Geophysical Surveys and Drilling Update – Peake Project, South Australia

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Figure 1 MLEM (ground) survey results confirm late time AEM (airborne) maxwell modelled plate (black rectangle): pT/A = signal strength for Channel 25 – Z component of MLEM survey

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SUMMARY

New High Priority Drill Target AC30
• A new high priority drill target, AC30, 800m in strike length flagged in a recent airborne electro-magnetic (AEM) geophysics survey has been verified by ground-based Moving Loop EM survey results (MLEM)
• AC30 is interpreted to be a structurally controlled sulphide system – potentially an Iron Sulphide Copper Gold (ISCG) mineral system with an associated co-incident 1.5 mGal gravity anomaly
• AC30 is located 5km southwest of Target AC23
• Drilling to commence on new high priority Target AC30 shortly

CEO Duncan Chessell commented:

AC30 is a compelling target located adjacent to the fertile Karari Shear Zone with a strong late-time EM response indicating we may have directly detected an Iron Sulphide Copper Gold (ISCG) style mineral system. This is a drill ready target of excellent response and scale potential to warrant immediate drill testing.

We thank the Arabana heritage survey team for the rapid turnaround time to allow us to progress Target AC30 to drill ready in a very short period.

We look forward to the results of this drill hole before moving to our other high priority IOCG targets such as Curdimurka, Callana and Target AC23.

It’s an exciting time for Copper Search with ongoing drilling and geophysics programs on significant scale targets planned for much of the rest of the year.

WATCH: CEO Duncan Chessell goes into more detail about how
Copper Search (ASX: CUS) has defined the targets like AC23 (3min)

Target AC23 – IP Geophysics survey underway, assays pending
• Target AC23 has a significant 3.8 mGal gravity anomaly with a footprint of 1,400m by 800m, located directly on the Karari shear zone – along structure from neighbouring BHP/AIC Wills Prospect with demonstrated IOCG mineralisation in 2022 drilling (ASX: A1M announcement 17/1/2023)
• 2023 drill hole 23PK01 was drilled to limit of rods at 458m and cased to allow for extension of the hole with a larger rig (ASX CUS 8/5/2023)
• A detailed drone magnetics survey has just been completed at AC23
• IP geophysics crew have just commenced a 10-day survey at AC23
• A new heritage survey has approved drilling of the entire target footprint
• Assays from 23PK01 to 458m depth are expected shortly
• Two trial lines of MLEM tested the potential of an ISCG mineral system but did not detect a significant conductor – this doesn’t downgrade the IOCG potential of AC23
• All geophysics data will be assessed with (pending) assays to inform potential further drilling plans for Target AC23
• Copper Search is considering extending drill hole 23PK01 with the larger UDR1200 drill rig after drilling the AC30 target due to commence within days

Drilling underway at Target RH02

Target RH02 – Drilling core drilling completed
• Diamond core drilling on Target RH02 has been completed to 622m and the Company’s modelled magnetic and gravity anomaly has been explained. The drill hole will be cemented, and the site rehabilitated upon the crew’s return from break
• Selective samples will be collected for lithological and geochemical reference
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MORE INVESTOR UPDATES
FROM THE PEAKE PROJECT

AGM Presentation & Results (2023)

Copper Search Ltd (ASX: CUS) is pleased to provide investors with the opportunity to watch an Investor Presentation from CEO Duncan Chessell. The presentation covers the ongoing drilling plans for the high-priority IOCG targets at the Peake Project.

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