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- Coda Minerals (COD) expands mineralisation at the Emmie Bluff Deeps prospect in South Australia
- The prospect is part of the Elizabeth Creek Project which is held in a joint venture with Torrens Mining (TRN)
- Drilling has intersected further copper-bearing sulphide mineralisation and bornite within a 300-metre by 200-metre zone that remains open
- The company says the observations highlight the extensive nature of the mineralised system and suggests potential to extend it further at depth
- Coda’s shares are up 13.3 per cent to trade at $1.02 and Torrens’ shares are up by 10 per cent, trading at 16.5 cents at 12:30 pm AEDT
Coda Minerals (COD) has intersected more thick zones of mineralisation at the Emmie Bluff Deeps prospect in South Australia.
Emmie Bluff Deeps is part of the Elizabeth Creek Project which is held in a joint venture (JV) with Torrens Mining (TRN) through which Coda owns a majority 70 per cent interest.
Recent drilling has confirmed the presence of copper-bearing sulphide mineralisation including multiple additional intersections of bornite. The mineralisation lies within a 300-metre by 200-metre area and is open in all directions except directly to the north of a previously drilled parent hole.
The parent hole, DD21EB0018, was drilled earlier this year and highlighted the nature of iron oxide-copper-gold (IOCG) mineralisation which increased Coda and Torrens’ confidence in their JV project.
The stand-out interval was 300 metres of pervasive hydrothermal alteration and disseminated trace to minor chalcopyrite from 1095 metres. This intercept highlighted the extensive nature of the mineralised system and suggests potential to extend it further at depth.
CEO Chris Stevens said the visual results from ongoing drilling were highly encouraging.
“These new results substantially increase the mineralised footprint of the system and show that there is a significant amount of copper present,” he said.
“We are particularly encouraged by the intensity of alteration and abundance of sulphides which are being reported by our field team, as well as the fact that we are seeing far greater lateral extensions to the mineralisation than we have seen before.”
Coda Minerals is currently drilling two wedge holes and once these are completed, it will drill at least three more wedge and parent holes to continue to step out from the initial IOCG discovery.
Coda’s shares were up 13.3 per cent to trade at $1.02 and Torrens’ shares were up by 10 per cent, trading at 16.5 cents at 12:30 pm AEDT.
