SUMMARY
Copper Search Ltd (ASX: CUS) announces assay results from the second drill hole at the Douglas Creek IOCG Prospect and discusses prospectivity and next steps.
Second drill hole 24PK14B
Following the encouraging sulphides and IOCG-style mineralisation observed in the drill core in the first hole 24PK14, the Company elected to drill an (extra) second hole “wedged off” from the first vertical hole to test the northeast sector of the prospect. Significant spatial variation can occur over relatively short distances in IOCG mineral systems, and an extensive exploration space remained untested; further drilling was warranted. The hole was completed to a down-hole depth of 819m, angled to the northeast using directional “navi-drilling” techniques. Copper mineralisation is similar to 24PK14 and is nearly continuous throughout the hole, with grades up to 0.11% Cu; anomalous uranium and gold were recorded with intervals and grades as reflected in the strip log, significant intervals table and cross-section below.
Figure 1. Cross section view to the northwest of the Douglas Creek IOCG Prospect – Peake Project, South Australia. Note navigation drilling 24PK14B achieved a 300m separation to the northeast from the vertical parent hole 24PK14 at EOH, targeting the core of the gravity anomaly.
Prospectivity of the Douglas Creek IOCG Prospect
We further note that through the two drill holes, we have tested effectively just 1/3rd of the rock volume of the footprint of this target. As demonstrated in many other IOCG deposits (Carrapateena, Oak Dam, Prominent Hill), this type of orebody can be strongly zoned, with distinctly barren or very low-grade zones juxtaposed within 50m of high-grade ore. The Company intends to retain this promising target and seek partners / alternate funding options to advance the exploration of the mineralised Douglas Creek IOCG Prospect further.
Next Steps
The Company recently appointed Professor Bruce Schaefer to conduct a near-miss analysis and review the Company’s drilling at the Peake Project. Professor Schaefer is a well-recognised expert in IOCG and porphyry mineral systems, with deep subject expertise in geochemistry and geochronology and consults widely to industry. Results from the second drill hole at the Douglas Creek Prospect and a review of the 2021-2024 drilling results will inform the Company of the next steps in the Project. The detailed review is ongoing, and the Company intends to inform the market of the review’s conclusions at the appropriate time.
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