Resources Top 5: Cooper Metals bolts up bourse again on Brumby Ridge copper news

Cooper Metals went on the gallop again after a high-grade copper discovery at its Brumby Ridge prospect was confirmed. Get your resources wrap here.

This how we reckon copper miners should be getting around on Brumby Ridge. Picture: Getty Images

Copper and gold hunter Cooper Metals (ASX:CPM) has some super duper news on Thursday, confirming a high-grade copper discovery at its Brumby Ridge copper-gold prospect at the Mt Isa East project in northwest Queensland.

It’s talking 71m at 2.8 per cent copper including 24m at 5.4 per cent copper.

“Bonanza copper grades” right there.

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Says the company: “This new result builds on the initial RC drill hole 23MERC024, which intercepted 50m at 1.32 per cent Cu and 0.05g/t Au from 80m including 2m @ 6.1 per cent Cu & 0.23g/t Au.”

Not granular enough for you? Here’s a pic from CPM’s ASX release today…

Example of sulphide mineralisation in hold 23MERC028 (115-116mm). Picture: CPM

Earlier this month Cooper indicated that further info on its results would be coming in December, but its team clearly got straight back on the horse to get the info out into the wild as swiftly as possible.

CPM investors seem to be lapping up the early news – this thing’s bolted up the bourse with a gain of more than 70 per cent early.

By 2.30pm the share price had eased back a little, but was still up nearly 56 per cent for the day.

It sounds like there’s more to come, too, with assay results pending for four drill holes at Cooper’s Raven Cu-Au prospect – also at Mt Isa East.

Plus, a downhole electromagnetic survey is in progress at both prospects, with results expected in December.

Cooper Metals MD Ian Warland said the find “could be the start of a significant discovery at Brumby Ridge for Cooper Metals.

“Of the five drill holes to date, three have hit significant mineralisation and finished in mineralisation,” he said.

“This whole Prospect area is well located, just down the road from Mt Isa township and will continue to be our main focus going in to 2024.”

Other resources stocks in the news

AUSTRALIAN PACIFIC COAL (ASX:AQC)

This $79 million capped coalmining company had a good start to Thursday, moving up 25 per cent early on the back of news regarding a $US60 million funding package offer for its Dartbrook coal mine in the Hunter Valley, NSW.

AQC and its JV partner Tetra Resources have essentially agreed terms on a credit committee-approved offer for a three-year $US60 million debt facility from Vitol Asia Pte Ltd, which is a leading global energy and commodities company.

“Funds will cover all remaining restart capex through to first coal and the acquisition of additional mining systems during ramp-up,” notes AQC.

Dartbrook coal marketing rights will be assigned to Vitol under a “coal supply and marketing agreement between the parties.

Australian Pacific Coal’s interim CEO, Ayten Saridas, said: “For the past 12-months, AQC has been focused on de-risking the Dartbrook project and obtaining a debt funding package that gives Dartbrook the best chance of succeeding and delivers the best outcome for shareholders and stakeholders.

“The Dartbrook Mine is a Tier 1 asset and this transaction is testament to the quality of the resource.”

At 2.30pm Thursday (AEDT), AQC was still up more than 7 per cent for the day.

DRAGON MOUNTAIN GOLD (ASX:DMG)

This tiny, formerly China-focused goldie held a meeting the other day.

Is that why its share price was suddenly up 50 per cent on Thursday (before moderating somewhat to be up 30 per cent for the day at 2.30pm)?

Because there’s not much else floating about to indicate the rise.

It was the company’s AGM, and the DMG notes that “all resolutions were decided by poll… and passed by shareholders”.

This isn’t, on the surface, very exciting stuff (or is it?) but those resolutions included:

• Adopting a renumeration report.
• Electing Dimitri Bacopanos as non-executive director
• And the change of the company name… to Everflow Resources.

In November last year, DMG acquired a tenement package of prospecting licences covering 40sq km within the Cawse envelope northwest of Kalgoorlie.

At that time, company geologist Tim Leonard, said: “The company considers that these tenements may be highly prospective for gold that are within the Gordon’s Project on the granite ultramafic boundary alongside our existing Cawse interests south of Ora Banda Road.”

Dragon Mountain has also been trying to earn into some tenements around the Bulong nickel and gold field, owned by DMG chairman Robert Gardner’s private company Wingstar Investments.

Some of those have been recommended for forfeiture by Warden Genevieve Cleary in the WA Warden’s Court on minimum expenditure grounds, a decision on which Mines Minister Bill Johnston must deliberate.

RTG MINING (ASX:RTG)

This smallish mining and exploration company, which is also listed on the Toronto Stock Exchange, has gold and copper things going on in the Philippines and in Central Asia.

We’re not seeing much, or anything at all, behind its double digits gainage today, so let’s revert back to October 9, when we last mentioned it in any detail, and when the company last had some news of real note to share with the ASX.

At that time it released an update on field work showing encouraging gold and copper mineralisation along 6.5km of skarns and new structures within its 90 per cent owned Chanach project in the Kyrgyz Republic in far-flung Central Asia.

Assay highlights from its high-grade trench sampling included:

• 2m at 4.05g/t Au and 1.56 per cent Cu from Cut 1
• 1m at 1.10g/t Au and 0.76 per cent Cu from Cut 1
• 7m at 2.94g/t Au (including 4m at 4.87g/t Au) and 1.12 per cent Cu from Cut 2
• 5m at 5.53g/t Au from Cut 5.

The company’s main focus, however, remains its Mabilo gold project in the Philippines. It continues to advance work there, with “budget discussions with project partners progressing well”.

At 2.30pm Thursday (AEDT), RTG was up 16 per cent for the day.

LODE RESOURCES (ASX:LDR)

There was no completely fresh news for Lode on Thursday, but that didn’t stop its share price from climbing 10 per cent (at 2.30pm, AEDT)

BTW, did you ever play the old video game Lode Runner? It has very little to do with this gold/copper/silver explorer (although the little white character there is frenetically hunting for gold, so maybe it has everything to do with it).

It was great – spent countless hours on it as a nipper and I’d really like to play it again as soon as I’ve put this article to bed.

Screenshot of a glorious time waster. Source: loderunnerwebgame.com/game/

Lode Resources, a $12 million market capper on the search for precious metals in the New England Fold Belt of NSW, did have some news of note a bit over a week ago, regarding its Webbs Consol silver project.

Lode Resources has commenced drilling on a significant exploration target at its Webbs Consol Silver Project. The Webbs Consol North Prospect anomaly footprint is the largest surface occurrence at Webbs Consol as outlined by surface sampling. #LDR#Silver#Zinc#Lead#WebbsConsolpic.twitter.com/xaIYsatb2t

— Lode Resources Ltd (@LodeResources) November 22, 2023

With $3.7 million cash in its coffers as of September 30, Lode says it remains fully funded for upcoming drilling programs and further exploration work.

Its MD, Ted Leschke, said: “We are excited about the just-commenced drilling program at Webbs Consol North given the large size of the surface anomaly. This prospect is defined by an intense and large geochemical anomaly making a high priority drill target.”

This content first appeared on stockhead.com.au

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Originally published as Resources Top 5: Cooper Metals bolts up bourse again on Brumby Ridge copper news