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- Codrus Minerals (CDR) pauses survey work at its Bull Run project in eastern Oregon, USA due to un-safe ground conditions
- The low-noise deep 3D DCIP survey began at the end of last year to test the presence of disseminated pyrite and chalcopyrite mineralisation at the project
- Due to the steepness of the terrain and accumulated snow, ground activities became unsafe, however the survey is scheduled to resume as soon as ground conditions allow
- Once the results from the survey are received, the company will integrate the data with the current geological knowledge to inform a drilling program
- Shares have been trading 3.7 per cent lower at 13 cents at 12:07 pm AEDT
Codrus Minerals (CDR) has paused survey work at its Bull Run project in eastern Oregon, USA due to un-safe ground conditions.
The company began exploration at the project at the end of last year following its successful initial public offering and ASX listing.
The project consists of 102 claims, 12 of which were added recently, and Codrus holds a 100 per cent legal and beneficial interest in 91 claims and is party to the Record Mine Option Agreement covering a further 11 claims.
There has been minimal modern exploration undertaken, with the most recent drilling comprising three holes completed in the 1980s.
Most recently, Blackstone Minerals (BSX) — prior to the spin-out and listing of Codrus Minerals — completed exploration work which included soil geochemistry sampling over the claims and identified two gold-in-soil trends.
After being granted an additional 12 mineral claims, covering the prospective zone
to the south, Codrus commenced a program of soil sampling, with 99 samples collected in the new mineral claims.
The samples were analysed for a multi-element suite including gold and identified a new zone of anomalous gold known as the Koski zone.
In addition to gold, the zone is coincident with some low-level zinc and copper mineralisation.
The company has also identified the presence of disseminated pyrite and chalcopyrite mineralisation at Bull Run which it said may be amenable to pole-dipole Induced Polarisation geophysics.
To test this, Dias Geophysical was contracted to conduct a low-noise deep 3D DCIP survey which is expected to resolve charge-ability and resistivity anomalies to a depth of 400 metres.
While the survey began at the end of last year, it has been paused due to the steepness of the terrain and the accumulated snow which has made ground activities unsafe. It is scheduled to resume as soon as ground conditions allow.
Once the results from the survey are received, the company will integrate the data with the current geological knowledge to inform a drilling program.
Preliminary drill permitting has begun with the Bureau of Land Management and is set to continue with a dedicated in-country consultant supporting the company’s permitting applications.
Codrus is also undertaking UAV — or drone — photography to assist drill planning and environmental management as well as modern surveying of the existing underground workings.
The company regards Bull Run as a high-potential opportunity for significant gold and copper discoveries, and Managing Director Shannan Bamforth said this is an exciting time as the teams actively work to unlock this potential.
“The strategic additions to our tenure secured last year have already led to the identification of a significant new gold-in-soil anomaly and we are really excited to have a major 3D DCIP IP survey now underway,” Mr Bamforth said.
“We believe that this is the most appropriate geophysical technique to advance the project, and we are really looking forward to seeing the results.”
Shares in Codrus Minerals were down 3.7 per cent at the close of trading on Monday at $0.13 each.
