SUMMARY
First vertical drill hole 24PK14 – Douglas Creek IOCG Prospect
Drilling intersected brecciated and significantly altered mafic and metasedimentary rocks, which were highly magnetised and of sufficient density to account for the co- incident “gravity-magnetics” anomaly. Copper mineralisation is nearly continuous throughout the hole, with grades up to 0.2% Cu recorded with intervals and grades as reflected in the strip log below in Figure 2. Mineralisation was observed as native copper (Cu), chalcopyrite (CuFeS2) and bornite (Cu5FeS4).
Second drill hole 24PK14B (assays pending)
Completed in August to 819m downhole depth angled to the northeast using directional drilling techniques from the vertical parent hole 24PK14. This hole was drilled to test the variation across the large footprint of the anomaly, as significant spatial variation can occur over relatively short distances in IOCG mineral systems. The drill core for 24PK14B has been delivered to the ALS laboratory in Adelaide for cutting, sampling, and assay. The Company anticipates assay results in October.
Next Steps
Any follow-up drilling at the prospect will be subject to further assay results from drill hole 24PK14-B (assays pending) and associated technical review. Adjustments to our drilling permits and clearances may be required if further drilling is warranted.
Appointment of IOCG Consultant – Professor Bruce Schaefer
The Company is pleased to announce the appointment of Professor Bruce Schaefer to conduct a near-miss analysis and review of all 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 Professor Schaefer’s review will inform the Company of the next steps in the Project.
We have always known that Copper Search’s mission to find the next large-scale copper deposit was a high-risk, high-reward endeavour. Over the past two years, we’ve seen indications of IOCG-style mineral systems in multiple drill holes, but pinpointing the core mineralised zone in these systems is often very challenging. Olympic Dam, for example, wasn’t ‘discovered’ until the 10th drill hole (RD10). While the latest results are not what we wanted, we’re looking forward to seeing the results of the second drill hole, 24PK14-B, at the Douglas Creek IOCG Prospect and Professor Schaefer’s review of the Peake Project.
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