Cooper Metals Ltd (ASX:CPM) has confirmed the presence of strong copper mineralisation with assays from drilling at the Brumby Ridge Copper-Gold Prospect within the Mt Isa East Copper-Gold Project in northwest Queensland.
Four diamond and five reverse circulation (RC) holes were completed in February and March this year, grading up to 58 metres at 0.53% copper and 0.02 g/t gold with a high-grade component of 3 metres at 4.14% copper and 0.08 g/t gold from 90 metres.
Copper says the drilling results confirm the visual sulphides observed in April and indicate a north-northwest (NNW) trend to the copper-gold mineralised vein system, which stretches over 400 metres – only 120 metres have been drill tested so far.
The system is cross-cut by several narrow-mineralised fault-controlled breccia zones (MFBZ) which the company believes provide the source of the bonanza grades seen in CPM’s 2023 drilling campaign, which produced results up to 71 metres at 2.8% copper.
In line with observations
“The new drill assay results at Brumby Ridge are in line with visual results reported last month,” Copper Metals managing director Ian Warland said.
“Our new geological interpretation backed up by recent drilling and consultation, provides encouragement for investigating the potential for further crosscutting mineralised fault breccia zones that may have acted as feeder veins to the main NNW trending mineralised copper-gold veins.
“Mineralisation remains open at depth and less than half of the identified strike length of the vein system has been drill tested."
"Near all-time highs"
Warland added: “With the copper price near all-time highs and a healthy cash position, Cooper is excited to continue regional exploration focusing on the major NW trending regional Brumby Fault and its potential to host larger crosscutting mineralised fault breccia zones.
“We currently have teams in the field conducting important, targeted geochemical sampling and mapping over the area to delineate further drill targets.”
Copper futures are sitting at about US$5.1 per pound, marking a 32.98% lift in the price of the metal over the last six months.
The company believes the Brumby Fault is a fertile structure for focusing copper-gold mineralisation in the region, with the MFBZs acting as feeder veins to the main system.