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Coda (ASX:COD) makes a splash at Cameron River with new Cu-Au target zones

Highlights 

  • Coda Minerals has recorded high-grade Cu-Au mineralisation in systematic rock-chip sampling at the Cameron River Project.
  • The Cu-Au mineralisation has been identified at several new target areas on the tenement.
  • Coda is planning to drill test the identified target areas post the wet season of 2022.
  • Coda’s primary focus remains the development of the Elizabeth Creek Project.

Coda Minerals Limited (ASX:COD) is set to ramp up exploration activities at its highly prospective Cameron River Project in North Queensland. Coda has announced the results of the field works, which has led to the identification of high-grade copper and gold mineralised areas over the tenure.

The Cameron River Project is spread over an area of 35km2 in the Mt Isa region. The tenement consists of multiple prospects which were included in the sampling program. Since March 2021, Coda has carried out three rock chip sampling operations over the most prospective areas of the project.

Related read: Coda Minerals’ (ASX:COD) shares fly 235% on discovery of IOCG zone at Emmie Bluff Deeps

A total of 696 samples were collected in a grid pattern of 300m X 100m or 150m X 100m spacings over the most prospective areas. The analysis showed 31 samples with anomalous copper (>0.1% Cu), while 16 samples returned anomalous gold (>0.1 g/t).

Sample collected from Rebound prospect (Image source: Company update, 27 October 2021) 

Mr Chris Steven, CEO of Coda Minerals, said that assay results from the sampling program are the first step in the journey of unlocking the potential of the project.

Mr Stevens called the results exceptional as the known prospective areas returned excellent Cu-Au values along with the emergence of new areas of interest on the tenure.

“Our enthusiasm comes more from the support that these geochemical results provide for targets which were generated using a multifaceted approach emphasising geophysics and structural geology, as well as the scale, lateral extent and repeatability of the Copper Weed/Rebound anomalism in particular”, Mr Steven said.

Related read: Copper market dynamics serve up a golden opportunity for Coda Minerals (ASX: COD)

Historical prospects

The Copper Weed and Rebound prospects at Cameron River have been the centre of all historical exploration activities carried out on the project. Coda undertook a sampling program over the prospects and collected 37 samples to validate the historical results.

Soil sampling assay result (Data source: Company update, 27 October 2021)

The recent sampling program confirmed the copper-gold mineralisation on the prospects and expanded the scale of the Copper Weed-Rebound geochemical anomaly. The rock chips collected from the traverse over the area have highlighted anomalous gold and copper associated with the faults.

Related read: Coda steps up efforts to unlock IOCG potential of Emmie Bluff Deeps

New targets generated from historical VTEM

A Versatile Time Domain Electromagnetics (VTEM) survey carried over the project tenure in the past has generated several geophysical targets. The sampling program over the VTEM anomaly returned anomalous rare earth values over an area 1000m X 600m. The anomalous area oriented north-south over the central ridge of outcropping Corella Formation. Copper and gold anomalism was observed further south along the same trend.

Two new prospects- Clear Waters and Wishbone – were identified from the sampling program. The rock chip sample from the Clear Water prospect returned copper and gold values of 12.1% Cu and 0.23g/t Au. Rare earth elements were also detected in a sample with values of 0.26% La and 0.05% Ce.