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- Coda Minerals (COD) receives the final assay results from its maiden reverse circulation drilling program at the Cameron River project in North Queensland
- An analysis of the 26-hole program returned several intersections of weak-to-moderately anomalous copper, with a best intercept of four metres at 0.59 per cent copper plus anomalous gold, silver, and cobalt
- However, Coda says the results don’t explain the strong anomalies outlined in previous surveys and is having a “hard time” reconciling the assays of this drilling with the prospectivity demonstrated in previous soil surveys
- Despite the setback, the CEO said the company is still “encouraged” by some “unexpectedly high” cobalt numbers and will consider its next steps for Cameron River after the wet season
- Coda Minerals shares are down 1.89 per cent to trade at 26 cents at 10:45 am AEDT.
Coda Minerals (COD) has received the final assay results from its maiden drilling program at the Cameron River project in the Mt Isa mineral province in North Queensland.
The company undertook a reverse circulation drilling program over September and October 2022, comprising 26 reverse circulation drill holes spanning 2830 metres.
The drilling targeted the surface expression of mineralisation at the Rebound, Copper Weed and Clifford prospects, resulting in 711 samples of four-metre composites of drill cuttings being sent off for analysis.
The results returned several intersections of weak-to-moderately anomalous copper, with a best intercept of four metres at 0.59 per cent copper plus anomalous gold, silver, and cobalt.
However, Coda told investors the results do not explain the strong anomalies outlined by previous geophysical surveys.
As such, COD said it intends to undertake a desktop review before planning its next steps.
“The numbers reported here are in-line with those provided to the market in October last year and confirm our visual estimates indicating that there is a copper-bearing hydrothermal system at Cameron River, albeit one that so-far lacks economic grade,” Coda CEO Chris Stevens said.
“At present, we are having a hard time reconciling the results of this drilling with the prospectivity demonstrated in our previous soil geochemistry and geophysical surveys.
Mr Stevens went on to say that the presence of a copper-bearing hydrothermal system has been confirmed but the presence of chalcopyrite and other sulphides at surface suggests more is going on that the company doesn’t completely understand and will need to investigate further.
Despite the setback, the CEO said the company is still “encouraged” by some “unexpectedly high” cobalt numbers.
The company said it will now consider its next steps for Cameron River following the conclusion of the wet season.
Coda Minerals shares were down 1.89 per cent to trade at 26 cents at 10:45 am AEDT.
