Coda Minerals has extended its Emmie iron oxide-copper-gold, or “IOCG” deposit within its Elizabeth Creek copper project in South Australia by more than 900m north — increasing its mineralised target zone.
A recent surface step-out drill hole encountered multiple zones of visible copper sulphide mineralisation north of the Emmie IOCG geophysical anomaly.
Coda says the drill hole provides further evidence the deposit contains multiple conduit zones, with mineralisation at the site open to the east, south and north-east.
Since drilling the original discovery hole in June 2020, the company has completed eight surface holes and 11 wedge holes as it seeks to define a major copper-gold deposit at the Emmie IOCG.
All except three completed holes intersected copper-gold mineralisation.
Coda Minerals Chief Executive Officer, Chris Stevens said: “Following the bornite dominated intercepts seen in holes EBD7 and EBD7W1, we decided to increase the distance of drilling with a major step-out hole in EBD8 as we continue to search for an increase in both the thickness and lateral extent of the mineralisation. This strategy has been rewarded with significant visual bornite and chalcopyrite mineralisation being encountered in an area previously backed only by historical drilling.”
The latest drill hole was completed to a depth of 1033m, intersecting significant widths of mineralisation visually logged as bornite and chalcopyrite by Coda’s field geologists.
Geophysical surveys will start soon to refine targets for the next drilling phase.
Coda is investigating potential survey techniques including cross-hole induced polarisation, 3D forward modelling of gravity data and passive seismic tomography.
With a cash balance of about $9.4 million, Coda remains well-funded to achieve its strategic goals at Emmie IOCG, in addition to scoping studies at Emmie Bluff, Windabout and MG14.
The company also plans to drill in August at its Cameron River copper-gold project in Queensland.
The resource at Emmie Bluff recorded 43 million tonnes going 1.3 per cent copper, 470 parts per million cobalt and 11 gram per tonne silver.
It adds to JORC-compliant resources at the Windabout and MG14 deposits in the southern part of Coda’s landholding.
At Windabout, 17.67 million tonnes going 0.77 per cent copper, 0.05 per cent cobalt and 8.0 g/t silver has been defined. Another 1.83 million tonnes at 1.24 per cent copper, 0.03 per cent cobalt and 14 g/t silver has also been delineated at MG14.
The Elizabeth Creek copper project is 100km south of BHP’s Olympic Dam mine, 15km from BHP’s Oak Dam West project and 50km west of OZ Minerals’ Carrapateena copper-gold project — all within the Gawler Craton.
Coda has also progressed its move to compulsory acquire the remaining shares in Torrens Mining to complete its 100 per cent Elizabeth Creek ownership strategy.
Last month the company issued 24.2 million shares to eligible Torrens holders and the company expects the acquisition of the remaining shares will be completed early this month.
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By Matt Birney
