High-Grade Copper Surface Samples at the Cue Copper Project
A review and field inspection was conducted on the regional prospects to prioritise targets for the next phases of drilling as part of the Company's strategy to increase its copper resource base at the Cue Copper Project.
Samples were taken of mineralised quartz/iron gossans at the Rapier West locations in Figure 2* and in Images 1 and 2*, which returned the assay results as outlined in Table 1. These sample locations had been identified in late 2019 and drilling is planned during the second half of 2020, as detailed in Table 2*, to test the structure which is dipping 75deg to the south west.
Samples were also taken of mineralised and un-mineralised quartz/iron gossans at Mt Eelya as illustrated in Figures 3 and 4*, and in Images 3 to 6*, which returned the assay results as outlined in Table 3. Eight gossan outcrops were mapped at Mt Eelya and four were noted to contain significant mineralisation. It is planned to drill test for extensions of these structures that dip steeply to the south west during the second half of 2020 as detailed in Table 4* and Figure 4*.
Executive Director Barry Cahill commented "We are pleased to report these high-grade copper samples as part of our regional review programmes to increase the copper resource base at the Cue Copper Project.
We look forward to updating the market with assay results as they become available as we continue to progress the Cue Copper Project."
Earn-in and Joint Venture
Pursuant to an agreement between a wholly owned subsidiary of CYM and Musgrave Minerals Limited (ASX:MGV), an option was granted by Musgrave Minerals Limited to earn-in and joint venture for an 80% interest in the non-gold rights over the tenements at the Cue Copper Project (CYM ASX Release 25 March 2019).
The earn-in expenditure requirement for an 80% interest in the non-gold rights over the tenements at the Cue Copper Project, WA was met during the March 2020 quarter which was required for the transfer of the interests and formation of the joint venture (CYM quarterly activities report released on 17 April 2020).
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About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Cyprium Metals Ltd