Cooper Metals Ltd (ASX:CPM) shares were as much as 92.5% higher in morning ASX trading on news of a significant copper discovery at the Brumby Ridge prospect within the Mt Isa East Copper-Gold Project in northwest Queensland.
The latest results from the ASX-lister’s reverse circulation (RC) drilling program have confirmed bonanza grades of 71 metres at 2.8% copper and 0.05 g/t gold from 115 metres to the end of hole at 186 metres, including 24 metres at 5.4% copper and 0.10 g/t gold from 115 metres in drill hole 23MERC028.
This new result builds on the initial RC drill hole 23MERC024, which intercepted 50 metres at 1.32% copper and 0.05 g/t gold from 80 metres, including 2 metres at 6.1% copper and 0.23 g/t gold, announced earlier this month.
Investors are cheering the discovery, sending Cooper’s shares to a new 12-month high of $0.50 with more than 16.5 million changing hands in the first two hours of trading.
Not the end
The mineralisation at Brumby Ridge is open in all directions and appears to be improving with depth.
Drill hole 23MERC030, which is closer to surface and just northwest of 23MERC028, hit a broad intersection but with lower grades such as:
- 115 metres at 0.37% copper from 86 metres with several elevated zones, including 2 metres at 2.18% copper and 0.03 g/t gold from 88 metres;
- 4 metres at 1.1% copper and 0.02 g/t gold from 101 metres;
- 1 metre at 1.02% copper and 0.01 g/t gold from 143 metres; and
- 3 metres at 1.00% copper and 0.01 g/t gold from 159 metres.
RC drilling has now been completed at Brumby Ridge and the Raven prospect, with assay results pending for the latter.
Example of sulphide mineralisation in hole 23MERC028 from 115-116 metres.
Main focus in 2024
“Seventy-one metres at 2.8% copper, with a higher-grade intersection of 24 metres at 5.4% copper could be the start of a significant discovery at Brumby Ridge for Cooper Metals,” managing director Ian Warland said.
“Of the five drill holes to date, three have hit significant mineralisation and finished in mineralisation.
“DHEM is being trialled at the Brumby Ridge and Raven Prospects, along with plans to conduct a larger program of RC and diamond drilling at Brumby Ridge in the first quarter of 2024, chasing the higher-grade mineralisation at depth and along strike.
“This whole prospect area is well located, just down the road from Mt Isa township and will continue to be our main focus going into 2024.”