Cooper Metals Ltd (ASX:CPM) has enhanced the copper-gold prospectivity of Ardmore tenement within the Mt Isa East Copper-Gold Project in northwest Queensland through an induced polarisation (IP) survey and rock chip sampling that delivered assays up to 14.9 g/t gold and 22.4% copper.
The company's IP survey identified significant chargeability zone broadly coincident with copper-gold mineralised shear zones recently defined by mapping and rock chip sampling at Ardmore.
Standout assays from the rock chips include:
- 23.1% copper and 2.2 g/t gold;
- 0.8% copper and 14.9 g/t gold;
- 22.4% copper and 1.9 g/t gold;
- 18.9% copper and 6.5 g/t gold; and
- 12.5% copper and 1.0 g/t gold.
Compelling drill target
Cooper managing director Ian Warland said: “The IP survey had been very encouraging with the chargeability anomaly broadly coincident with the copper-gold mineralised shear zone defined in the recent rock chip sampling and mapping.
“The combination of significant copper-gold in rock chips and IP chargeability anomaly presents a compelling drill target.
“The IP crew is completing two profile lines over the highest chargeability areas and a separate IP survey over a mineralised shear zone in the northern part of EPM19125, just 10km to the northeast of the southern IP grid.
“Further IP and rock chip updates will be available over the next few weeks, along with plans for drill testing.”
Shares have been as much as 14.55% higher this morning to A$0.315.
Location of rock chip samples and IP chargeability contours Ardmore south and mineralised trend.
IP results
IP surveys were planned over two separate (northern and southern) grids on the Ardmore tenement.
Results for the southern grid have been processed and show a significant chargeability feature on the eastern side of the grid, broadly coincident with the copper-gold mineralisation identified by recent mapping by Cooper geologists.
Importantly, samples MER115 and MER116 collected from copper veining at the southern end of this high chargeability zone contain significant copper and gold including, 21.9% copper and 1.1 g/t gold and 21.3% copper and 0.5 g/t gold.
Reconnaissance sampling
Assay results for another 22 rock chips from Ardmore have been received with the best gold result being 14.9 g/t from an iron oxide gossan just 80 metres to the east of the chargeability high.
As per the batch of samples announced in March, this new batch contains six samples with gold greater than 1 g/t taking the total number of rock chips of 1 g/t gold or greater to 12 out of the total 39 assayed to date.
The copper grades are also typically high in the new batch of assays, with the copper mineralisation malachite dominated and hosted in two subparallel shear zones within the Corella Formation and associated with strong quartz carbonate and iron oxide alteration typical of iron oxide copper-gold (IOCG) mineralisation in the area.
Forward plan
The geophysical field crew is completing two IP profile lines over the higher chargeability zones in the southern grid to test their depth extent and provide information for drill testing.
Results are expected for these profiles in the next two weeks and the IP survey for the northern grid is still in progress.
Several outstanding rock chip samples at the laboratory will help further define the mineralised trend.
The surface mineralisation in combination with the IP chargeability anomaly presents a compelling drill target and may be an indication of significant copper sulphide mineralisation at depth.
Cooper is now planning to fast-track RC drilling at Ardmore South to test for shallow copper-gold mineralisation.
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