SUMMARY
• A focussed six-week diamond drill core program is planned to commence on the 1st of June at the Paradise Dam and Douglas Creek Prospects to test both prospects for large-scale copper deposits at the Peake Project, South Australia
• The Paradise Dam Prospect is defined by a strong chargeability anomaly of up to 50mV/V strength, 3km in strike (>30mV/V) derived from structural analysis and an Induced Polarisation (IP) geophysics survey completed in January 2024
• The Douglas Creek Prospect is a large-scale shallow classic IOCGstyle coincident “Magnetics and Gravity” anomaly of 1400nT (mag) and 1.9mGal (gravity) only recently cleared for drilling after careful consultation with the Arabana (traditional owners) over the last two years
• Heritage clearances, drilling permits and drill contractor are secured, and the camp, drill pads, tracks and water supply are established and ready for the planned arrival of the drill rig on the 1st of June
• Regional exploration in May and June includes an early-stage geochemical sampling program to assess the gold potential on the Mt Denison claim
• Well-funded with $2.6M cash at the bank – 30 March 2024 Quarterly, the two-hole drill program is budgeted to cost $0.8M
Copper Search Limited ASX: CUS (Copper Search or the Company) is pleased to announce the drill ready status of the Douglas Creek and Paradise Dam Prospects and commitment to drill test these two prospects commencing in June. Titeline Drilling has been awarded the drill contract for the winter 2024 drill program. Titeline has extensive experience in the region and has been involved in drill-out of multiple IOCG deposits in South Australia. The two large-scale copper prospects have been prioritised from an initial 40 geophysical anomalies through extensive geophysical surveys and drilling campaigns over the last two years for drill testing in Winter 2024. The Program is expected to take approximately six weeks to complete at an all-in cost of $0.8M. The Company intends to report laboratory assays rather than visual results, hole by hole as appropriate.
In parallel to the drilling program, regional exploration in May and June includes an early-stage geochemical sampling program to assess the gold potential on the Mt Denison claim. A desktop assessment of alternative/non-copper mineral systems throughout the project is underway by consultant Dr David Rawlings.
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