PERTH (miningweekly.com) – Junior Cooper Metals on Tuesday announced a A$2.55-million capital raise and the acquisition of a strategic tenement at its Mt Isa East copper/gold project, in Queensland.
The ASX-listed company would issue more than 5.6-million shares, at a price of 45c each under its existing placement capacity, along with 2.5-million unlisted options to consultants and advisors.
The funds raised will go towards accelerating drilling programmes at the flagship Mt Isa project, and to acquire additional tenements in the region and to fund working capital.
Cooper Metals on Tuesday told shareholders that the company had signed a heads of agreement to acquire an exploration tenement adjacent to its own Mt Isa East project, taking its holding in the region to over 1 600 km2.
The company said that the new tenement provided significant exposure to the highly prospective Fountain Range fault, which has demonstrated large volumes of hydrothermal fluid flow, mineralisation and was currently the focus of significant exploration in the region.
“Cooper continues to expand its tenement holding in the highly prospective Mary Kathleen Domain, apart of the Mt Isa Inlier which hosts Carnaby Resources copper/gold discoveries at Lady Fanny and Nil Desperandum just south of Cooper’s existing tenure,” said Cooper MD Ian Warland.
“The acquisition of EPM19125 is consistent with the company’s strategy to explore and discover copper/gold deposits in the highly prospective Mt Isa Inlier and continue to rapidly build a pipeline of quality early-stage targets to systematically drill test.”