Cooper Metals (ASX:CPM) has signed a binding term sheet with Spinifex Rural Management to acquire tenement EPM19686, located near Cloncurry in northwest Queensland, Australia.
Under the term sheet, Cooper will issue Spinifex 600,000 fully paid ordinary shares in the company at an issue price of $0.125 per share and 300,000 free attaching unlisted options.
Settlement of the acquisition is subject to the satisfaction of all conditions precedent including Cooper completing due diligence on the tenement and each of the resolutions being passed at the general meeting on 12 October.
The $7.85 million market capitalisation company also holds an adjacent exploration licence application, which brings Cooper’s new landholding to around 100km-square in a ‘highly prospective’ gold and copper area.
Cooper also plans to continue conducting desktop and on ground evaluation of the Oorindi Project area, as well as plan geophysical surveys including electromagnetic surveys.
The company also plans to conduct drilling on any prospective geophysical targets, once identified.
Commenting on the acquisition, Cooper Metals Managing Director Ian Warland says: “Cooper has signed a binding term sheet for the acquisition of a tenement just a stone’s throw from (AIC Mines’) significant Eloise Cu-Au mine. Importantly, the tenement has had no on-ground exploration for the last decade.
The acquisition complements Cooper’s adjoining new tenement application EPM28905. Cooper believes the area has significant potential for Cu-Au mineralisation and is thrilled to add this area to our impressive ground holding in the Mt Isa Inlier.
“Plans are underway to commence exploration in the area once the transaction is finalised. Cooper continues to push ahead with exploration in our Mt Isa East Project, with RC drilling due to commence shortly on 5 prospects“
Plans are underway to commence exploration in the area once the transaction is finalised. Cooper continues to push ahead with exploration in our Mt Isa East Project, with RC drilling due to commence shortly on 5 prospects.”
Cooper Metals is an ASX-listed exploration company, with a focus on copper and gold. The company has 3 assets located in proven mineralised terrains and with access to infrastructure.
As of 30 June 2023, the company had $1.5 million cash at hand, according to its latest quarterly report. Subsequent to the end of June, Cooper Metals raised $750,000 through a share purchase plan.
Write to Aaliyah Rogan at Mining.com.au
Images: AIC Mines