Gold

Cooper Metals finds new copper-gold targets at Mt Isa

Thu 30 Jun 22, 1:35pm (AEST)
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Key Points

  • Cooper is up 9.3% in morning trades to 41c as new targets found at Mt Isa East in airborne survey
  • One key target identified alongside trending faultline
  • Company now to move ahead with follow-up activities on the ground

Cooper Metals (ASX:CPM) has jumped 9.3% to 41c this morning as the company announces a new raft of drilling targets. 

The first VTEM airborne survey conducted at Mt Isa East has wrapped up with numerous targets discovered. 

An anomaly at the Python target on-site traces a known geological fault formation, towards which Cooper’s geos are optimistic. 

The team also reports “several [areas of interest] coincident with significant structures … favourable for hosting iron-sulphide-copper-gold mineralisation.” 

A map with magnetic imagery overlaid locating the company's operations to the east of Mt Isa
A map with magnetic imagery overlaid locating the company's operations to the east of Mt Isa

Cooper following up on results 

The company is now mapping the location of each target discovered in the survey on site to inform exploration activities and logistics. 

Targets will be ranked and prioritised based on probability of potential. 

Cooper’s geos will then conduct new geochemical surface tests at each key target location. 

Once that is underway, the exciting stuff begins: Cooper is set to commence drill testing at Mt Isa East in the not too distant future. 

Cooper shrugging off 2022 despair 

On a year to date (YTD) basis, Cooper Metals is up 90.70%, though, down -24% on a one month basis. 

Its year-on-year growth since late June 2021 sees its share price up 105%. 

The company had $4m cash on hand as at 31 March 2022, the most recent date for which quarterly results are available. 

During the quarter, it spent $142,000 in opex. 

Investors should note this overlaps with the Tropical Australian wet season, where drilling activities are often subdued due to weather conditions. 

The company has a market cap of $11m. 

Cooper's performance through the first half of 2022 has outperformed the materials index (XMJ)
Cooper's performance through the first half of 2022 has outperformed the materials index (XMJ)

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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