Quarterly Activities Report (September 2024)

During the September quarter, the Copper Search team focused on completing the winter drilling program at the Peake Project in the Gawler Craton, South Australia. The plan was to drill two diamond core holes, one per high-priority copper target, at the Paradise Dam and Douglas Creek prospects. The exploration team drilled an additional hole at the Douglas Creek Prospect, 24PK14B completed in August.

Drilling at the Paradise Dam Copper-Gold Prospect, unfortunately, did not intersect any significant visual economic mineralisation. However, it did intersect sufficient concordant disseminated diagenetic pyrite mineralisation that explained the strong chargeability anomaly detected by the IP geophysics survey conducted earlier this year.

The drilling assays from the Douglas Creek IOCG Prospect confirmed the presence of a large-scale, copper-mineralised classic IOCG-style coincident “magnetics and gravity” prospect. Drilling also confirmed the presence of brecciated and significantly altered mafic and metasedimentary rocks, which were highly magnetised and dense and matched our geophysical modelling. Copper mineralisation was nearly continuous over hundreds of metres throughout both holes, with grades of up to 0.2% recorded.

After three seasons of drilling, we intend to pause drilling at the Peake Project and have appointed Professor Bruce Schaefer to conduct a near-miss analysis and review all our drilling. The Company intends to retain the mineralised Douglas Creek IOCG Prospect and seek partners or alternate funding options to advance exploration at the Peake Project. We are also considering farming-out the uranium rights to a specialised uranium explorer and intend to rationalise some less prospective ground to reduce tenement carrying costs.

We are also taking this opportunity to assess multiple promising copper, gold, nickel, and antimony opportunities domestically and worldwide. We are in discussions on multiple projects and carefully considering all these opportunities. We are fortunate to be able to tap into the deep knowledge base of our technical advisory team, board members, and consultants and intend to take an appropriate amount of time to conduct careful due diligence before any final commitments.

The cash position at 30 September 2024 was $2.4 million.