Copper Search bags A$2M ahead of Peake Project drilling

Copper Search Ltd (ASX: CUS) is ready to drill at the Peake Project after receiving commitments to raise A$2 million via a placement of shares.

The shares will be issued to sophisticated, professional and institutional investors at an issue price of A$0.10.

In addition to the placement, the directors have subscribed for A$130,000 worth of shares on the same terms.

The strong support for the raising will help fund drilling to test for large-scale copper deposits at the Peake Project in South Australia.

Read: Copper Search Set To Drill At Peake Project In South Australia

Two prospects prioritised

A diamond drill core program is planned to start next week at the Paradise Dam and Douglas Creek Prospects.

These prospects have been prioritised from an initial 40 geophysical anomalies.

This was done through extensive geophysical surveys and drilling campaigns over the last two years.

Six-week program

The Douglas Creek Prospect is a large-scale shallow classic IOCG-style coincident “magnetics and gravity” anomaly.

Meanwhile, the Paradise Dam Prospect is defined by a strong chargeability anomaly which is 3 kilometres in strike.

The drilling program is expected to take about six weeks to complete at an all-in cost of $0.8M.

Copper Search intends to report laboratory assays rather than visual results, hole by hole as appropriate.



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