Cooper Metals (ASX: CPM) has executed a binding Heads of Agreement to acquire full-ownership of the strategic EPM27537 tenement located adjacent to the Python and King Solomon prospects within its Mt Isa East Copper-Gold Project.
The deal with Nuclear Energy Pty Ltd will see Cooper become a major landholder in the ‘highly prospective’ Mt Isa Inlier, growing project tenure by over 21% to 1,575km².
Addressing the agreement, Cooper Metals Managing Director Ian Warland said: “This new tenement acquisition continues to significantly expand the Company’s footprint in the highly prospective Mary Kathleen Domain, a part of the 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 EPM27537 is consistent with the Company’s strategy to explore and discover Cu-Au deposits in the highly prospective Mt Isa Inlier and further enhances the value of the Mt Isa East project as a ‘bolt-on’ tenement to the district-scale exploration program currently underway. Cooper firmly believes the tenement geology has all the right attributes to host Cu-Au mineralisaiton.
“Cooper firmly believes the tenement geology has all the right attributes to host Cu-Au mineralisaiton”
The tenure is close to existing infrastructure, with potential for third party processing options. Cooper is rapidly building exploration momentum in the Project area with planned regional airborne electromagnetic survey and RC drilling at Python and King Solomon prospects scheduled for the June Quarter.”
The company believes that this newly-acquired ground has the potential to host copper-gold mineralisation following Carnaby Resource’s (ASX: CNB) discoveries at the Lady Fanny and Nil Desperandum prospects, located south of the tenement.
In addition, heritage clearances have been completed over the Python and King Solomon prospects in order to continue building land position within the ‘highly prospective’ Mary Kathleen Domain.
Map of the Mt Isa East Project highlighting the newly-acquired EPM27537 tenementTerms of the acquisition include Cooper paying $50,000 in cash as consideration for the tenement, and undertaking due diligence work which is expected to be completed within the next 20 business days.
The Mt Isa East Copper-Gold Project is comprised of five 100%-owned tenements located approximately 30km south-east of its namesake city in north-west Queensland.
With the acquisition being finalised, Cooper reports that it will move forward with RC drilling campaigns at its Python and King Solomon prospects in June 2022, while also conducting desktop and on-ground evaluation of EPM27537 in search of potential copper-gold targets.
Images: Cooper Metals Ltd
