CDR prepares to drill test Bull Run Au-Cu-Mo targets
Codrus Minerals' Interpretation of IP survey reveals multiple new anomalies at Bull Run
Anomalies coincide with strong geochemical results
New targets coincide with high-grade rock chip results, up to 60 g/t gold, 1.5pc copper and 2.5pc molybdenum
Special Report: With gold prices still firmly above US$3000 an ounce, Codrus Minerals is keen to put drill bit to ground to test several new IP anomalies that overlap with promising geochemical and rock chip results.
Codrus Minerals (ASX:CDR)has identified several new drilling targets at the Bull Run project in Oregon, US, that stretch over areas of up to 400m by 400m.
The company has highlighted six distinct zones with the interpretation of induced polarisation (IP) survey data, with a particular emphasis on the Eldorado and Lady May zones.
IP targets at the Bull Run project. Pic: Codrus Minerals
These target areas overlap with previously collected rock chip results of up to 28 g/t gold and 1.5% copper at Eldorado, and 60 g/t gold and 2.5% molybdenum at Lady May.
Several IP zones also coincide with high-priority copper geochemical targets, adding to the evidence of potential mineralisation.
Exploration across the project has demonstrated its prospectivity, with soil sampling demonstrating peak grades of up to 27 g/t gold in localised areas and rock sampling grading up to 1040 g/t gold.
The company says between the soil and rock chip results, there are five priority gold targets of up to 500m in strike extent which are available to be tested by permitted drilling.
Bull Run gold project
Bull Run sits within 5km of the town of Unity in Baker County, eastern Oregon.
The project area covers 102 claims, of which Codrus wholly owns 91, and is party to a record mine option agreement for a further 11.
The area has been mined for gold intermittently since 1929, in an area featuring extensive porphyry-style hydrothermal alteration and mineralisation, including copper, molybdenum, gold and silver.
The project sits within the Ironside Mountain Inlier, where ultramafic-mafic and sedimentary rocks are intruded by the Grouse Creek and Bull Run granodiorites, along with various andesitic and dacite dykes.
The nearby Grassy Mountain project holds a mineral resource of 1 million ounces of gold and 3 million ounces of silver, while the Cracker Creek mine to the north has produced more than 400,000 ounces of gold in its lifetime and holds about 300,000 more.
'A robust mineralising system'
Codrus executive chairman Greg Bandy said the integrated interpretation of recent geophysical and geochemical programs have delivered a major step forward in unlocking the potential of the Bull Run project.
'The scale and intensity of the IP anomalies, combined with the impressive rock chip results, strongly support the presence of a robust mineralising system,' Bandy said.
'These findings have generated high-priority targets that we are excited to drill test in the near term as we continue to build momentum at Bull Run."
Bandy also told Stockhead that Codrus would now be looking to immediately sign a contract for the rig and that if all goes well, will be drilling before month's end.
This article was developed in collaboration with Codrus Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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