Copper Search Limited has entered an exclusive option and joint venture agreement to earn up to 75% in the Byrock Project, a highly prospective copper-gold exploration asset in the Lachlan Fold Belt, NSW. The company plans to commence drilling in Q3 2025, aiming to unlock significant shareholder value through large-scale discovery.
- Exclusive option and farm-in JV agreement with Nimrod Resources for Byrock Project
- Byrock Project prospective for large-scale copper-gold porphyry deposits in Macquarie Arc extension
- Initial $350k exploration spend with staged earn-in to 75% interest over five years
- Drilling planned for Q3 2025, subject to permitting and geophysical confirmation
- Copper Search to rebrand as Altitude Minerals Ltd reflecting broader commodity focus
Strategic Expansion into a Proven Copper-Gold Province
Copper Search Limited (ASX: CUS) has taken a significant step forward in its exploration strategy by securing an exclusive option, farm-in, and joint venture agreement with Nimrod Resources Limited over the Byrock Project in New South Wales. This marks Copper Search's first new exploration project since its 2021 IPO and aligns with its refined approach to build a pipeline of large-scale drill targets across Australia and North America.
The Byrock Project, covering nearly 2,000 square kilometres approximately 80 kilometres northeast of Cobar, sits within the Lachlan Fold Belt, a region renowned for hosting world-class copper-gold porphyry deposits. Notably, the project lies in the underexplored northern extension of the Macquarie Arc, the geological corridor that hosts the Cadia-Ridgeway and Northparkes mines, operated by industry heavyweights Newcrest Mining and Evolution Mining respectively.
A Deal Structured to Preserve Cash and Maximise Upside
The agreement with Nimrod Resources is structured to allow Copper Search to earn up to a 75% interest through staged expenditure and share-based payments, preserving cash for exploration activities. An initial $25,000 cash payment and issuance of 3.23 million Copper Search shares (~$100,000 value) secure a 12-month exclusive option period during which Copper Search will complete pre-drilling confirmation programs with a minimum $350,000 spend.
Following this, Copper Search can earn a 51% interest by spending an additional $2 million over two years and issuing $200,000 worth of shares to Nimrod, forming a joint venture. Nimrod may elect to retain a 49% interest or allow Copper Search to sole fund a further $3 million to increase its stake to 75%. This flexible earn-in structure allows Copper Search to accelerate milestones by meeting expenditure requirements early, with overspend carried forward.
Exploration Targets with Strong Geological Analogues
The Byrock Project hosts multiple compelling targets. The flagship T47 Prospect exhibits characteristics of a large-scale copper-gold porphyry system, with historical drilling intersecting disseminated pyrite, quartz-pyrite veins, and minor chalcopyrite within magnetite-bearing quartz monzodiorite. Geochronology dates the intrusion at approximately 430 million years, comparable to the Cadia and Northparkes deposits.
Recent drone magnetic surveys and surface geochemical sampling by Nimrod have reinforced the porphyry model and identified a large untested exploration space beneath shallow cover. Additional prospects, including T55, CS03, and CS13, offer potential for Cobar-style polymetallic copper-lead-zinc-silver-gold mineralisation, supported by historical drilling and geophysical data.
Next Steps and Broader Strategic Vision
Copper Search plans to commence geophysical confirmation surveys imminently, including induced polarization (IP) and electromagnetic (EM) techniques, to refine and rank drill targets. Subject to permitting, drilling is targeted to begin in the third quarter of 2025. The company also intends to expand its portfolio with additional large-scale drill targets in 2025 and seek shareholder approval to change its name to Altitude Minerals Ltd to reflect a broader commodity exploration focus beyond copper and gold.
Managing Director Duncan Chessell emphasized the significance of the Byrock Project acquisition, highlighting the opportunity to explore a largely underexplored extension of a world-class mineral province. He noted the company's proprietary machine learning systems and geological expertise as key tools in identifying high-potential targets, aiming to deliver discovery success and shareholder value.
The Byrock Project's proximity to established mining infrastructure and recent multi-year exploration commitments by AngloGold Ashanti and partners in adjacent regions further underscore its strategic importance. Copper Search's methodical approach, combining historical data, modern geophysics, and staged investment, positions it well to unlock value in this promising district.
Bottom Line?
Copper Search’s Byrock JV sets the stage for a pivotal exploration campaign that could redefine its growth trajectory in 2025 and beyond.
Questions in the middle?
- Will Copper Search secure timely drill permits to commence Q3 2025 drilling as planned?
- How will the company fund the later earn-in stages requiring multi-million dollar expenditures?
- What initial results from geophysical surveys and early drilling will validate the porphyry and polymetallic models?