Copper Search embarks on timely drill program amid soaring copper prices
With copper prices at record highs and predicted to continue to rise, the aptly named Copper Search (ASX: CUS) is set to undertake a timely drill program specifically targeting the “red” metal.
Led by its experienced exploration team, Copper Search begins a six-week diamond drill core program on June 1 at the company’s Peake project in South Australia.
The program will focus on the Paradise Dam and Douglas Creek copper prospects that have been prioritised from an initial 40 geophysical anomalies to test both targets for large-scale copper deposits.
Tier 1 potential
Copper Search chief executive officer Duncan Chessell recently noted in a video presentation that the company had made a significant investment in technical know-how to define the two prospects, both of which show tier 1 potential.
Paradise Dam, which has been defined by a strong chargeability anomaly, is estimated to be at least 3 kilometres in strike length and was derived from structural analysis and an induced polarisation geophysics survey completed in January 2024
Douglas Creek is a large-scale shallow classic iron oxide copper-gold (IOCG)-style coincident “magnetics and gravity” anomaly only recently cleared for drilling after consultation with the traditional owners over the past two years.
The prospects are located north of Olympic Dam, Prominent Hill and Carapateena, highlighting the Peake project’s potential to uncover a major deposit.
New IOCG play
The Peake project is located in the under-explored NE Gawler Craton area now considered prospective for large-scale deposits.
Proof of concept of the Peake project’s copper potential was demonstrated in 2022 with confirmed Cloncurry-style IOCG alteration and mineralisation intersected in in Oz Minerals-funded drilling on the neighbouring Wills and Mawson prospects.
The Wills prospect is on the same structural corridor as several Copper Search targets.
That initial potential has been further confirmed with recent drill holes also intersecting IOCG-style mineralisation.
Copper interest at a high
Now is a great time to be hunting for copper, with copper-focused stocks attracting increasing interest.
While copper prices have slid back from record highs in recent days as traders look to grab an early profit, analysts are forecasting it may eventually reach US$15,000 per tonne due to supply constraints.
Along with its IOCG exploration activities, Copper Search is undertaking an early-stage geochemical sampling program to assess the gold potential on its Mt Denison claim and a desktop assessment of alternative non-copper mineral systems throughout the project area.