Cooper Metals Ltd (ASX:CPM) has made significant advancements in its exploration efforts to identify new copper-gold targets at the Mt Isa East Project in northwest Queensland. Using reconnaissance sampling and ground truthing, the company has conducted detailed versatile time-domain electromagnetic (VTEM) airborne surveys covering over 2,230 line kilometers in the past year. The surveys have identified multiple anomalies, with the latest survey conducted in June 2023 highlighting 10 high-priority VTEM responses at the Barbara East tenement.
To validate the VTEM anomalies and explore potential sources, Cooper Metals conducted a heliborne reconnaissance survey in June 2023. This ground-truthing initiative aimed to inspect the surface area and collect rock chip samples for further analysis. Notably, the Raven prospect emerged as a significant discovery, exhibiting a VTEM anomaly along with copper-gold-rich gossan during ground truthing. Rock chip results from Raven revealed high copper concentrations of up to 26.7% and gold grades of 2.49 g/t, indicating substantial copper-gold deposit potential.
Within the Barbara East tenement, two prominent VTEM anomalies, VTEM003 and VTEM005, have been identified. These anomalies occur on the Corella/dolerite contact, characterized by robust quartz and iron oxide veining and anomalous copper presence. Detailed analysis of the VTEM plate model suggests that the anomalies extend for approximately 600 meters, with depths ranging from 25 to 50 meters below the surface. Moreover, these targets dip moderately to the east, presenting favorable conditions for future drilling operations. Another VTEM anomaly, VTEM010, has been found on the sheared contact between the Argylla Formation and the Wonga Granite, exhibiting potential as a valuable drill target.
Cooper Metals' exploration efforts have extended beyond the previously mentioned prospects. Newly sampled areas, including Rocky Rule, S.W, Costeen, and the Bowlers prospect, have revealed significant mineralization based on initial rock chip results. These findings have prompted further analysis and evaluation for potential drill testing in 2023. The company remains committed to building and prioritizing its pipeline of copper-gold targets, with plans to conduct drill tests during the upcoming field season.
The recent reconnaissance sampling campaign and ground truthing activities by Cooper Metals have provided promising insights into the untapped potential of the Mt Isa East Project. Managing Director Ian Warland expressed enthusiasm regarding the high prospective for copper-gold mineralization identified through the VTEM anomalies. Cooper Metals intends to drill test the most promising targets in the 2023 field season, solidifying its commitment to exploring and capitalizing on the opportunities presented by the Mt Isa East Project. Traders in the Forex market will be closely monitoring the company's progress and the impact it may have on the copper and gold markets, as successful drilling operations could significantly affect supply and demand dynamics in the Forex market.