Codrus Minerals Identifies Additional Broad Gold Zones at Red Gate
THE DRILL SERGEANT: Codrus Minerals (ASX: CDR) reported further assay results from Reverse Circulation (RC) drilling completed last year at the company’s 100 per cent- owned Red Gate gold project near Kalgoorlie in Western Australia.
Codrus Minerals said the final assays from the Red Gate drilling demonstrate potential for the project to host both wide lower-grade and narrower higher-grade zones of mineralisation, with mineralisation widely distributed across the key prospects tested to date (Porphyry North, Porphyry West, Grunters, Arieta and Vonu).
At Porphyry West multiple intercepts totalling 51m of gold mineralisation were encountered, including:
RGRC027
8 metres at 0.44 grams per tonne gold from 12m down hole;
23m at 0.61g/t gold from 37m down-hole; and
20m at 0.42g/t gold from 72m down-hole.
At Porphyry North Codrus intersected further mineralisation totalling 45m of gold, including:
RGRC021
20m at 0.56g/t Au from 16m down-hole;
7m at 0.84g/t from 39m down-hole;
4m at 0.35g/t from 56m down-hole;
4m at 0.73g/t from 84m down-hole; and
10m at 0.36g/t from 100m down-hole.
Codrus is now planning follow-up drilling, which is expected to commence in the coming weeks, along with further UAV (drone) magnetic surveys to assist in enhancing the structural interpretation.
“We are very pleased with the outcomes of our maiden drill program at Red Gate,” Codrus Minerals managing director Shannan Bamforth said in the company’s ASX announcement.
“While our geological understanding of the project is still developing, the two key takeaways for us are the extensive nature of the gold mineralisation encountered and the fact that the project is clearly capable of hosting both wide zones of lower-grade mineralisation and narrower, high grade gold zones.
“The presence of multiple zones of gold mineralisation in two key holes at both Porphyry North and Porphyry West is an excellent sign, suggesting that there is a significant amount of metal in the system at Red Gate.
“Our focus is now on establishing vectors to the higher-grade zones and to expand the overall mineralised envelope.
“We are very encouraged by what we have seen to date, particularly given the location of this project in a Tier-1 mining district close to several major operating mines.
“We are very close to locking in a drill rig for the follow-up program, and we look forward to providing further updates on our next phase of exploration at Red Gate in the very near future.”
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