Join our daily newsletter At The Bell to receive exclusive market insights
- Codrus Minerals (CDR) begins a 3000-metre reverse circulation (RC) drilling program at the Red Gate gold project in Western Australia
- The program follows on from drilling completed late last year and will follow up on the significant intercepts encountered
- The aim of this drilling is to increase Codrus’ geological understanding and extend the known mineralisation
- Up to 21.35 g/t gold was intersected in this previous program, demonstrating that Red Gate hosts both high and low-grade mineralisation
- Shares in Codrus are down 3.23 per cent and trading at 9 cents at 1:10 pm AEST
Codrus Minerals (CDR) has begun a 3000-metre reverse circulation (RC) drilling program at the Red Gate Gold Project in Western Australia.
The Red Gate Project lies 140 kilometres north of Kalgoorlie in the Edjudina mining district and lies along strike from Northern Star Resources’ (NST) Porphyry Mining Centre.
This drilling program follows on from drilling completed late last year and will follow up on the significant intercepts encountered.
The aim of this drilling is to increase Codrus’ geological understanding and extend the known mineralisation.
This previous drilling intersected one metre at 21.35 g/t gold from 80 metres, and 23 metres at 3.82 g/t gold from 14 metres including five metres at 14.29 g/t gold.
This drilling demonstrated that Red Gate hosts both broad zones of high and low-grade mineralisation.
“While our geological understanding of the project is still developing, we know that it has potential to host two distinct styles of mineralisation, which we believe reflects the potential for a much larger system,” Managing Director Shannan Bamforth said.
“We have seen both broader, high-grade zones and broader, lower-grade zones, pointing to a significant level of gold endowment across the project.
“This next program is designed to give us a much clearer handle on how to vector into the higher-grade zones while expanding the overall mineralised envelope.”
Shares in Codrus were down 3.23 per cent and trading at 9 cents at 1:10 pm AEST.
