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- Drilling planning progressing after completion of acquisition
- Initial drilling contract signed
- Drilling expected to commence this month.
- Quest End prospect the focus of initial exploration
Codrus Minerals (ASX: CDR) is accelerating exploration planning after completion the acquisition of the Copperhole Creek project in Queensland.
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The company has signed a drilling contract for an initial exploration program at the Quest End prospect. The first two holes of the diamond drill program will look to verify historic percussion holes, with drilling expected to commence this month.
The first hole is designed to twin a historic intercept, crossing the mineralised zone close to perpendicular at about 50 to 60m downhole. It will examine whether historic grades and widths can be reproduced with modern drilling, sampling and assay quality control.
A second hole, stepped back from the first, will test whether the mineralisation continues down-dip of the historic intercept.
Diamond drilling was chosen so the core can be oriented. That will give the true orientation of the mineralised structure and help guide any follow-up drilling. Samples will be analysed for a full multi-element suite, including indium.
The Copperhole Creek project encompasses an exploration permit covering a total area of approximately 62 sq. km located approximately 300km from Townsville and Cairns.
The project contains multiple prospects with a defined land position and significant historical exploration results that have not been followed up with modern exploration techniques.
In early October Codrus completed the acquisition of 100% of the issued share capital of EdgeMet providing the company with exposure to the highly prospective Copperhole Creek, the Tiquihua molybdenum project in Peru and associated intellectual property relating to early-stage flash joule heating technology from the William Marsh Rice University in Houston.
Copperhole Creek features a historic drill intercept of 12m at 3.27% copper, 0.66% zinc, and 51 grams per tonne (g/t) silver from 36m depth at Quest End.
CDR was down 3.33% to 2.9¢. Mkt cap $16.10M.
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