Coppermoly’s New CEO Faces Test as Q2 Drilling Targets Ernest Henry-Style Mineralisation

Corporate Developments and Capital Raising

Coppermoly Limited (ASX: COY) has fortified its financial and leadership foundations during the March 2025 quarter by successfully raising $1.75 million through two private placements. This capital injection is earmarked to accelerate exploration and development activities across its Queensland copper-gold projects. Complementing this financial boost, the company appointed seasoned geologist Dickson Leah as Managing Director and CEO, signaling a strategic pivot towards leveraging his 22 years of experience in exploration and mining operations across Australia and Papua New Guinea.

Copper Valley Prospect: A Major Magnetic Discovery

Exploration at the Copper Valley Prospect within the Shuffleton Project has yielded a significant breakthrough. A comprehensive ground magnetic survey spanning 143 line kilometres identified a major magnetic anomaly approximately 2 kilometres long and 1 kilometre wide. This anomaly lies east of the Cloncurry Fault Zone, a known conduit for copper-bearing fluids, and is associated with magnetite-bearing quartzite and mafic layers. Field reconnaissance confirmed two distinct copper mineralisation types: oxidised malachite-rich ores within silicified shear zones and iron-rich copper zones linked to magnetite quartzite.

Soil geochemical sampling over a 0.2 km² area further delineated a copper anomaly measuring 200 by 300 metres, with indicative portable XRF readings encouraging a larger-scale survey planned for Q2 2025. These findings collectively provide a compelling target for follow-up induced polarisation (IP) surveys and test drilling.

Malakoff Prospect: Ernest Henry-Style Targets Emerging

At the Malakoff Prospect, Coppermoly completed 183 line kilometres of ground magnetic surveying and nine IP sounding lines covering 6.1 line kilometres over the A1 magnetic anomaly. The surveys revealed four major magnetic complexes (A1 to A4), structurally analogous to the Ernest Henry copper deposit located nearby. The IP sounding detected a broad chargeability anomaly zone between 100 and 400 metres depth, interpreted as a potential copper mineralisation zone plunging southwards and dipping east.

These geophysical signatures underpin the company’s plan to commence test drilling in Q2 2025, targeting Ernest Henry-style mineralisation. The Malakoff tenement, granted during the quarter, adds strategic value to Coppermoly’s portfolio in the highly prospective Mt Isa region.

Outlook and Strategic Implications

Coppermoly’s recent activities reflect a concerted effort to advance its exploration pipeline with a clear focus on high-potential copper-gold targets. The appointment of Dickson Leah brings operational expertise and a track record of resource development, which will be critical as the company transitions from geophysical surveys to drilling and resource definition. The planned Q2 drilling campaign at both Copper Valley and Malakoff prospects represents a pivotal phase that could materially enhance the company’s resource base and market valuation.

While the geophysical and geochemical results are promising, they remain preliminary. Confirmation through drilling and laboratory assays will be essential to validate the scale and grade of mineralisation. Investors should watch closely for upcoming assay results and updated resource estimates.