Cooper Metals Limited (ASX: CPM), an ASX-listed explorer focused on copper and gold exploration, aiming to build shareholder wealth through mineral discoveries across its project portfolio, has announced the acquisition of the Pyramid Gold Project in North Queensland. The company has entered into a binding asset swap agreement with AIC Mines Limited (ASX: A1M) subsidiary, Demetallica Gold Mines Pty Ltd, where Cooper Metals will acquire 100% of the Pyramid Gold Project in exchange for its non-core Oorindi Project. This strategic move is set to enhance the quality and focus of Cooper’s exploration portfolio, aligning with its copper and gold strategy.
The Pyramid Gold Project is located in the prolific Drummond Basin, North Queensland, a region with a known gold endowment exceeding 5 million ounces. Historical drilling at the Gettysberg prospect within the project has yielded high-grade gold intercepts, including 35 metres at 6.1 grams per tonne gold and 15 metres at 5.65 grams per tonne gold. The project also features an approximately 8-kilometre Gettysberg Fault corridor that remains largely undrilled, offering significant exploration upside. Furthermore, the project presents dual mineralisation styles, with structurally controlled epithermal gold in the West Pyramid Range and intrusion-related gold system (IRGS) potential in the East Pyramid Range.
Under the terms of the asset swap, Cooper Metals will issue 15,000,000 fully paid ordinary shares to Demetallica Gold Mines, subject to a 12-month voluntary escrow period. A deferred consideration of $250,000, payable in cash or shares at Cooper’s election, is contingent on achieving a JORC Inferred Resource of at least 250,000 ounces of gold at greater than 1g/t within five years. In conjunction with this acquisition, Cooper Metals has secured firm commitments to raise approximately $979,500 via a placement to support its expanded exploration programme.
In addition to the Pyramid acquisition, Cooper Metals is preparing to commence an initial approximately 1,400-metre RC drill program at Ardmore North, part of its Mt Isa East Project, in Q2 2026, with all approvals secured. The company has also appointed Hamish Collins as a technical, project oversight, and business development consultant, bringing over 34 years of Queensland resources experience to the team. These developments mark a busy exploration phase planned across Cooper Metals’ expanded portfolio.
