Coda Minerals (ASX:COD) has completed preliminary testwork at the Emmie Bluff deposit, a key asset at the group’s wholly owned Elizabeth Creek Copper-Cobalt Project.
A recent program at the deposit tested mineralisation with two whole-ore leach methods, with the catalysed ammonia oxidative leach returning copper recovery at 92.5%, and the ammonium chloride and air oxidative leach at 95.9%.
The company believes these results represent a “favourable” increase from a previous average of 82.8%.
CEO Chris Stevens says the greater project’s post-tax net present value of $802 million and an internal rate of return of 28% demonstrates its “robust” fundamentals.
“Improving recoveries is the single most powerful lever we can pull. Every percentage point gained translates directly into increased revenue over the life of mine,” Stevens says.
“Our next step is to work with independent consultants to rapidly quantify the capital and operating costs, enabling an updated economic assessment.”
A Prefeasibility Study is underway at Elizabeth Creek, while the company will continue to advance its current base-case flowsheet and test the technical and economical implications of the leaching results.
Coda, which has a market capitalisation of $18.96 million, intends to progress the project to be ready for construction to meet the growing demand of copper.
The commodity is a crucial component to the global shift towards a net zero carbon footprint, found in electrical infrastructure such as wind turbines, solar panels, and electric vehicles.
The copper price has increased by 23.6% so far this year as reported by Trading Economics, sitting at US$4.92 ($7.54) per tonne on 26 July.
Write to Maddison Elliott at Mining.com.au
Images: Coda Minerals
