The December Quarter saw Copper Search (ASX: CUS) intensify its exploration efforts on the
Paradise Dam Prospect (formerly Target AC23) on the Peake Project in the Gawler Craton,
South Australia. This target became a high priority for the company after the initial drilling
returned results with narrow intervals of typical IOCG elements (Cu, Au, U, La, Ce). It is
positioned 18km southwest along the fertile Karari Shear Zone (KSZ) from the Wills Prospect,
where neighbouring explorers also intersected IOCG-style mineralisation in 2022 (ASX:
A1M/DRM announcement 18/1/2023).
To accelerate the exploration process, the Copper Search team added a second drill rig to
simultaneously undertake follow-up RC drilling at the Paradise Dam prospect while continuing
its ongoing commitment to testing several other large-scale targets across the Peake Project.
As part of the team’s methodical approach to exploration, Copper Search also undertook new
IP surveys with the aim of defining the full extent of the chargeability anomaly at the Paradise
Dam Prospect. The initial results from the survey have been very encouraging and extended
the chargeability zone to the south of the prospect.
Further IP surveys are currently underway, and once completed, a heritage survey is planned
in February prior to follow-up drilling.
Copper Search successfully completed a placement to directors and sophisticated investors to raise $1.2 million to conduct follow-up exploration on the Peake Project. The cash position on 31 December 2023 was $3.3 million.
MORE INVESTOR UPDATES
Follow-up IP geophysical survey has extended the chargeability zone by
1200m to the south on the Paradise Dam Prospect
A six-hole reverse circulation (RC) drilling program at the Peake Project
testing the Paradise Dam Prospect (formerly Target AC23 & AC24) has been completed.