Cooper Metals (ASX:CPM) reports it has expanded its Mt Isa East Copper-Gold Project following the acquisition of Western Australian based privately held Ardmore Resources.
The acquisition has resulted in the gold and copper explorer gaining 100% ownership of Ardmore’s EPM19125 tenement, located in north-west Queensland, which brings the company’s total landholding within the ‘highly prospective’ Mt Isa Inlier to over 1,600km-square.
This new tenement provides ‘significant’ exposure to the highly prospective Fountain Range Fault and its associated subsidiary structures, which have demonstrated large volumes of hydrothermal fluid flow and mineralisation.
Historical exploration at the deposit is limited to regional geochemical programs, including rock chip sampling and stream sediment sampling, as well as a detailed airborne magnetic survey conducted by the previous tenement holder.
Addressing the acquisition, Cooper Metals Managing Director, Ian Warland commented: “Cooper has finalised the acquisition of Ardmore Resources and now owns 100% of EPM19125 located within the highly prospective Mt Isa Inlier which hosts Carnaby Resources Cu-Au discoveries at Lady Fanny and Nil Desperandum just south of Cooper’s existing tenure.
“The acquisition of EPM19125 is consistent with the company’s strategy to explore and discover Cu-Au deposits in the highly prospective Mt Isa Inlier”
The acquisition of EPM19125 is consistent with the company’s strategy to explore and discover Cu-Au deposits in the highly prospective Mt Isa Inlier and continue to rapidly build a pipeline of quality early-stage targets to systematically drill test.”
The company also notes that the new tenement currently boasts regions of immediate exploration follow-up, including two known historical copper mines and an area where historical rock chip sampling has returned grades up to 5% Cu and 5g/t Au.
In addition, it is reported that the new tenement is situated within the Mary Kathleen Domain, part of the Mt Isa Inlier that is highly prospective for copper-gold (Cu-Au) mineralisation.
This domain is host to mid-tier base and precious metals producer Aeris Resources’ (ASX:AIS) Barbara deposit, which boasts a Mineral Resource Estimate (MRE) of 4.7Mt at 1.6% Cu and 0.15g/t Au.
The domain also hosts Australian exploration and development company, Carnaby Resources’ Cu-Au discoveries within its Nil Desperandum and Lady Fanny prospects.
Carnaby Resources’ interpreted iron oxide copper-gold (IOCG) corridor and Mount Hope deposit, where recent drilling has returned intercepts of 60m at 3.1% Cu and 16m at 7.6% Cu, also appears to be located along strike to the north of the newly acquired tenement.
Cooper Metals is an ASX-listed Cu-Au explorer who aims to build shareholder wealth through the discovery of mineral deposits across its Queensland and Western Australian based portfolio. The company’s flagship Mt Isa East project is located about 30km southeast of the township of Mt Isa and 900km west of port facilities at Townsville in Queensland’s Mt Isa Inlier and is highly prospective for IOCG, iron sulphide copper-gold (ISCG) and shear hosted Cu +/- Au deposits.
With the acquisition of Ardmore Resources now complete, Cooper Metals announces it will continue to conduct on ground evaluation of the EPM19125 tenement to identify potential Cu-Au targets.
Reverse circulation (RC) drilling at its Python and King Solomon prospects is expected to commence in late October this year.
Images: Cooper Metals Ltd & iStock