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Pipeline Of Copper-Gold Targets Secured – Byrock Project, Lachlan Fold Belt, NSW

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HIGHLIGHTS

  • First new exploration project since the Copper Search IPO in 2021 is part of a refined strategy to build a pipeline of large-scale Drill Targets in Australia and North America, targeting the creation of significant shareholder value through large-scale discovery success 

  • The Byrock Project is prospective for large-scale Cu-Au porphyry deposits in the underexplored northern extension of the Macquarie Arc – home to the Cadia-Ridgeway and Northparkes Mines

  • Significant interest in this zone with AngloGold Ashanti committing $195m to 10-year exploration programs also pursuing the northern extension of the Macquarie Arc (Junee-Narromine Volcanic Belt) – Lachlan Fold Belt

Click to enlarge map

Location and regional tenement Map.
Neighbours, operating mines, geochronology dates (magmatic U/Pb) of mineralisation events of significant deposits in the region – background image solid geology. The Company’s new interpretation** is the Macquarie Arc extends under cover to the northwest of the conventional North-South corridor across to the Byrock Project.

  • The Byrock Project is also prospective for Cobar style Cu-Zn-Pb-Ag deposits and gold at the (historical) Rocky Ned Goldfield Project located 80km NE of Cobar, NSW (Australia)

  • Ranking of Drill Targets with confirmation geophysics programs over multiple prospects will commence shortly

  • Drill testing is planned to begin in Q3 2025 – subject to permitting
The last few months have been focused on leveraging the wealth of experience within the Copper Search Team, as well as our geologically driven proprietary machine learning systems, to uncover opportunities for the next large-scale economic deposits of copper, gold, uranium and other base metals. I’m pleased to share with investors the first step in our plan to expand Copper Search’s horizons and drive shareholder value.

With this agreement, Copper Search has a ready-made pipeline of excellent targets, most of which only require minor work to confirm drill collars. This gives shareholders a fast-track opportunity for their Company to drill large-scale copper-gold Targets within the well-endowed Macquarie Arc of the Lachlan Fold Belt.

Very importantly, this agreement locks in a large untested exploration space where the northern extension of the Macquarie Arc is interpreted to extend under shallow cover, which in the south, hosts the world-class operating Cadia and Northparkes Mines operated by Evolution Mining. This is a significant opportunity we have secured.

We believe discovery success is the key to creating maximum shareholder value, and in the coming weeks, we look forward to sharing more of the Company’s new strategy and further details on the Byrock Project from the RIU Conference in Fremantle on the 19th of February.

I look forward to the rest of 2025 as we continue to secure and test new significant drill targets.
Duncan Chessell
Managing Director

THE DEAL TERMS

Copper Search and privately held Nimrod Resources Limited (NIM) have signed an exclusive binding Option, Farm-in and JV agreement that allows CUS to earn up to a 75% interest in the Byrock Project in NSW

 

  • An initial consideration to NIM of $25k cash and 3,230,000 CUS shares (~$100k value) is due shortly, followed by project milestone share-based payments – preserving shareholder cash for exploration

  • The exclusive 12-month Option Period will allow CUS to complete pre- drilling confirmation programs and meet the minimum of $350k expenditure required during the Option Period using existing Company funds

  • CUS can then elect to earn a 51% interest by spending $2m over two years in addition to the Option Period expenditure and form a JV

  • NIM may retain a 49% interest by electing to participate in the JV

  • If NIM elects not to participate, CUS has the Option to earn a 75% interest by sole funding a further $3m expenditure, after which co- funding by percentage interest under standard JV terms prevails

  • CUS can accelerate earning to any milestone by meeting the expenditure requirements early, with overspend carried forward.
NIMROD RESOURCES WEBSITE

Soil sampling program being conducted at the Byrock Project.
Photo courtesy of Nimrod Resources.

CORPORATE SUMMARY

  • In parallel, the team is carefully assessing gold, copper and uranium opportunities and the Company intends to acquire additional large-scale Drill Targets in 2025

  • The Company intends to seek shareholder approval to change the Company Name to Altitude Minerals Ltd at the next shareholder meeting to reflect the broader commodity exploration strategy the company is now pursuing

  • We continue to seek alternative mechanisms to progress the promising Douglas Creek IOCG Prospect at the Peake Project, SA

  • Well-funded with $1.85m cash at bank 31 Dec 2024 (quarterly report)
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