Summary
- A general review has commenced to re-rank all exploration targets across all tenements using the geological information from drilling results to date and new geophysics survey data acquired in 2022
- Drilling at Billa Kalina tenement EL6401 to test geophysical targets for IOCG mineralisation has been temporarily suspended, with holes drilled to depths of 460m, 363m and 231m failing to intersect basement. A more detailed review of this area is planned as part of the general review noted above.
- Processing of newly acquired geophysics surveys on the Ruby Hill tenements is ongoing, with a heritage survey currently underway over priority areas
- Drilling is planned to re-start at Ruby Hill, where the first hole drilled at Douglas Creek did intersect basement rocks comprising of variably altered and brecciated sediments which is seen as supporting our targeting methodology (refer to our ASX announcement of 8 Dec 2021 for details).
- Appointment of Tim McCormack as Chief Financial Officer and Jarek Kopias as Company Secretary, both from 1 June 2022
- Management team including new Chief Executive Officer Duncan Chessell will be based in new Adelaide head office from June.
” Having very recently joined Copper Search as CEO, I look forward to working with and enhancing the Company’s highly credentialled geology team and building momentum in our search for the next large scale iron oxide copper-gold (IOCG) deposit in South Australia’s Gawler Craton.
Copper Search is well-positioned and well-funded for success on our tenements in the Gawler Craton, which is home to significant IOCG deposits such as Carrapateena, Prominent Hill and of course the world-famous Olympic Dam Mine.
We have instigated a re-ranking of all our current targets using complementary geophysics survey data recently acquired and recent drilling results. We will also look to increase our deployment of cutting-edge geophysics in certain areas to better understand the geology, as we are exploring under cover sequences that typically obscure surface expression. We will recruit additional IOCG expertise and operational team members over coming months to work with the existing team and maximise our chances of success.
I welcome the additions of Tim McCormack and Jarek Kopias in the roles of CFO and Company Secretary respectively, who will join me in the new Copper Search head office in Adelaide. These changes are part of a deliberate effort to build our presence in South Australia and ultimately discover a large scale IOCG deposit. “
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