Coda Minerals Limited announced that it has completed its maiden drilling programme at the Cameron River Project, located in the heart of the world-class Mt Isa mineral province in North Queensland. Cameron River comprises 35km2 of copper and gold exploration tenure immediately north of the historical Mary Kathleen Uranium Mine. In March 2021, the Company entered in a binding Farm-In and Joint Venture Agreement giving it the right to acquire up to an 80% ownership in the Cameron River Project.

The programme comprised a total of 27 Reverse Circulation (RC) drill-holes for a total of 2,830m. The programme was completed safely and, despite initial challenges with drill contractor availability, has concluded on time and on budget. 4m composite samples will be submitted for assay as soon as possible, with results expected later in the year.

Drilling has confirmed the presence of the (previously interpreted) hydrothermal system which is believed to be the source of the surface copper expressions previously identified at Cameron River. Broad intervals of diffuse low-level copper-bearing and non-copper-bearing sulphides have been logged across multiple holes, particularly at the Copper Weed South and Rebound prospects, and the presence of anomalous copper (i.e., >500 ppm) has been confirmed via portable-XRF analysis across several of these intervals. While confirmation of a large copper-bearing hydrothermal system in initial drilling is encouraging, no intercepts of obvious economic interest were noted by Coda's field geologists.

The Company will await laboratory assay results before undertaking a broader assessment of the project's potential in conjunction with available geophysical data and likely next steps. Of the major geophysical targets tested, the two most significant were: Chargeability anomalism identified by Dipole-Dipole IP at Rebound 2. This anomalism was tested by multiple holes (Drillholes RC22CR0007, 8 and 9A), and appears to be coincident with and likely caused by a zone of disseminated coarse pyrite and rare chalcopyrite. Additional drilling approximately 120m along strike to the north (drillholes RC22CR0013 and RC22CR0014) encountered similar results with rare vein-associated higher concentrations of chalcopyrite.

Coincident VTEM and GAIP conductivity at Bingo. A total of five drillholes were completed at the Bingo target (Drillholes RC22CR0010, 11, 12, 23 and 24), at various orientations and to a maximum depth of 298m. No obvious conductive material was logged during drilling in any of these holes, with no evidence for massive sulphides, black shale, graphite or saline groundwater, and no indication of elevated copper from pXRF results.

At this time, Coda considers the Bingo and Bluey anomalism to be unexplained. Determining the cause of this anomalism will be a major part of the upcoming geophysical review. Next Steps: 4m composite samples will be submitted as soon as possible, with results anticipated before the end of the year.

Follow-up assaying of 1m samples will be undertaken where warranted at the earliest opportunity following receipt of assay results. The company intends to use the time in between field seasons to undertake a comprehensive review of drill results and to reinterpret geophysical data from recent IP and historical VTEM surveys in light of those drill results. Significant, reproducible conductivity anomalies remain unexplained and prospective, particularly at the Bingo prospect.

Cameron River consists of 35km2 of copper and gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). The tenure is located approximately halfway between Mt Isa and Cloncurry, and immediately north of the historic Mary Kathleen Uranium Mine. In March 2021, Coda entered into a binding Farm-in and Joint Venture Agreement with Wilgus Investments Pty Ltd. ("Wilgus") giving it the right to acquire up to an 80% ownership in the Cameron River project "Cameron River" or "Project") by spending up to $2 million on exploration in stages over a three-year period.