Cooper Metals Ltd (ASX:CPM) shares have more than doubled after the company received its strongest assay result to date from Brumby Ridge prospect at the Mt Isa East Copper-Gold Project in northwest Queensland with further strong results from Raven prospect.
An initial RC drill hole intercepted 50 metres grading 1.32% copper from 80 metres including two metres at 6.1% copper and 0.23 g/t gold at Brumby Ridge — the best (assayed) drill intercept to date by Cooper Metals at Mt Isa East.
Further, follow-up drilling at Brumby Ridge, which began last week, has intercepted 72 metres at 1.5% copper from 113 metres deep to the end of hole, as estimated from portable XRF hosted in strongly altered iron oxide copper-gold brecciated mafic volcanics.
The mineralisation at Brumby Ridge is open in all directions and appears to be improving with depth. This phase of drilling is almost complete and assays are due next month.
Investors have shown their approval of the latest results, sending shares as much as 139.3% higher this morning to A$0.335.
More mineralisation at Raven
At Raven, more significant mineralisation has been intersected including 15 metres at 1.0% copper and 0.1 g/t gold from 35 metres within a wider intercept of 28 metres at 0.63% copper and 0.061 g/t gold from 34 metres.
This new intercept builds on that reported early this month at Raven including 10 metres at 1.27% copper and 0.17 g/t gold from 77 metres and 3 metres at 1.46% copper and 0.15 g/t gold from 100 metres. These were both within a wider intercept of 44 metres at 0.48% copper and 0.055 g/t gold from 59 metres.
The RC drilling is continuing at Brumby Ridge and Raven copper-gold prospect, and is expected to be completed this week with assays returned next month.
The company’s main focus
Cooper Metals managing director Ian Warland said: “To say we are pleased with the results of the initial scout drilling on five copper-gold prospects is an understatement.
“The Brumby Ridge drill intercept is the single strongest mineralised intercept drilled by Cooper Metals in the last two years.
“Raven continues to expand with another great intercept into a home-grown conceptual target. These two prospects are now the company’s main focus and are being followed up as we speak, as Cooper continues to test its pipeline of quality copper-gold prospects in the region.
“This cluster of prospects, including Mafic Sweats South, are only around 30 kilometres to the southeast of Mt Isa, close to infrastructure and worthy of further priority investigation and exploration by Cooper.”