WATCH CEO Duncan Chessell’s update on the drilling program at the Peake Copper Project. (2min)
SUMMARY
• Drilling of pre-collars for six planned RC holes has commenced on Target AC23 to follow up IOCG-style mineralisation intersected in drillhole 23PK01 and test recently detected IP chargeability anomaly
• Drill hole 23PK01 identified copper sulphides and is considered a “near- miss” by CUS with significant evidence of IOCG-style mineralisation from assays of up to 0.45% Cu and 5.35 g/t Au (ASX release 24/7/23)
• Drilling continues at Target AC02, located on the fertile Karari Shear Zone (KSZ). The first drill hole will test a magnetic anomaly, a second diamond core drill hole will test an offset gravity anomaly at 550m depth
• CUS has completed a project review utilising new geophysics, drilling results, historical data, and applied machine learning to re-rank all targets. The conclusion is to focus on the KSZ and has identified two new potential drill targets currently under final evaluation
• Regionally, the AEM survey results were useful in identifying basement lithologies and aided in the Company’s conclusion to focus on the KSZ and associated parallel structures and splays on the Anna Creek, Ruby Hill, Spring Hill and Callana Tenements
• Drilling of EM derived Target AC30 yielded no significant visual results
• RC and diamond core drilling to continue for much of the remainder of the year on targets within the Karari Shear Zone
Figure 1. Quartz vein (15cm) with bornite (blue), pyrite and minor chalcopyrite at 221.2m (AC23)
CEO Duncan Chessell commented:
We have been actively exploring for two years at our Peake Project and have acquired a great deal of data and local expertise in IOCG exploration. Our original 40 geophysical anomalies have been narrowed to five high priority targets on the fertile Karari Shear Zone and parallel structures. These drill targets have been validated by conventional modelling, passive seismic surveys and machine learning models against IOCG deposits Australia wide.
With two rigs on site, we are leaning in on the fertile Karari Shear Zone, drill testing significant scale potential IOCG targets with drilling planned for much of the rest of the year and a pipeline of drilling planned into 2024.
WATCH: CEO Duncan Chessell goes into more detail about how
Copper Search (ASX: CUS) has defined the targets like AC23 (3min)
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