Join our daily newsletter At The Bell to receive exclusive market insights
- Coda Minerals (COD) releses another round of positive drilling results from its Elizabeth Creek project in South Australia
- The results come from the project’s Emmie Bluff Deeps deposit and, according to Coda, extend the mineralised envelope in the area to the north, east, and south
- The extensions to the mineralisation come from four wedge holes at the deposit, the most significant of which returned mineralised zones dominated by bornite
- Looking ahead, Coda CEO Chris Stevens says the company is still due to release a maiden mineral resource estimate for Emmie Bluff before the end of the year
- Shares in Coda Minerals were up 11.83 per cent and trading at 94 cents each at midday AEDT, with joint venture partner Torrens Mining (TRN) grey at 14 cents per share
Coda Minerals (COD) is trading higher today after releasing another round of positive drilling results from its Elizabeth Creek project in South Australia.
The results come from the project’s Emmie Bluff Deeps deposit and, according to Coda, extend the mineralised envelope in the area to the north, east, and south.
What’s more, mineralisation still remains open in these directions.
The extension to the mineralised zone at Emmie Bluff Deeps come from four wedge holes completed at the deposit: two wedged from parent hole EBD2 and another two from EBD3. Coda said a fifth wedge hole was still busy being drilled.
Each of the completed holes intersected copper-bearing sulphides at or near target depths.
The most significant hole, dubbed 3W3B, struck 36 metres of bornite-dominated mineralisation from 804 metres in its upper lode, and 10 metres of mixed chalcopyrite and bornite mineralisation from 955 metres in a second lower lode, for a total of roughly 46 metres of mineralised core.
While outlining the significance of bornite-dominated mineralisation is perhaps left to trained geologists, the key takeaway for the layman is this: the results from hole 3W3B extended the known mineralisation at Emmie Bluffs Deep by 70 metres further to the south-east.
According to Coda, this brings the total lateral extent of mineralisation encountered by the company in its primary area of interest to 450 metres east-to-west and 250 metres north-to-south.
Coda CEO Chris Stevens said the company now had an “outstanding run” of nine holes from this and previous drilling programs in the area.
“All have returned materially important intersections and we are beginning to demonstrate a clear trend of increasing thickness and tenor of mineralisation as we systematically follow the bornite-dominant zone to the south-east,” Mr Stevens said.
He pointed to the 3W3B results as particularly “exceptional”.
“Once confirmed by assays, this hole will not only materially extend the known bornite dominated zone but should also give us one of our thickest sulphide intersections to date,” he said.
“It also appears to have identified at least one major mineralising structure, providing a significantly improved structural understanding of the deposit — and possible vectors towards a basement-tapping source or ‘pipe’ structure.”
Looking ahead, he said Coda was still due to release a maiden mineral resource estimate for Emmie Bluff before the end of the year, with 2021 to finish up as a “transformational” year for the company.
Coda said assays for previously-announced visual intercepts in the area were expected in mid-December.
Coda owns 70 per cent of the Elizabeth Creek project in a joint venture with fellow ASX-listed Torrens Mining (TRN).
Shares in Coda Minerals were up 11.83 per cent and trading at 94 cents each at midday AEDT. At the same time, Torrens shares were grey at 14 cents.
