Coda Minerals has identified multiple targets including outstanding anomalies from induced polarisation surveys at its Cameron River copper-gold project in north Queensland, with drilling set for August.
The drilling program will target coincident geophysical and geochemical targets including a shallow chargeability anomaly at the site’s Rebound prospect.
The final results of the survey included three grids of gradient array-induced polarisation, or “GAIP” and a single line of dipole-dipole-induced polarisation, or “DDIP”, at the company’s key prospects of Copper Weed, Rebound, Bluey and Bingo that were identified by field mapping.
The GAIP results suggest a chargeability trend of at least 1200m strike length linked to the Rebound geochemical anomaly in addition to other high-priority targets.
The DDIP results identified a chargeability anomaly peak estimated to be less than 100m below the surface and close to highly anomalous surface samples of more than 5 per cent copper and 3 grams per tonne gold.
The first phase of drilling will be a 30-hole RC program across 2200-3000m once the environmental approval is completed.
Coda Minerals Chief Executive Officer, Chris Stevens said: “We are extremely pleased by the quality of the data we received from the recent surveys and excited by the potential it has revealed at Cameron River. In particular, the DDIP survey, which produced not only an extensive zone of anomalism but also peaks of extraordinarily high intensity for the region.”
Last year systematic rock chip sampling over several prospects at Cameron River returned high-grade results including 22.2 per cent copper and 2.74 g/t gold.
Cameron River covers a 35 square kilometre gold and copper exploration area north of the Mary Kathleen uranium mine in the Mt Isa mineral province.
Coda says inverse polarisation has been a key driver behind multiple recent major copper discoveries in the Mt Isa region and believes when combined with high-grade geochemical sampling at surface and field mapping it strongly suggests the potential for an extensive, shallow copper-gold system.
Coda entered into a binding farm-in and joint venture agreement last year with private entity Wilgus Investments to pick up Cameron River.
Under the agreement Coda will spend $2 million on exploration over the next three years to earn an 80 per cent holding in the project after which time both companies will contribute funds on a pro-rata basis to advance the project.
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By Matt Birney
