Join our daily newsletter At The Bell to receive exclusive market insights
- Codrus Minerals (CDR) begins diamond drilling at its Silver Swan South Project in Western Australia
- The company will undertake roughly 1600 metres of drilling to test both gold and nickel targets along the Fitzroy Fault
- Initial focus will be at Black Eagle where historical drilling has intersected up to 3.2g/t gold
- Following completion of drilling at Silver Swan South, Codrus will shift its focus to reverse circulation drilling at the Red Gate Project
- Codrus is down 4.76 per cent on the market with shares trading at 20 cents at 4:01 pm AEST
Codrus Minerals (CDR) has begun diamond drilling at its Silver Swan South Project in Western Australia.
The Silver Swan South Project lies roughly 20 kilometres northeast of Kalgoorlie and consists of seven granted exploration tenements spanning 45.2 square kilometres.
It has been subject to previous rotary airblast, aircore and reverse circulation drilling as well as a combination of airborne and ground geophysical surveys.
Codrus will undertake roughly 1600 metres of diamond drilling to test both gold and nickel targets along the Fitzroy Fault.
Initial focus will be at Black Eagle where historical drilling has returned a result of 10 metres at 3.2 grams of gold per tonne (g/t) from 68 metres.
Managing Director Shannan Bamforth is excited to begin drilling in what will be its first program since listing on the ASX.
“We are very excited to announce the start of our maiden drilling program just weeks after successfully listing on the ASX last month,” Mr Bamforth said.
“At Silver Swan South, we have the opportunity to be the first company to test under some very significant historic mineralisation located directly along strike from one of Kalgoorlie’s great gold mines at Kanowna Belle.”
“We are in the unique position of being able to test both nickel and gold targets with our maiden drilling program, which represents the start of what we expect to be a dedicated exploration program across the company’s four key projects.”
Following completion of drilling at Silver Swan South, Codrus will shift its focus to reverse circulation drilling at the Red Gate Project.
Codrus was down 4.76 per cent on the market with shares trading at 20 cents at 4:01 pm AEST.
