Copper Search Ltd (ASX: CUS) has announced the assay results for the first diamond core drill hole (24PK14) at the Douglas Creek IOCG (Iron Oxide Copper Gold) Prospect, part of the Peake Project in South Australia’s Gawler Craton. The initial results show that copper mineralisation is nearly continuous throughout the hole, with grades reaching up to 0.2% copper (Cu). The company believes the findings could be indicative of a large-scale IOCG-style mineral deposit, though more data is needed to confirm this.

Key Findings from Initial Drilling:

The first vertical drill hole, 24PK14, was designed to test the Douglas Creek IOCG Prospect, which is characterised by a strong pipe-like magnetic anomaly of 1,400 nanoTesla (nT) with an overlapping 1.9 milliGal (mGal) gravity anomaly over a 1,400m x 800m footprint. The drilling intersected brecciated and significantly altered mafic and metasedimentary rocks that were highly magnetised, accounting for the coincident “gravity-magnetics” anomaly. Copper mineralisation, observed as native copper, chalcopyrite, and bornite, was found almost continuously throughout the hole.

According to Copper Search, the grades recorded in drill hole 24PK14 reached up to 0.2% Cu, with mineralisation extending from the top of the basement (136m) to the end of the hole (EOH) at 786m depth. The highest recorded interval was at 712.95m to 713.5m, with a copper grade of 0.21%.

Second Drill Hole and Future Prospects:

The company has completed a second drill hole, 24PK14B, which was drilled to a depth of 819m using directional drilling techniques from the vertical parent hole 24PK14. This second hole aims to test the variation across the large footprint of the anomaly, as significant spatial variation can occur over relatively short distances in IOCG mineral systems. The drill core for 24PK14B has been sent to the ALS laboratory in Adelaide for cutting, sampling, and assay, with results expected in October 2024.

Copper Search is also conducting a “near-miss” analysis to refine its exploration strategy. The company has appointed Professor Bruce Schaefer, a well-known expert in IOCG and porphyry mineral systems, to review all the company’s drilling at the Peake Project. Schaefer’s expertise in geochemistry and geochronology is expected to provide valuable insights into the next steps for the project.

Next Steps:

Further drilling at the Douglas Creek Prospect will depend on the assay results from drill hole 24PK14B and the outcomes of Professor Schaefer’s review. The company may need to adjust its drilling permits and clearances if additional drilling is warranted.

Duncan Chessell, Managing Director of Copper Search, commented, “While the latest results are not what we wanted, we’re looking forward to seeing the results of the second drill hole, 24PK14-B, at the Douglas Creek IOCG Prospect and Professor Schaefer’s review of the Peake Project.”

Copper Search Ltd remains cautiously optimistic about the potential of the Douglas Creek IOCG Prospect. With upcoming assay results and expert reviews on the horizon, the company aims to determine whether this target holds the promise of a significant copper deposit. Investors and stakeholders will be watching closely for further updates.

  copper exploration, Copper Search Ltd, Douglas Creek Prospect, Gawler Craton, IOCG Prospect, Mining News, Peake Project