- Coda Minerals (COD) wraps up its first round of drilling at the Cameron River project in North Queensland
- While the reverse circulation drilling program confirmed the presence of a hydrothermal system, Coda says no intercepts of obvious “economic interest” were noted
- Several key geophysical anomalies remain unexplained, and the company is looking to undertake a comprehensive review of the results in between field seasons
- Coda shares ended trade down 1.7 per cent at 28 cents
Coda Minerals (COD) has wrapped up its first round of drilling at the Cameron River project in North Queensland.
The company is working to earn an 80 per cent interest in the project through a joint venture agreement signed in March last year with Wilgus Investments.
The maiden drilling program comprised 27 reverse circulation drill holes for 2830 metres across the Bingo, Bluey, Clifford, Copper Weed, Copper Weed South, Rebound and Rin Tin Tin prospects.
Broad intervals of low-level copper-bearing and non-copper-bearing sulphides were logged across multiple holes, particularly at Copper Weed South and Rebound.
Additionally, drilling confirmed the presence of a hydrothermal system believed to be the source of surface copper expressions at the project.
While the company said confirming this system was “encouraging”, no intercepts of obvious “economic interest” were noted by Coda’s field geologists.
Several key geophysical anomalies remain unexplained and the company is looking to undertake a comprehensive review of the results, once received, in between field seasons.
Four-metre composite samples are being prepared for assaying and COD said it anticipated results would be returned later this year.
Coda shares ended trade down 1.7 per cent at 28 cents.