Copper Search (ASX:CUS) has finalized the conditions precedent for an exclusive option to potentially acquire the Cowal Project from Rimfire Pacific Mining (ASX:RIM). This agreement grants Copper Search a six-month window to conduct due diligence and decide whether to purchase the project outright, subject to agreed milestone payments and royalties. The combined entity, known as the Theseus Project, now covers a substantial 944km2, incorporating Copper Search’s existing ELA 6903 tenement (489km2) and Rimfire’s Cowal Project tenements (455km2).
Located 320km west of Sydney within the Lachlan Fold Belt, the project resides within the Macquarie Arc, a region renowned for its porphyry copper-gold deposits. This area hosts world-class mines such as Newcrest’s Cadia and Evolution Mining’s Northparkes and Cowal gold mines, underscoring its significance in Australia’s mining landscape. Copper Search’s Managing Director, Duncan Chessell, highlighted the Lachlan Fold Belt as a robust mining jurisdiction, emphasizing its demonstrated economic scale potential and proximity to established mining operations. The company’s geology team will commence due diligence, including a gap analysis of historical data, reprocessing geophysics, and applying modern mineral geochemistry, before making the final decision to acquire the Cowal Project.
