Join our daily newsletter At The Bell to receive exclusive market insights
- Codrus Minerals (CDR) encounters highly encouraging initial results from the maiden reverse circulation drilling program at its Red Gate Project in Western Australia
- Drilling was completed last year to test induced polarisation anomalies as well as down-dip and down-plunge extensions of the known mineralisation
- Roughly 60 per cent of the assays have been received so far with grades peaking at 21.35g/t gold
- The remainder of the results received so far demonstrate that Red Gate hosts significant high-grade mineralisation
- Codrus is up 21.7 per cent on the market with shares trading at 14 cents
Codrus Minerals (CDR) has encountered highly encouraging initial results from the maiden reverse circulation (RC) drilling program at its Red Gate gold project.
The Red Gate Project lies roughly 140 kilometres north of Kalgoorlie in Western Australia and consists of one granted exploration licence that covers an area of 145.2 square kilometres.
Drilling was completed last year with a total of 2980 metres drilled to test induced polarisation anomalies as well as down-dip and down-plunge extensions of the known mineralisation.
Roughly 60 per cent of the assays have been received so far with the remainder expected in the coming weeks.
Standout results so far include one metre at 21.35 grams of gold per tonne (g/t) from 80 metres and 23 metres at 3.82g/t gold from 14 metres including five metres at 14.29g/t gold from 27 metres.
The results demonstrate that Red Gate hosts significant high-grade mineralisation.
“We are pleased to announce the results of our maiden drill program at Red Gate. The results not only confirm the style and tenor of mineralisation at the Porphyry West prospect but have also identified additional new areas for the company to pursue,” Managing Director Shannan Bamforth said.
“The results to date confirm that Red Gate is a project with significant potential. Given its location in a tier-1 mining district close to several major operating mines, this is a project that is very much front and centre of our portfolio as a focus for follow-up exploration in 2022 and beyond.”
Codrus was up 21.7 per cent on the market with shares trading at 14 cents at 11:40 am AEDT.
