- Coda Minerals (COD) hits “exceptional” visual sulphides at the Elizabeth Creek Project, suggesting a mineralising structure east of Emmie Bluff Deeps
- COD has completed two wedge holes from an iron-oxide-copper-gold hole drilled to test the target last month, with assays expected by the end of July
- The subsequent wedge holes have reportedly intersected copper sulphide zones suggestive of a mineralising structure to the east of the target
- Four diamond rigs remain onsite with follow-up drill testing under way
- COD shares are 13.3 per cent up at $1.45 each; joint venture partner Torrens’ (TRN) shares have soared 17.8 per cent to 26.5 cents at 10:50 am AEST
Coda Minerals (COD) has hit “exceptional” visual sulphides at the Elizabeth Creek Project in South Australia, suggesting a mineralising structure to the east of the Emmie Bluff Deeps target.
The company, together with joint venture partner and ASX player Torrens Mining (TRN), completed two of three planned wedge holes from an iron-oxide-copper-gold (IOCG) exploration hole, DD21EB0018, to test the target last month.
Both wedge holes have reportedly intersected copper sulphide zones, which appear to be broadly comparable to the parent hole. However there are strong indications of “dramatically improved” mineralisation to the east and a significant increase in alternation intensity.
Specifically, COD drilled the first wedge hole to the west to achieve separation of roughly 36 to 42 metres at the main mineralised horizon. On average, this hole returned narrower individual zones containing more intense mineralisation.
By comparison, the second wedge hole was drilled to the southeast and achieved a separation of between 65 and 82 metres at the main horizon. It encountered a similar thickness of mineralisation to the main zone but with a substantially higher tenor dominated by bornite and covellite.
Notably, this hole also encountered a second strongly mineralised horizon, again dominated by bornite, which was absent in the parent hole.
Altogether, COD’s structural team believes the results indicate the presence of a mineralising structure to the east and in close proximity to the parent hole — a theory that is being tested with immediate follow-up drilling.
Commenting on the work, Coda Minerals CEO Chris Stevens said preliminary results from the first two wedge holes had exceeded the company’s expectations.
“[The holes] have not only provided us with very clear visual indications of a significant increase in copper mineralisation intensity, but they have also demonstrably achieved their primary objective of assisting us with exploration vectoring,” he said.
“With multiple geological and geochemical indicators all pointing in the same direction, we are increasingly confident in our exploration model, and of the presence and location of a large-scale mineralising structure to the east of DD21EB0018.”
Next steps
Four diamond rigs are continuing drilling across Emmie Bluff and Emmie Bluff Deeps, with assays for the parent hole anticipated before the end of the month.
With an approximate cash balance of $21 million, Mr Stevens said the company had planned further wedge holes and holes from surface over the coming weeks.
“We still have much work to do but with our strong cash position and highly skilled team working on the project, exploration continues at a rapid pace.”
On the market COD shares were 13.3 per cent up at $1.45 each, while joint venture partner Torrens’ (TRN) shares had soared 17.8 per cent to 26.5 cents at 10:50 am AEST