Coda Minerals has launched a 30-hole, 3000m RC drill campaign at its Cameron River copper-gold project near Mt Isa in Queensland’s north. The company will use the probe to test a suite of promising geochemical and induced polarised, or “IP” targets at the site.
Management aims to complete phase one of the program in about 3 weeks and plans to meet the tight deadline through a two-shifted drilling operation.
The Perth-based company has already earmarked a raft of compelling targets at Cameron River, lining up the project’s Bluey, Bingo, Clifford Copper Weed and Rebound prospects as the first assets to meet the drill bit.
Coda vectored in on the operation’s more prospective targets based on results from previously completed geological mapping, geochemical sampling, IP and historical helicopter-based electromagnetic surveys.
Previous rock chip sampling at Copper Weed and Rebound delivered a clutch of solid hits including 12.6 per cent copper, 2.27 grams per tonne gold and 156.7 g/t silver.
Rock chips bagged across some of the project’s other targets yielded grades as high as 2.74 g/t and 22.2 per cent copper.
Cameron River takes in 35 square kilometres of gold and copper prospective terrain in the revered Mt Isa province.
The area houses a raft of significant operations, including Glencores’ Mount Isa copper project, Aeris Resources’ Mount Colin gold and copper operation and the Mary Kathleen uranium mine.
Coda picked up the right to acquire an up to 80 per cent stake in the project last year through a binding farm-in and joint venture agreement with private company Wilgus Investments.
The terms of the deal require Coda to outlay $2 million on exploration over the next three years. Once this has been met, both companies will fund the project on a pro-rata basis.
Coda Minerals’ Chief Executive Officer, Chris Stevens said:“The programme commenced on 23 August with earthworks and ground preparations. After a short delay due to rig availability and adverse weather, drilling commenced on Monday 5 September at the Copper Weed prospect. Although drilling commenced slightly later than planned, the rig will now be run on a double-shift basis which means the programme is expected to be completed earlier than previously scheduled.”
Outside Cameron River, Coda has also been active at its flagship Elizabeth Creek copper project in South Australia.
Elizabeth Creek takes in three deposits for a total contained copper equivalent resource of 1.1 million tonnes. Emmie Bluff, the project's largest deposit boasts a 43 million tonne copper equivalent resource going 1.84 per cent.
The operations other two assets, Windabout and MG14, host an 18 million tonne copper equivalent resource at 1.14 per cent and a 1.8 million tonne resource running 1.67 per cent copper equivalent, respectively.
Management is also on the hunt for the country’s next significant iron oxide copper-gold deposit at Elizabeth Creek with plans in place to chase up the commodities at the Emmie IOCG prospect.
The company has earmarked Emmie Bluff, Emmie IOCG and Cameron River as three of its most valuable assets and with drilling now underway at the latter, it could be a busy end of year for the explorer.
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By Matt Birney
