Cooper Metals Ltd (ASX:CPM) is set to increase the footprint of the Gooroo Copper-Gold Project in WA, having inked a deal for a granted tenement from ASX-listed company DiscovEx Resources Ltd for $50,000 in Cooper shares.
The acquisition of licence E59/2584, which adjoins Cooper’s existing tenure, E59/2512, expands the Gooroo Copper-Gold Project within WA's highly prospective Gullewa Greenstone Belt.
Soil anomaly discovered during survey
Cooper discovered a significant gold in soil anomaly on the border of the new tenement during a 2022 regional survey.
This acquisition allows the company to move onto the new tenement to test for an extension of the gold anomaly on the new licence and expand the search over significant regional structures interpreted from the aeromagnetic data.
The new tenement also lies along strike from known orogenic gold and copper-gold deposits in the northern limb of the Gullewa syncline and displays evidence of northeast trending structures that may have been important in focusing gold mineralisation in the area.
Best of all, Anomaly 3, the most significant gold anomaly with a maximum value of 24.7 parts per billion (ppb) gold, lies on the border of the newly acquired tenement.
Right next door to existing tenure
“This new acquisition in the highly prospective Gullewa greenstone belt is right next door to Cooper’s existing tenure, which will allow Cooper to leverage our current exploration efforts in the region,” managing director Ian Warland said.
“It also significantly expands our search space into an area that has the right rocks, evidence of significant structures and is along strike from known gold deposits to the northeast.
“Exploration has restarted at Gooroo and plans are in progress to conduct geochemical and geophysical surveys in the coming months. We look forward to updating the market with progress of exploration at Gooroo.”
Next up the company plans to conduct a desktop evaluation and review of E59/2584, to identify potential gold and copper-gold targets in readiness for its acquisition.
It will then conduct follow-up auger drilling of identified gold anomalies at Gooroo.