New Drill Target Identified and Drilling Results

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Copper Search (ASX: CUS) is pleased to announce the identification of a new drill target from recently completed IP geophysical survey and diamond core drilling on a significant north-west structure at the Company’s Paradise Dam Prospect. The Company also presents assays from the recently completed RC (reverse circulation) and diamond core drilling in Q4, 2023 at the Paradise Dam Prospect and Richard Dam Prospect (Target AC02); and a summary table of drill holes completed in 2023 by the Company at the Peake Project. The Company is pleased to have encouraging drilling results from two copper prospects from the 2023 season.

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SUMMARY

Paradise Dam Prospect

 Recently completed 85 line-km Pole-Dipole IP geophysical survey identifies significant chargeability anomaly of up to 50mV/V strength, 3km in strike (>30mV/V) along a significant north-west (NW) structure crosscutting the Karrari Shear Zone (KSZ) south of Cu-Au mineralisation in recent hole 23PK11

• Diamond core drill hole 23PK11 was drilled to 654m deep on what is now seen to be the weaker northern zone of the chargeability anomaly

• Selective assaying (475m-654m reported) from 23PK11 drilled on this weaker margin of the chargeability demonstrate copper fertility of the NW structure
o 4m @ 0.36% Cu and 0.21g/t Au from 598m ; including1m @ 0.53% Cu and 0.26 g/t Au from 599m

• The strong chargeability anomaly is interpreted to be due to increasing scale (concentration and/or mass) of disseminated sulphides, as encountered in holes 23PK11 and 23PK01 and warrants priority follow up drill testing

• A heritage survey is planned for the 3rd week of March, after which drill testing will occur as soon as practical, subject to heritage survey results
RC drilling results

• Five RC drill holes tested the 3.8 mGal gravity anomaly with a footprint of 1,400m by 800m adjacent to drill hole 23PK01 to 330m depth. Moderate concentrations of IOCG pathfinder elements were encountered (max 335 ppm Ce+La from 318-319m 23PK10), with no significant intervals of copper

• Previously reported diamond core drill hole 23PK01 is now interpreted to be associated with a fault splay off the main north-west trending structure; 23PK01 had multiple intervals of typical IOCG alteration and intersected: copper up to 0.45%; gold up to 5.35 g/t Au; uranium up to 64 ppm; and IOCG pathfinder elements Ce+La up to 2025 ppm

Richard Dam Prospect (Target AC02)
• Two diamond core drill holes were completed to test an offset gravity and magnetic IOCG target on the Karrari Shear Zone 8 km along structure from Paradise Dam Prospect

• The scale of the target is 1km x 1.8km with a 1.8mGal gravity anomaly

• Selective assays from two diamond drill core holes 23PK05 (magnetic target) and
23PK06 (gravity target) have returned significantly elevated IOCG pathfinder elements
up to 2,105 ppm Ce+La (23PK05 @ 350m)

• Further drilling plans await technical review with petrography and geochemical studies
underway

Figure 1. Plan view map of the Paradise Dam Prospect and surrounds with a 620m depth slice background image of chargeability interpreted from a 85 line-km recently completed pole-dipole IP geophysical survey (scale is mV/V). The Pink polygon highlights a 3.8mGal gravity anomaly targeted by RC drilling, drill holes (circles) are colour coded by IOCG pathfinder elements and/or Cu% (see legend). Note the chargeability anomaly is open to the southeast along a regional scale NW-SE structure.
We are pleased to have encouraging drilling results from two copper prospects from the 2023 season at our Peake Project in South Australia and look forward to drilling results from 2024!

Results from the recent IP geophysics survey at the Paradise Dam Prospect have identified a compelling chargeability drill target with all the right ingredients for a large copper deposit.

1. Good structural position – NW structure cross-cutting the deep tapping regional scale Karrari Shear Zone 2. Demonstrated fertility – Cu-Au up to 0.5% Cu in diamond drill core hole 23PK11 3. Scale – over 3km strike length of highly chargeable zone 4. Direct geophysics detection – IP survey is effective to ~600m depth 5. Access – all-year access on flat pastoral station tracks with little vegetation 6. Jurisdiction – South Australia consistently ranks in the top 20 mining jurisdictions worldwide with the Fraser Institute

Selective assays from drilling at the Richard Dam Prospect (Target AC02) indicate proximity to an IOCG system with significantly elevated IOCG pathfinder elements Cerium, Lanthanum, Neodymium and Praseodymium. Further geochemical and petrography studies are underway to assess further drilling opportunities.

We look forward to 2024 as we drill testing multiple large-footprint copper targets.
Duncan Chessell
CEO
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MORE INVESTOR UPDATES
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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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