Shares in the exploration company Cooper Metals
(ASX:CPM) surged by 62% on Thursday after it unveiled a substantial intersection of high-grade copper in a drilling program near Mount Isa.
Cooper Metals reported that it had encountered high-grade copper mineralisation from a drill hole at the Brumby Ridge prospect within its Mt. Isa East copper-gold project in NW Queensland.
This marked the second time in just over two weeks that the small explorer, with a market capitalisation of [insert market cap], had disclosed what appears to be a lengthy (50 meters plus) intersection of high-grade copper and a touch of gold from drilling east of Mount Isa, a known copper region.
The program yielded one hole (028) with a return of 71 meters at 2.8% copper and 0.05 grams per tonne gold (g/t) from 115 meters, including 24 meters at 5.4% copper and 0.1 g/t gold from 115 meters. The company stated that it concluded in mineralisation of 1.88% copper over 3 meters.
Cooper mentioned that the new hole "extends the initial RC (Reverse Cycle) drill hole (024), which intercepted 50 meters at 1.32% copper and 0.05 grams of gold per tonne from 80 meters, including 2 meters at 6.1% copper and 0.23 grams per tonne gold." This result was reported on November 14.
A third hole (030) was drilled closer to the surface, just NW of hole 028, and produced one intersection of 115 meters at 0.37% copper from 86 meters, including several zones of higher grades, the best being 2 meters from 88 meters with 2.18% copper and 0.33 g/t gold.
Cooper mentioned that the mineralisation at Brumby Ridge Prospect "is open in all directions and appears to increase in copper and gold grade with depth."
The reverse cycle drilling "is complete at Brumby Ridge and Raven Cu-Au Prospects, with assay results pending for four drill holes at the Raven Cu-Au Prospect," Cooper stated in its Thursday announcement.
Results from a downhole electromagnetic (DHEM) survey at both prospects will be available in December.
Cooper Metals CEO Ian Warland stated in the release, "Seventy-one meters at 2.8% Cu, with a higher-grade intersection of twenty-four meters at 5.4% Cu, 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."
DHEM is being trialed at the Brumby Ridge and Raven Prospects, along with plans to conduct a larger program of RC and diamond drilling at Brumby Ridge in the first quarter of 2024, aiming to explore higher-grade mineralisation at depth and along strike.
"This entire prospect area is conveniently located, just down the road from Mt. Isa (30 kilometers east), and will continue to be our main focus going into 2024," Warland said in the statement.
