from Today's $tockhead
COOPER METALS (ASX:CPM)
CPM has identified 11 new copper-gold targets on its Ardmore tenement from rock chips sampling which returned grades up to 17.1% copper and 0.79g/t gold.
All up, it has over 50 targets to work with across its 1600sqkm Mt Isa East project in QLD, which we think is probably enough for now.
Cooper’s team is currently in the field systematically checking these targets, managing director Ian Warland says.
“Cooper believes that the results of the recent RC drilling at Ardmore South indicates the presence of a significant IOCG mineral system in the area, with the potential to form economic concentrations of Cu-Au mineralisation in structurally controlled trap sites,” he says.
“The company is planning to drill test as many targets as possible in the 2023 field season and will provide updates as plans develop.”
The 13-hole, 1745m drill program at Ardmore South didn’t hit paydirt, but did “confirm broad areas of copper anomalism in most drill holes”.
“Encouragingly, the IP survey at Ardmore South was successful in identifying a broad sulphide rich zone dominated by pyrite and low-grade copper indicating the presence of a potentially large fertile IOCG mineralising system at Ardmore,” it says.
The $7m capped minnow is down 30% year-to-date. It had $2.6m in the bank at the end of March.
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