Cooper Metals (ASX:CPM) has witnessed a significant surge in share price following the announcement of impressive assay results from its Mt Isa East project, which includes the Brumby Ridge and Raven (NASDAQ:RAVN) prospects. The company's managing director, Ian Warland, lauded the findings at Brumby Ridge as the best in two years, with further assay results anticipated in December.
The initial scout drilling at five copper-gold prospects yielded noteworthy outcomes, particularly from drill hole 23MERC024 at Brumby Ridge. This hole intercepted a remarkable 50 meters grading 1.32% copper from 80 meters depth, including a high-grade segment of 2 meters with a copper concentration of 6.1% and gold at 0.23g/t. These findings represent the strongest mineralized intercept for Cooper Metals in the last two years and signal significant potential for the project.
Follow-up drilling using portable XRF technology confirmed a strong intercept in altered iron oxide copper-gold brecciated mafic volcanics at Brumby Ridge. Meanwhile, Raven's drill hole 23MERC019 intersected notable mineralization, including 15 meters at 1% copper and 0.1g/t gold from 35 meters within a larger intercept, indicating an expansion of this home-grown conceptual target.
With these promising results, Cooper Metals is now concentrating efforts on further exploring Brumby Ridge, Raven, and Mafic Sweats South, situated 30 kilometers southeast of Mt Isa. The company is strategically testing its pipeline of quality copper-gold prospects within the region to identify and develop additional resources.
The market response to these developments has been positive, with shares climbing nearly 68% by 3 pm (AEDT) on the day of the announcement. This investor enthusiasm underscores confidence in Cooper Metals' strategic focus and the potential value of its assets in northwest Queensland.
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