Coda Minerals Limited (ASX: COD) has announced exciting preliminary results from its first deep diamond drill hole at Emmie Bluff Deeps, an Iron Oxide Copper Gold (IOCG) target at the Elizabeth Creek Project, South Australia.
The drillhole, named DD21EB0018, has encountered a 200m sequence of intense haematization and alteration, and includes a 50m sequence of zoned copper sulphide mineralization consisting of chalcocite, chalcopyrite, and bornite zones. The hole was drilled vertically from surface using a diamond drill rig, with the 50m copper sulphide zone beginning approximately 797m down-hole.
The Emmie Bluff Deeps target forms part of Coda’s Elizabeth Creek Project, which sits at the heart of South Australia’s Olympic Copper Province. Coda Minerals is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest, while its joint venture partner Torrens Mining (ASX: TRN) holds a 30% interest in the project.
Coda states that it has long been aware of the enormous potential for an IOCG system within its tenure. In part, this is due to similar deposits in the immediate region, including BHP’s Oak Dam West discovery approximately 16km to the north-east, and Oz Minerals’ Carrapateena Project 50km to the east.
Commenting on the discovery, Coda Mineral’s chairman, Keith Jones, said, “We have long known we are exploring in elephant discovery – a view backed up not only by the world-class projects which surround us, but also by historical and geophysical evidence of an IOCG system in the northern part of our tenure.
“This is the first drill-backed evidence obtained by Coda to support our IOCG exploration model. We are looking forward to exploring the significant potential of this mineralized system.”
Coda Minerals has carried out portable XRF readings of the drill core, which confirmed the presence of copper, as well as IOCG indicator elements, including cobalt and barium. Nevertheless, the company has stressed that these readings are yet to be confirmed by an assay laboratory and are only considered an indicator at present.
“Although assays are pending and we cannot confirm the tenor or extent of the mineralization we have encountered, preliminary geological logging and field observations by Coda’s experienced technical team suggest that the hypothesis which drove the design of this hole has been validated,” Chris Stevens, Coda’s CEO, commented.
“Given the size of the prize and the location of the Emmie Bluff Deeps IOCG Project in a Tier-1 mineral province – just 16km away from one of the world’s most exciting new IOCG discoveries of recent times at Oak Dam West – we feel that we owe it to our shareholders to pursue this game-changing opportunity with vigour,” he said.
The core is currently undergoing final logging and assessment by Coda field staff, and will be transported by road to Adelaide. Assay results are anticipated within four to six weeks, depending on turnaround time at the assay laboratory.
By mid-afternoon on Wednesday 9 June, Coda’s share price was up approximately 210% to A$1.10 a share.