Copper Search Secures 944km² in NSW with $200k Option for Cowal Project

Strategic Expansion in a Premier Mining District

Copper Search Ltd (ASX: CUS) has taken a decisive step to broaden its exploration footprint in the Lachlan Fold Belt of New South Wales by securing an exclusive six-month option to purchase the Cowal Project tenements from Rimfire Pacific Mining Limited (ASX: RIM). This acquisition, if exercised, will expand Copper Search’s Theseus Gold and Copper Project to a substantial 944 square kilometres, combining 455 square kilometres of Rimfire’s ground with Copper Search’s own 489 square kilometres tenement application.

Prospectivity Backed by Historical Data and Location

The Theseus Project lies within the highly prospective Macquarie Arc, a renowned porphyry copper-gold province that hosts several world-class mines including Evolution Mining’s Cowal Gold Mine, located just 25 kilometres to the west. The project area is prospective for both epithermal gold and copper-gold porphyry deposits, with historical drilling revealing encouraging mineralisation, particularly at the Porters Mount Prospect where gold-bearing epithermal textures and associated elements like arsenic and silver have been identified.

Data-Driven Exploration Approach

During the option period, Copper Search plans to undertake a comprehensive review and consolidation of historical exploration data, including mineral geochemistry analysis on existing drill core. The company intends to apply modern techniques, including proprietary machine learning models, to refine and prioritise drill targets. This methodical approach aims to validate the project’s potential before committing to the outright purchase, which is priced at $200,000 in cash or shares, supplemented by milestone payments tied to resource definition and production milestones.

Deal Structure and Financial Considerations

The option agreement includes an initial $50,000 cash payment to secure exclusivity, with the possibility of extending the option period by up to three months for additional fees. A 2% net smelter return royalty in favour of Sandfire Resources applies to one of the tenements, EL8329. Milestone payments include $200,000 upon announcement of the first JORC-compliant mineral resource estimate and $250,000 upon first production of at least 50,000 ounces of gold or equivalent. Copper Search has sufficient funds to cover initial expenditures and the potential purchase, with no immediate need for shareholder approval.

Broader Exploration Strategy and Future Outlook

Alongside the Theseus Project expansion, Copper Search continues active exploration at its Byrock Copper and Gold Project in northern NSW and is exploring opportunities in gold, copper, and uranium commodities. The company also plans to seek shareholder approval to change its name to Altitude Minerals Ltd, reflecting a broader commodity focus. Managing Director Duncan Chessell emphasised the importance of discovery success in creating shareholder value and expressed optimism about the company’s pipeline of drill targets across Australia and North America.