FLEM crew at Mt Isa. Source: Cooper Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cooper Metals (CPM) begins a fixed loop electromagnetic survey (FLEM) at the Mt Isa East project in Queensland
  • The survey is targeting extensive old workings at the Python and King Solomon copper-gold prospects
  • This work is testing the presence of conductive anomalies that may indicate copper sulphide mineralisation at depth
  • Cooper Metals expects the program will take about two weeks to complete, so long as there aren’t any delays
  • Company shares are up 13.2 per cent to trade at 30 cents at the end of the trading day

Cooper Metals (CPM) has begun a fixed loop electromagnetic survey (FLEM) at the Mt Isa East project in Queensland.

The FLEM survey is being carried out on the Python and King Solomon copper and gold prospects to focus on extensive old workings which haven’t been drill tested.

The geophysical program comprises two separate survey blocks over each prospect. The high-powered FLEM survey is designed to test the presence of conductive anomalies under the old workings that may indicate copper sulphide mineralisation at depth.

Managing Director Ian Warland said the survey is the first of its type to be conducted over the Python and King Solomon prospects.

The King Solomon prospect previously returned rock chip samples of up to 16.65 per cent copper and 0.69 grams of gold per tonne, while the Python prospect returned 35.3 per cent copper.

“At King Solomon we have delineated anomalous copper-gold mineralisation in geochemistry over a 1.5-kilometre strike length,” Mr Warland. “Significantly neither prospect has any recorded historical drilling, so the electromagnetic survey should pinpoint the most prospective parts at depth to conduct initial drill testing.”

The company expects the program will take about two weeks to complete, so long as there aren’t any delays.

Once the survey wraps up, Cooper Metals will review the data for potential drill targets and may conduct further geophysical work in other areas of the Mt Isa project.

Company shares were up 13.2 per cent to trade at 30 cents at the end of the trading day.

CPM by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…