Coppermoly Advances Mt Isa Projects with 143km Ground Magnetic Survey and New Tenement
Coppermoly Limited has advanced its Mt Isa exploration program with fresh geophysical surveys and strategic board appointments, aiming to unlock new copper and gold targets in Queensland.
- New ground magnetic and geochemical surveys underway at Shuffleton and Fox Creek
- Malakoff tenement granted, expanding Mt Isa portfolio adjacent to Ernest Henry mine
- Significant board and management changes including appointment of Mark Burke as Managing Director
- Focus on accelerating exploration strategy with enhanced geological expertise
- Cash position stable with ongoing investment in exploration activities
Exploration Momentum Builds in Mt Isa
Coppermoly Limited (ASX: COY) has reported a productive December 2024 quarter, marked by a series of exploration initiatives and corporate changes designed to fast-track its copper and gold discovery ambitions in the Mt Isa region of Northwest Queensland. Following initial test drilling at the Shuffleton prospect earlier in the year, the company has identified promising new target zones through integrated geophysical and geochemical methods.
During the quarter, Coppermoly completed a substantial ground magnetic survey covering over 142 line kilometres at the Copper Valley prospect within the Shuffleton project area. This survey, alongside ongoing soil sampling and geochemical analysis at Fox Creek and Mount Tracey tenements, aims to refine target selection ahead of planned drilling campaigns in 2025. The company’s methodical approach leverages data from late 2023 IP Sounding surveys, underscoring a disciplined exploration strategy.
Strategic Expansion with Malakoff Tenement
A notable development was the granting of the Malakoff exploration permit (EPM 28853) in November 2024. This 305 km2 tenement borders Coppermoly’s existing holdings and lies adjacent to the prolific Ernest Henry Copper Mine, a significant IOCG (Iron Oxide Copper Gold) system. Preliminary desktop studies and field reconnaissance have identified a large aeromagnetic anomaly and copper geochemical anomalies associated with granite intrusions, setting the stage for a detailed Gradient Array IP survey planned for early 2025.
Leadership Revamp to Drive Growth
Alongside exploration progress, Coppermoly has undergone significant board and management restructuring. Mark Burke was appointed Managing Director, bringing extensive experience in mining operations and corporate strategy. Quinn Lee joined as Non-Executive Director and Chairperson, while former Managing Director Dr Wanfu Huang transitioned to focus on geological and technical leadership alongside newly appointed board member and technical head Dr Minlu Fu. These changes reflect a deliberate pivot to strengthen technical capabilities and investor engagement as the company accelerates its exploration program.
Mark Burke’s immediate involvement was evident with his on-site presence during December’s live survey activities, signalling a hands-on approach to advancing Coppermoly’s objectives. The company expressed gratitude to outgoing directors Craig McPherson and Kevin Grice, who contributed during a period of foundational work.
Financial Position and Outlook
Financially, Coppermoly maintained a stable cash position of approximately A$1.39 million at quarter’s end, with expenditures focused on exploration and corporate costs. The company’s cash burn rate suggests a runway of over three quarters at current spending levels, providing a buffer to execute planned surveys and drilling. Related party payments were disclosed in line with governance standards, reflecting remuneration for the refreshed leadership team.
Looking ahead, Coppermoly’s strategy hinges on the integration of new geological insights with targeted fieldwork to unlock value from its high-potential tenements. The combination of technical refinement and leadership renewal positions the company to potentially deliver significant exploration milestones in the coming quarters.
Bottom Line?
Coppermoly’s refreshed leadership and focused exploration program set the stage for pivotal discoveries in Mt Isa’s copper-gold landscape.
Questions in the middle?
- What initial results will the Q1 2025 geophysical surveys and soil sampling yield at Malakoff and Shuffleton?
- How will the new management team’s strategy influence Coppermoly’s capital raising and investor engagement?
- What is the timeline for drilling campaigns based on the current survey data and target prioritisation?
