Copper Search (ASX:CUS) will be restarting its induced polarisation (IP) geophysical survey work in January 2024 at its Paradise Dam prospect in Western Australia.
The results from the IP survey will inform the company’s decision-making on drilling additional holes targeting a chargeability anomaly at the prospect.
Copper Search, which has a market capitalisation of $9.22 million, says an analysis of assays from recent reverse circulation (RC) drillholes will inform follow-up drilling plans elsewhere on Paradise Dam.
Following today’s (22 December) announcement, the company’s shares spiked 19.99% to $0.12 as of midday AEDT.
Further, a heritage survey planned for late January 2024 has been moved to February to give the IP survey team more time to define the extension of the chargeability anomaly and for interpretation of the data.
Once the survey is completed, a new drilling program can be planned, with drilling permits already secured.
Meanwhile, Copper Search says its follow-up IP survey work so far has extended the chargeability zone by 1,200m to the south on the prospect. The chargeability zone remains open to the south along the structure and is interpreted to be indicative of disseminated sulphides.
Chief Executive Officer (CEO) Duncan Chessell says: “The extension and greater intensity of the IP chargeability anomaly is a very encouraging sign of potential disseminated sulphides in the shear zone adjacent to drillhole 23PK11 — with assays pending.
We look forward to follow-up drilling in and around the promising Paradise Dam prospect in 2024.”
“The extension and greater intensity of the IP chargeability anomaly is a very encouraging sign of potential disseminated sulphides in the shear zone adjacent to drillhole 23PK11”
The Paradise Dam prospect sits along the structure from recently identified iron-oxide-copper-gold (IOCG) style mineralisation at the Wills prospect.
Copper Search is targeting world-class copper-gold deposits within the Gawler Craton of South Australia.
As of 30 September 2023, the company had $3.7 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Copper Search
