THE DRILL SERGEANT: Coda Minerals (ASX: COD) has identified new copper-gold target zones at the company’s Cameron River project, located in the Mt Isa mineral province in North Queensland.
Coda Minerals identified the new targets from recent field activity that produced high-grade rock chips at Cameron River that recorded individual peak grades of 22.9 per cent copper, 2.74 grams per tonne gold, 0.94 per cent cobalt and 156.7g/t silver in systematic rock-chip sampling.
The recent work also confirmed and extended historic data, which in turn expanded the mineralised corridor at the most prospective Copper Weed and Rebound prospect areas to 2km long and up to 800m wide.
Coda Minerals entered into a binding Farm-in and Joint Venture Agreement in March 2021, giving it the right to acquire up 80 per cent ownership in the Cameron River project.
Since then, Coda has carried out three rock chip sampling programs over what it considers the most prospective areas across the two tenements.
“Earlier this year, we farmed into the Cameron River project on the basis of its clear prospectivity and lack of systematic historical exploration knowing that we had some legwork to do on the ground,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.
“These results are just the first step in that journey, but already we are seeing exceptional results from areas of known prospectivity as well as the emergence of new areas of interest across the tenure.
“Although these headline numbers are impressive, the Mt Isa region is well known for supergene enrichment to high grades of copper and gold in rock chip samples, and these do not always indicate a material copper endowment nearby.
“In this case however, our enthusiasm comes more from the support that these geochemical results provide for targets which were generated using a multifaceted approach emphasising geophysics and structural geology, as well as the scale, lateral extent and repeatability of the Copper Weed/Rebound anomalism in particular.
“With numerous walk-up drill targets now defined at the surface, the potential of the Cameron River project for a short-term discovery is stronger than ever.
“Clearly, our primary focus remains on the ongoing activity at our flagship Elizabeth Creek project in South Australia, however, we will also be moving quickly to test these exciting new targets when the weather allows in the new year.”
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