Coppermoly Uncovers Major Magnetic Anomaly, Names New CEO to Drive Mt Isa Ambitions
Coppermoly Limited has reported significant exploration advances at its Mt Isa projects, highlighted by a major magnetic anomaly discovery and the appointment of seasoned geologist Dickson Leah as CEO.
- Discovery of a 2km by 1km magnetic anomaly at Copper Valley Prospect
- Completion of extensive geophysical surveys including Gradient Array IP and I.P. sounding
- Diamond drilling at Malakoff Prospect halted early due to minimal visible copper
- Appointment of Dickson Leah as Managing Director and CEO, bringing 22 years of mining expertise
- Strong cash position with A$1.56 million at quarter end supporting ongoing exploration
Corporate Leadership Refresh
Coppermoly Limited has strengthened its leadership with the appointment of Dickson Leah as Managing Director and CEO, effective April 2025. Leah brings over two decades of experience in exploration and mining across Australia and Papua New Guinea, having held senior roles at major players such as Northern Star Resources and Harmony Gold. His expertise spans multiple commodities including copper, gold, and iron ore, positioning him well to steer Coppermoly’s ambitious exploration agenda in the Mt Isa region.
Exploration Highlights at Copper Valley
At the Copper Valley Prospect, located in Northwest Queensland’s Cloncurry district, Coppermoly completed a comprehensive ground magnetic survey covering 143 line kilometres. This work led to the identification of a significant magnetic anomaly approximately 2 kilometres long and 1 kilometre wide, refining targets for further investigation. Complementary Gradient Array Induced Polarization (IP) surveys and soil sampling at the Fox Creek and Shufflton prospects have added layers of geophysical and geochemical data, with initial soil XRF readings indicating encouraging copper anomalies warranting expanded surveys.
Malakoff Prospect, Geophysics and Drilling
At the Malakoff Prospect, the company completed phase 2 IP sounding surveys over 0.65 square kilometres, revealing large-scale chargeability anomalies indicative of potential copper sulphide mineralisation. These anomalies align with geological structures associated with the nearby Greater Australia Copper Mine, suggesting promising parallels. Diamond drilling commenced in May 2025 with two holes completed, confirming sulphide mineralisation consistent with geophysical data but showing minimal visible copper. Consequently, Coppermoly prudently halted drilling to conserve capital while awaiting assay results and planning next steps.
Financial Position and Outlook
Coppermoly closed the quarter with a healthy cash balance of A$1.56 million, supported by a recent capital raise of A$1.75 million. Operating and exploration expenditures remain tightly managed, reflecting the company’s focus on advancing high-potential targets efficiently. The board’s decision to pause drilling at Malakoff underscores a disciplined approach to capital allocation amid early-stage exploration uncertainties.
Strategic Implications
The discovery of a major magnetic anomaly at Copper Valley and the identification of multiple chargeability targets at Malakoff position Coppermoly well within a highly prospective copper-gold province. The appointment of an experienced CEO signals a renewed strategic focus on accelerating exploration and resource definition. However, the early halt to drilling highlights the inherent challenges and risks in mineral exploration, emphasizing the importance of forthcoming assay results and further geophysical interpretation to validate these targets.
Bottom Line?
Coppermoly’s June quarter progress sets the stage for critical assay results and strategic decisions that will define its Mt Isa exploration trajectory.
Questions in the middle?
- Will upcoming assay results confirm economically viable copper mineralisation at Malakoff?
- How will the new CEO’s experience influence Coppermoly’s exploration and development strategy?
- What are the next steps for expanding soil geochemical surveys at Copper Valley’s Shufflton prospect?
