Coppermoly (ASX:COY) defined four magnetic anomaly discoveries at the Malakoff prospect in Queensland via ground magnetic surveys and gradient array-induced polarization survey, according to a Tuesday Australian bourse filing.

The magnetic anomalies are similar to those observed at the Ernest Henry copper deposit, the filing said.

Preliminary interpretation suggested that the induced polarization chargability anomaly may be related to a copper zone with test drilling planned for the second quarter.

Its shares fell 7% in recent trading on Tuesday.