Cooper Metals Ltd (ASX:CPM) is trading higher on intersecting shallow copper mineralisation in its maiden reverse circulation (RC) drilling program at King Solomon 1 prospect within the Mt Isa East Copper-Gold Project in northwest Queensland.
Notably, eight RC drill holes intersected shallow copper mineralisation over 380 metres strike length, with mineralisation open to the south-southeast and at depth.
Best intersections include:
- 17 metres at 2.2% copper from 84 metres, including 8 metres at 4.3% copper from 84 metres;
- 18 metres at 1.8% copper and 0.11 g/t gold from 57 metres, including 5 metres at 5.4% copper and 0.31 g/t gold; and
- 7 metres at 1.5% copper and 0.11 g/t gold from 40 metres, including 2 metres at 3.5% copper and 0.28 g/t gold.
What’s more, drilling results and interpretation for King Solomon 2 and 3 are in progress and will be released shortly.
These results have pleased investors with shares as much as 19.32% higher in the first hour of ASX trading to $0.525.
“Exceeded expectations”
Cooper managing director Ian Warland said: “The maiden RC drilling program at King Solomon has exceeded our expectations delivering excellent copper assay results at King Solomon 1 prospect, the first exploration holes ever drilled at the prospect.
“Significant shallow copper and gold mineralisation has been intersected in eight holes spread out over a strike length of approximately 380 metres, and down to a maximum depth of approximately 100 metres.
“Encouragingly mineralisation remains open at depth and to the south-southeast.
“The company will soon have assay results available for King Solomon 2 and 3 and will update the market with ongoing plans to capitalise on an exceptional start to exploration at the Mt Isa East Project.”
Drill results
At Solomon 1, Cooper drilled 12 RC drill holes at variable spacing along a north-northwest trending strike about 80 metres apart, with infill down to 25 metres along strike.
RC drilling outlined at shallow depths a well-developed north-northwest trending sub-vertical to steeply dipping structural zone of copper and gold mineralisation potentially continuous over a strike length of about 380 metres, down to a maximum depth of around 100 metres.
In total, 21 RC holes across 1,665 metres were completed at the King Solomon prospect with drilling under historical workings and testing the higher amplitude FLEM responses along the 1.2-kilometre-long mineralised trend.
King Solomon 1 summary plan of drilling results.
Forward plan
Cooper aims to finalise the interpretation and reporting of assays for King Solomon 2 and 3 and these will be released shortly
Also on the cards are the finalisation of drill approvals ahead of drill testing at Python and follow-up drilling at the King Solomon prospect.