Copper Search (ASX:CUS) has preparing to launch a follow-up reverse circulation (RC) drilling program targeting iron-oxide-copper-gold (IOCG)-style mineralisation at its Peake Project in South Australia.
This comes even as ongoing drilling continues to focus on Target AC02 in the project area, located on the fertile Karari Shear Zone. This first drillhole will test a magnetic anomaly, and a second diamond core drillhole will test an offset gravity anomaly at 550m depth.
In preparation for the planned RC rig to start spinning later this month, the $16.48 million market capitalisation company has launched a program to complete 6 rotary mud pre-collars on Target AC23.
Upon the completion of this rotary drilling program, a more detailed location map and hole plan will be announced for all the drillholes at Target AC23.
Commenting on the ongoing exploration activities, Copper Search Chief Executive Officer (CEO) Duncan Chessell says: “We have been actively exploring for 2 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 5 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 2 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.”
“Our original 40 geophysical anomalies have been narrowed to 5 high-priority targets on the fertile Karari Shear Zone and parallel structures”
This news comes after Copper Search conducted a project review using new geophysics, drill results, historical data, and applied machine learning to re-rank all targets in the area.
Copper Search reports the review concluded that the Karari Shear Zone should be focused on, and it identified 2 new potential drill targets that are currently under final evaluation.
The Peake Project is located in the Gawler Craton of South Australia and encompasses 5,560km-square.
Copper Search is an ASX-listed exploration company focused on discovering copper-gold deposits within the Gawler Craton of South Australia. As of 30 June 2023, the company had $5.8 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Copper Search
