Cooper Metals Ltd (ASX:CPM) is encouraged by preliminary results of a fixed loop electromagnetic survey (FLEM) conducted recently at Python and King Solomon prospects of the Mt Isa East Copper-Gold Project in north-western Queensland.
The geophysical program consisted of two separate survey blocks over each prospect, with each block consisting of several traverses of three-component FLEM. The program wrapped on February 26, and the results look good.
FLEM surveys have helped to define a robust drill target at Python and a developing model at King Solomon, while other regional VTEM conductors identified on Cooper’s ground will be subject to further investigation.
Copper-gold mineralisation at the two prospects was found in the mixed siltstones, sandstones and limestone of the Corella Formation.
Extensive historical workings were conducted at both prospects, in the form of shafts and small open pits, but there is no recorded drill testing.
The high-powered FLEM survey is the first of this type conducted on these historical prospects and was designed to identify the presence of conductive anomalies under the old workings that may indicate the presence of copper sulphide mineralisation at depth.
Python copper prospect
A single FLEM survey loop at the Python prospect discovered a robust conductor at the north-eastern end of the prospect, 500 metres from known copper mineralisation and the historical workings.
This conductor was modelled as a shallow south-easterly plunging body around 420 metres long and 100 metres down dip, projecting back to the surface.
The conductor is coincident with a significant north-westerly trending fault that may be important in hosting copper mineralisation.
Also potentially important is that the FLEM conductor is coincident with an airborne Versatile Time Domain Electromagnetic (VTEM) anomaly identified by Cooper’s consultant geophysicist from a publicly available regional VTEM survey commissioned by the Queensland Government in 2016.
This proof of concept bodes well for other VTEM anomalies already identified in Cooper’s tenure. There are no known workings or surface geochemistry in the vicinity of the Python FLEM conductor.
Cooper hopes to test this drill target as soon as the necessary approvals and arrangements have been made. The historical workings will also be further tested as part of the broader drill program planned at Python.
Long section of modelled conductor at Python prospect.
King Solomon prospect
A separate FLEM survey has identified a conductive zone at King Solomon coincident with the known mineralised trend, striking over 1.2 kilometres, with Cooper’s rock chip samples previously returning up to 16.65% copper and 2.58 g/t gold.
As with the Python prospect, the King Solomon prospect has a VTEM anomaly coincident with the FLEM anomaly, giving the company confidence in the applicability of the Queensland Government’s 2016 regional VTEM survey for identifying potential copper-gold anomalies.
Next steps
The company now hopes to finish the FLEM modelling of the King Solomon prospect, to confirm the conductors on the ground at both prospects, finalise drill planning and approvals ahead of testing and finalise detailed VTEM survey planning.
Managing director Ian Warland said: “I am highly encouraged that our first high-powered fixed loop electromagnetic survey at Mt Isa East has identified conductors at both the Python and King Solomon copper-gold prospects.
“The Python conductor is especially exciting, with the modelled conductor extending for over 400 metres and coincident with a significant regional fault.
“The use of publicly available VTEM data led Cooper to the Python conductor, confirming our strategy to use VTEM as an effective way of screening our tenure for sulphide-rich deposits.
“To this end, Cooper has already signed a contract to complete a detailed VTEM in the June quarter.
“Importantly, Cooper now has initial targets for drill testing and our highest priority is to organise a drill program, while continuing to generate a pipeline of high-quality copper-gold targets.”
