Coda Minerals (ASX:COD) is beginning a geophysical survey to test ‘highly prospective’ ground for additional extensional basins and copper-cobalt mineralisation at the Emmie Bluff copper-cobalt deposit in South Australia.
The 61-station magnetotelluric geophysical program is designed to uncover new exploration opportunities.
In addition, the $32.69 million market capitalisation company says the survey will also be covering several new IOCG target areas beyond the existing Emmie IOCG discovery area.
Coda says the survey is expected to take several weeks to complete and will be followed by integration with historical data and 3D inversion.
Final results for the survey are anticipated prior to the end of Q3 2023.
Commenting on the geophysical survey, Coda Minerals Chief Executive Officer (CEO) Chris Stevens says: “Having delivered a Scoping Study that demonstrates an economic project, with clear plans to mine and process this style of mineralisation, we believe that targeting further resource growth to enhance and strengthen project economics is extremely worthwhile.
“we believe that targeting further resource growth to enhance and strengthen project economics is extremely worthwhile”
We have an area to the east of Emmie Bluff approximately 3-4 times bigger than the existing copper-cobalt resource, which is highly prospective geologically and yet untested by drilling and geophysical.
This survey will supplement existing geophysical datasets and assist in further refining targets from previous 2D seismic and ANT work. The specific survey area is particularly exciting given our current understanding of the project’s structural setting.”
Coda notes that this work is in addition to its ‘exciting’ ongoing work, including the imminent finalisation of detailed IOCG targeting, advancing work on optimising underground mining methods at Emmie Bluff, and Prefeasibility Study (PFS) optimisation, including XRF ore sorting and tails leach optimisation.
Coda Minerals is an ASX-listed company focused on the exploration and development of mineralisation leveraged to the global energy transformation through electrification and the adoption of renewable energy technologies.
On 31 March 2023, the company had $5.95 million cash at hand, according to its latest quarterly report published on 27 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Coda Minerals Ltd