Coppermoly (ASX:COY) has found ‘significant’ induced polarisation (IP) anomalies at its Shuffleton and Foxtail prospects in Mount Isa, Queensland, which it plans to test during the December quarter.
The copper anomalies were discovered via IP sounding survey programs conducted by Echo Vista Geophysics, as previously announced.
Coppermoly, which has a market capitalisation of $6.89 million, says the preliminary report from Echo Vista outlined the discovery of chargeability and resistivity anomalies across both prospects.
A comprehensive review of IP data, with historic copper-zinc geochemical data and geological models, is currently underway.
This involves amassing the historical data and confirming and enhancing previously reported mineralisation models.
Coppermoly plans to follow up and rank targets after new drilling data becomes available in the short term.
At Shuffleton, a chargeability anomaly was detected below the historical Mt Kalkadoon Mine, which suggests the presence of sulphide mineralisation down-dip of the known copper ore zone.
Coppermoly reports an additional ‘larger’ chargeability anomaly with a ‘high’ conductivity zone lies 500m east of Mt Kalkadoon, which dips steeply to the northeast.
The resistivity profile demonstrates a major contrast between the Soldiers Cap Group and Staveley Formation, which can be interpreted as a thrust contact. The chargeability anomalies lie above a ‘major’ northeast dipping thrust zone.
Meanwhile at Foxtail, a high chargeability anomaly over 600m long, dipping steeply to the northwest, was recorded.
This chargeability anomaly overlays a low resistivity zone, which indicates a ‘substantial’ zone of sulphur mineralisation.
Coppermoly notes a ‘modest’ chargeability and low-resistivity anomaly was also recorded to the northwest.
Coppermoly is a copper-gold-focused explorer with assets located in Queensland andPPapua New Guinea.
As of 30 September 2023, the company had $1.7 million cash and cash reserves at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Coppermoly
