Peake Project Drilling Update – High-Priority IOCG Targets

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Drilling underway at Target AC23

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SUMMARY

  • Drilling at the Peake Project, South Australia, to test target AC23 (drill hole 23PK01) has been completed to 458m, at the limit of rods.
  • The Company determined on site to leave the hole cased to allow for a deepening of the hole subject to assays and results of further geophysics surveys.
    • All drill core has been transported to Adelaide for detailed logging, cutting and sampling, with assays expected in 6 weeks.
  • Additional ground-based magnetics, EM and IP geophysics surveys are now planned for May and June over this AC23 target.
  • The AC23 target is the first of four high-priority IOCG targets to be drilled over the next three months on the Company’s Peake Project.
  • A larger drill rig (UDR1200) capable of drilling diamond core to >2,000m depth will mobilise to the project in ~two weeks and remain on site to drill the next three targets, RH02, CU01 and CA06 and is available to extend drill hole 23PK01 at target AC23 or drill further holes in the vicinity.
  • Regional programs to identify potential drill targets in the northern half of the Peake Project are underway in parallel with the current drilling.

WATCH: CEO Duncan Chessell gives an update on the commencement of drilling at Target AC23 (2min)

DETAILS

Copper Search Ltd (ASX: CUS) is pleased to announce the completion of the drill hole, 23PK01 to 458m depth, marking 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) deposits, with targets of similar scale potential to Prominent Hill and Carrapateena. All drill sites have secured necessary drill permits and heritage clearances, and pads have been prepared.

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.

The target AC23 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 the 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 the emplacement of an IOCG deposit.

Drill hole 23PK01 – testing target AC23

The drill hole was designed to test the ~1,400m long by ~800m wide by >800m thick modelled gravity anomaly with the highest density shells interpreted to be present at approximately 200m to 300m below surface. Hence a planned 300m deep hole with a rig and rods capable of ~450m was mobilised to the target. At the limit of rods, the decision was made by the site geologist to case off the hole at 458m depth to allow for the deepening of the hole with a larger rig at a later stage, subject to further geophysics studies and assays. The drilling initially 

Location of the four high priority Drill targets (background image gravity)

NEXT STEPS

Drilling suggests that the target AC23 should be conducive for ground-based magnetics (Mag), induced polarisation (IP) and electro-magnetic (EM) geophysics surveys, because it is not overlain by Bulldog Shale. These additional surveys are planned for May and June to understand target AC23 better. This will inform the company’s decision-making on extending hole 23PK01 or identifying further drill holes at the target AC23.

A larger UDR1200 drill rig which is capable of drilling diamond core to >2,000m depth will mobilise to site in late May and drill and case the remaining three pre-collars during May-June. Drilling of the diamond tails on Curdimurka-01 (CU01) is planned to commence in June, followed by Ruby Hill-02 (RH02) and Callanna-06 (CA06). The rig will then be available to Copper Search to extend 23PK01 (AC23 drill target) and/or drill any additional holes required for AC23, as may be indicated by geophysics surveys which are to be conducted in May and June.

A concurrent regional exploration program is underway to identify further drill targets in the northern half of the Peak Project. A separate ASX announcement with a regional exploration update will be published in May.

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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.

Read More

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