout intercept of 50 metres at 1.32% copper from 80m including 2m at 6.1% copper and 0.23 grams per tonne gold and was considered the best at the project to date.
Based on the results, Cooper decided to fast-track a follow-up program at Brumby Ridge, which commenced last week and intercepted 72m at 1.5% copper from 113m to end-of-hole.
The assay was estimated in the field using a Niton XL5 portable XRF (xray fluorescence) analyser and from sulphides (pyrite and chalcopyrite) observed in chips.
The mineralisation was hosted in strongly-altered iron oxide copper-gold brecciated mafic volcanics and is believed to be open in all directions, improving with depth.
The current phase of drilling is almost complete and assays are due next month.
At Raven – located 3km to the southwest of Brumby Ridge — more significant mineralisation was intersected from three drill holes, with best assays including 15m at 1% copper and 0.1g/t gold from 35m within a wider intercept of 28m at 0.63% and 0.061g/t from 34m.
It builds on results earlier this month including 10m at 1.27% copper and 0.17g/t gold from 77m; and 3m at 1.46% copper and 0.15g/t gold from 100m, both within a wider intercept of 44m at 0.48% copper and 0.055g/t gold from 59m.
The orientation of mineralisation is thought to trend north-northwest along a significant shear zone within the regional Leichhardt Volcanics Formation.
A four-hole reverse circulation program is now in progress at Raven to follow-up mineralisation along strike and down dip.
Proceeded to plan
Managing director Ian Warland said the scout drilling program had proceeded to plan.
“To say we are pleased with the results is an understatement… Brumby Ridge has returned our strongest mineralised intercept in the last two years [and] Raven continues to expand into a home-grown conceptual target,” he said.
“These two prospects are now our main focus and are being followed up as we continue to test our pipeline of quality copper-gold prospects in the region.”
Cooper Metals has received firm commitments from professional and sophisticated investors to raise $506,000 under a recently-approved share purchase plan shortfall.
The funds will be raised through the issue of 4 million shares priced at $0.125 each including a one-for-two option at $0.25 each.
Cooper will seek to quote the options on the Australian Stock Exchange along with the recent placement and share purchase plan options.
Post settlement, Cooper will have more than 62 million shares on issue.