Junior explorer Cyprium Metals (ASX:CYM) has made a shallow and ‘high-grade’ copper discovery at its Heeler prospect next door to its Hollandaire copper-gold deposit in Western Australia.
The discovery comes from the assays from the first of 4 holes drilled as part of the $33.5 million market capitalisation company’s January 2024 program in the area.
Cyprium says the assays show 2 notable copper intersections from hole 24CURC004: a 15m hit @ 3.26% copper, 0.7 grams per tonne (g/t) gold, 7.4g/t silver, and 151 parts per million (ppm) cobalt from 70m; and a 3m hit @ 1.09% Cu and 0.44g/t Au from 108m.
The mineralisation in this hole remains open to depth and along-strike in both directions and lies within a ‘lightly tested’ copper soil anomaly extending for 2.5km along-strike, according to Cyprium.
Executive Chairman Matt Fifield says while the company remains focused on delivering a ‘robust’ plan for its flagship Nifty Copper Mine, the discovery at Heeler is a reminder of the prospective value within its earlier-stage assets in the Paterson and Murchison provinces of Western Australia.
“Our exploration team targeted our limited drilling budget in the Murchison around the most prospective areas and hit outstanding grade that shows potential for an economic orebody.”
“Our exploration team targeted our limited drilling budget in the Murchison around the most prospective areas and hit outstanding grade that shows potential for an economic orebody”
Cyprium’s Heeler prospect lies in the Murchison region along tenements within the company’s Cue Project, of which it owns an 80% interest in a Joint Venture (JV) with Ramelius Resources (ASX:RMS).
It’s the same region that’s home to the Hollandaire and Nanadie Well deposits, which together host 203,000 tonnes of copper resources and 153,000 ounces of gold.
Cyprium is still awaiting assays for the remaining 3 holes from the January drilling program, which the company says each hit sulphides.
Company geologist Peter van Luyt says once these assays are in hand, Cyrprium will then be able to plan its follow-up work for the Heeler area.
“As we’ve looked harder at the mineralisation and the assays, this hole suggests a mafic-ultramafic orthomagmatic nickel-copper-cobalt type that would be similar to a Nova Bollinger-style deposit.”
Cyprium says while the Cue region is known for its gold deposits, it has not been well explored for its base metals potential.
As such, the company’s Chairman says its Murchison portfolio and its Paterson JV with IGO (ASX:IGO) are some of the ‘best assets and exploration ground’ in all of Australia to service the growing global requirements for copper.
Cyprium Metals had just under $22.6 million cash at hand at the end of December 2023, according to its latest quarterly report.
Images: Cyprium Metals
