Cooper Metals Ltd (ASX:CPM) has signed a heads of agreement for the acquisition of tenement EPM27537 in the prospective Mt Isa Inlier of northwest Queensland, adjacent to the company’s tenement EPM27700, which holds the Python and King Solomon copper-gold prospects.
The new tenement will form part of CPM's Mt Isa East Project and is prospective for copper-gold. It sits within the Mary Kathleen Domain, part of the Inlier within the broader Mt Isa region that has hosted highly productive copper-gold projects for many years.
This domain is home to Round Oak Mineral’s Barbara Deposit and was also recently highlighted by Carnaby Resources Ltd (ASX:CNB)'s copper-gold discoveries at Nil Desperandum and Lady Fanny.
Investors appear to support the acquisition, pushing CPM’s share price as much as 18.31% to $0.42 intraday.
“Enhances value of the Mt Isa East”
“This new tenement acquisition continues to significantly expand the company’s footprint in the highly prospective Mary Kathleen Domain, a part of the Mt Isa Inlier which hosts Carnaby Resources copper-gold discoveries at Lady Fanny and Nil Desperandum just south of Cooper’s existing tenure,” Cooper Metals managing director Ian Warland said.
“The acquisition of EPM27537 is consistent with the company’s strategy to explore and discover copper-gold deposits in the highly prospective Mt Isa Inlier and further enhances the value of the Mt Isa East project as a ‘bolt-on’ tenement to the district-scale exploration program currently underway.
“Cooper firmly believes the tenement geology has all the right attributes to host copper-gold mineralisation. The tenure is close to existing infrastructure, with potential for third-party processing options.
“Cooper is rapidly building exploration momentum in the project area with a planned regional airborne electromagnetic survey and RC (reverse circulation) drilling at Python and King Solomon prospects scheduled for the June quarter.”
Five historical copper-gold prospects have been recorded within the new tenement area, including shallow workings at Scorpion prospect and Magna Lynn prospect.
Cooper is quickly becoming a major landholder in the Mt Isa region. Once the acquisition of EPM28087 and EPM27537 are secured, the company will hold 1,575 square kilometres around the Mt Isa Inlier.
Aside from its land acquisition activities, Cooper has also just completed a heritage clearance over the Python and King Solomon prospects, and is organising track access in readiness for maiden RC drilling in the June quarter.
About Cooper Metals
Cooper Metals is an Australian-based mineral exploration company focused on the discovery of copper and gold.
The company has three highly prospective projects in Queensland and Western Australia:
The flagship Mt Isa East Copper-Gold Project currently covers about 1,300 square kilometres of tenure with numerous historical copper-gold workings and prospects already identified for immediate follow-up exploration.
The Mt Isa Inlier is highly prospective for iron oxide copper-gold (IOCG), iron sulphide copper-gold (ISCG) and shear hosted copper-gold deposits.
The Yamarna Gold Project has an extensive length of untested Dorothy Hills Shear Zone that was important in the formation of Gruyere gold deposit about 10 kilometres to the southeast of Cooper’s tenements.
The Gooroo copper and/or gold project covers newly identified greenstone belt some 20 kilometres from Silver Lakes’ Deflector mine.
The 26-kilometre expanse of covered greenstone belt has had almost no exploration and was only added to government geology maps in 2020 after reinterpretation of geophysical data.