Cooper Metals (ASX:CPM) is halfway through a diamond drilling campaign at its King Solomon 1 prospect in Queensland, with drilling expected to take another week to complete.
The $6.74 million market capitalisation company says it has received new drillhole information that will be used to design a follow-up drilling campaign of deeper holes at the prospect.
This news comes after the company intersected semi-massive sulphides in drillhole 23MEDH002, which confirmed a ‘strongly’ mineralised breccia zone in the central plunging copper-gold shoot.
Cooper Metals reports the 11m zone has variable disseminated-to-semi-massive sulphides dominated by chalcopyrite and pyrite, then grading into a further 10m of 1% to 3% disseminated sulphides.
Drillhole logging and interpretation are ongoing.
Commenting on this discovery, Cooper Metals Managing Director Ian Warland says: “Diamond drilling at King Solomon 1 is halfway completed and has intersected a strongly mineralised zone of around 11m downhole with semi-massive sulphides in brecciated rocks.
“Diamond drilling at King Solomon 1 … has intersected a strongly mineralised zone of around 11m downhole with semi-massive sulphides in brecciated rocks“
The drillhole was targeting the central plunging copper-gold shoot near to where RC hole 22MERC016 intersected 8m @ 4.3% Cu and 0.14g/t Au. Geological logging and sampling continue to better understand the mineralisation controls and potential for mineralisation to extend at depth.
The drilling has around a week to go and we will provide an update to the market as results come to hand.”
Cooper has completed 2 diamond holes out of the 4 planned at King Solomon, which will provide ‘important’ structural and geochemical data from the 3 plunging shoots of ‘higher-grade’ copper-gold mineralisation identified in the 2022 reverse circulation drilling program.
After Cooper wraps up this round of drilling, it plans to complete a downhole electromagnetic survey (DHEM), geological interpretation, and assays.
The King Solomon 1 prospect lies within the Mt Isa East Project in Queensland, Australia.
Cooper Metals is an Australia-based mineral exploration company focused on the discovery of copper and gold. As of 30 June 2023, the company had $1.5 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cooper Metals