Cooper Metals have defined a prominent mineralised trend from rock chip sampling over its new Ardmore tenement, part of the Mt Isa East Copper Gold project in northwest Queensland.
The assays defined two subparallel mineralised shear zones extending for around 1.1km, remaining open to the north and showing grades up to 26.2 per cent copper and 2g/t gold, with six of the seventeen rock chips returning gold rates exceeding 1g/t.
Cooper Managing Director Ian Warland said the new assays build on solid results from the initial survey.
These new assay results from Ardmore are very exciting and some of the highest gold values we have seen to date on our tenements,” he said.
“The rock chip sampling and mapping has now importantly defined two sub parallel mineralised shear zones that maybe the top of more significant mineralisation at depth.”
The mineralisation is notably hosted in the Corella Formation, associated with solid carbonate and iron oxide alteration typical for IOCG mineralisation in the area and exemplified by Carnaby Resources’ Mt Hope Prospect, lying just 5.5 kilometres to the southwest, where a significant copper-gold discovery was confirmed with a strike of 75m @ 1.7% copper, 0.2 g/t gold last year.
Next steps
Cooper plans to fast-track an induced polarisation survey and have a geophysical contractor already locked in for the task ahead of any future RC drill testing, with more rock chip assays incoming from both Ardmore north and south set to define the mineralised trend further.
Gold in Turbulent Times
The outlook for gold in 2023 could be positive. Experts say the pandemic has led to an economic downturn, and central banks have responded with stimulus packages and low-interest rates, driving gold prices up.
As global uncertainty continues, gold is seen as a safe-haven asset, and its demand could remain strong. Moreover, growing concerns around inflation could also support higher gold prices. However, global factors such as the US dollar’s strength, the stock market, and trade tensions can all impact gold prices.