WATCH: CEO Duncan Chessell gives an update on drilling from the field (2min)
- Drilling has commenced at the Peake Project, South Australia, to test four high-priority IOCG targets
- Target AC23 will be followed by three more targets for 2,500m of diamond core drilling extending over approximately three months
- The Company intends to release laboratory assay results progressively throughout the program
- Regional programs to identify potential drill targets in the northern half of the Peake Project are underway in parallel with the current drilling.
Drilling underway at Target AC23
Copper Search Ltd (ASX: CUS) (Copper Search or the Company) is pleased to announce the commencement of phase one of 2023 drilling with a four-hole diamond core program at the Company’s Peake Project in the Gawler Craton of South Australia. Drilling aims to identify large scale IOCG targets (Iron-Ore-Copper-Gold) deposit, with targets of similar scale potential to Prominent Hill and Carrapateena. All drill sites have secured necessary drill permits and heritage clearances and drill pads have been prepared. Drilling commenced earlier this week and is progressing well on the AC23 with a target depth of approximately 300m.
The AC23 drill target is along structure from recently identified IOCG style mineralisation at the Wills Prospect (ASX DRM/A1M: 5/10/2022) on neighbouring AIC Mines Limited tenements. Both the Wills prospect and AC23 target are positioned on the regional scale Karari shear zone. Importantly AC23 is positioned where the NE trending Karari shear intersects a NW trending structure. The intersection of large regional scale structures is a prime location for emplacement of an IOCG deposit. The 3.8 mGal gravity anomaly identified by Copper Search through detailed research and significant gravity station data acquisition at AC23 occupies the most likely place for emplacement of an IOCG deposit.
Location of the four high priority Drill targets (background image gravity)
Once AC23 is completed, the rig will then drill and case the remaining three pre-collars during May with drilling of the diamond tails to commence in late May / early June on Curdimurka-01 (CU01), followed by Ruby Hill-02 (RH02) and Callanna-06 (CA06).
A concurrent regional exploration is underway to identify further drill targets in the northern half of the Peak Project. A separate ASX announcement with regional exploration update and plans will be published in May.
MORE INVESTOR UPDATES
FROM THE PEAKE PROJECT
A six-hole reverse circulation (RC) drilling program at the Peake Project
testing the Paradise Dam Prospect (formerly Target AC23 & AC24) has been completed.
Copper Search Ltd (ASX: CUS) (Copper Search or the Company) is pleased to advise that it has successfully received commitments to raise $1.0 million.