THE DRILL SERGEANT: Coda Minerals (ASX: COD) is set to acquire 100 per cent-ownership of the Cameron River project in the Mt Isa region of Queensland.
The Cameron River project consists of 35 square kilometres of copper, gold, uranium, and rare earths exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053).
The tenure is in an ideal neighbourhood being located approximately halfway between Mt Isa and Cloncurry, and immediately north of the historic Mary Kathleen uranium mine.
In 2021, Coda Minerals entered a binding Farm-In and Joint Venture Agreement receiving the right to acquire up to an 80 per cent ownership in the Cameron River project.
Coda has now executed documents with Wilgus Investments to consolidate 100 per cent-ownership of the tenure.
Wilgus retains the right to a 1% NSR payable on any mineral products mined from the tenure on terms customary for this form of transaction.
“This consolidation is a logical next step for both parties and will simplify ongoing exploration and commercialisation of Cameron River,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.
“Elizabeth Creek is clearly our first priority; however, Cameron River remains highly prospective exploration tenure located in an area famous for copper, gold, uranium, and rare earth elements.
“We look forward to reporting the results of current review and exploration work to the market later in the quarter.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE