Funds Will Go Towards New Programme At Emmie Bluff Deeps In South Australia
Coda Minerals Limited (ASX: COD) has received firm commitments to raise A$14.4 million to support a fast-paced exploration programme at the company’s 70%-owned Elizabeth Creek Copper Project in South Australia.
Coda Minerals Chairman, Keith Jones, said Coda is primed to unlock the value of its highly prospective Elizabeth Creek Copper Project, which is located in the heart of the Olympic Copper, Province Australia’s most productive copper belt.
“We are absolutely delighted with the strong support received from the market,” Mr Jones said.
“The very high level of interest from investors has translated into a strongly supported $14.4 million placement which has really set the company up for success.
“The proceeds will boost our total cash to $21.5 million, allowing us to progress an ambitious work program including a comprehensive program of deep holes at Emmie Bluff Deeps, resource drilling at the Emmie Bluff copper-cobalt deposit plus an aggressive regional exploration programme.
“The next six months promises to be a transformational period for Coda shareholders.”
The company has accepted firm commitments for a placement of 12 million shares at a price of A$1.20 per share.
The Elizabeth Creek Copper Project is centred 100km south of BHP’s Olympic Dam mine 15km from BHP’s Oak Dam West Project and 50 km west of OZ Minerals’ Carrapateena copper-gold project.
The project includes JORC 2012-compliant Indicated Mineral Resources at the Windabout and MG14 deposits, which together host a combined 159,000 tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s Emmie Bluff prospect, which has a JORC compliant Zambian-style copper-cobalt Exploration Target and demonstrated IOCG potential.
Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambian- style copper-cobalt resources across multiple prospects, including Emmie Bluff, Powerline, MG14 North and Hannibal. Secondly, it is implementing a substantial drill programme at Emmie Bluff Deeps to rapidly and efficiently evaluate the potential for a Tier-1 IOCG system at Elizabeth Creek.
For further information please visit: https://www.codaminerals.com/