Coda Minerals (ASX:COD) has uncovered a new target zone within the broader Emmie Bluff system at its wholly owned Elizabeth Creek Copper Project in South Australia.
The $26.29 million market capitalisation company says one of the targets, named Maggie IOCG, is located about 6km southeast of previous IOCG intercepts and has been uncovered following a ‘major’ geophysical exercise at the Emmie IOCG prospect.
The review, conducted by Mira Geoscience in collaboration with Coda’s technical team and principal geophysical consultants NewGen Geo, has also generated a new comprehensive model explaining the structural controls underpinning the Emmie IOCG mineralisation.
This new model, which is based on 23,000m of drilling and 7 new and historical geophysical and petrophysical datasets, will allow for ‘tightly targeted’ and ‘highly efficient’ future drilling.
Coda notes geophysics also indicates a structural corridor controlling IOCG mineralisation extends up to 2.4km to the north tenement boundary.
These discoveries have been made in conjunction with the award of 4 ‘highly prospective’ tenements in South Australia to Coda alongside uranium explorer and developer Boss Energy, as announced today (3 October 2023).
The company notes it will now undertake a short additional peer review process prior to finalising drill targets within the identified Emmie IOCG system, as well as at the newly identified IOCG target area at Maggie IOCG.
Coda also notes discussions with multiple interested parties in regard to various forms of funding partnership aimed at progressing both the IOCG and sedimentary work.
Addressing the study, Coda Minerals Chief Executive Officer (CEO) Chris Stevens says: “It is hard to overstate the scale and potential of the Elizabeth Creek Project, which has now been validated by the most comprehensive and systematic geological review ever undertaken in this district.
Over the past 6 months, we have taken data from the entire drill program, plus multiple newly acquired and historical geophysics datasets, to establish an updated geological model that has answered a lot of our questions.
Previous drilling by Coda has delineated IOCG mineralisation that can be inferred reasonably confidently across a distance of between 150 and 300m along the projected strike of the faults. This represents less than 20% of the total strike length of the most prospective zone identified by the geophysical survey and barely 10% of the total potential strike to the northern border of our tenure.
“we have confirmed a compelling new target at Maggie IOCG to the southeast that represents a walk-up drill target any day of the week”
The first Emmie IOCG drillhole in June 2021 demonstrated the presence of a vast copper system at depth below the existing resource at Elizabeth Creek. With over 550,000 tonnes of contained copper and 20,000 tonnes of cobalt sitting above the IOCG intercepts and with 18 of 21 diamond holes into the IOCG intersecting meaningful mineralisation, we know for a fact there has been a massive amount of copper moving through this system.
Following this work, we now have an updated model for the deeper IOCG mineralisation that represents a huge leap forward in helping us not only explain previous intercepts but also giving us a much clearer picture of where we can reasonably expect to find more mineralisation and where to target the structures to make this discovery viable at depth. Plus, we have confirmed a compelling new target at Maggie IOCG to the southeast that represents a walk-up drill target any day of the week. This will now lead to clear targeting for the next phase of work.”
Coda Minerals is a copper explorer and developer focused on uncovering minerals leveraged to the global energy transformation through electrification and the adoption of renewable energy technologies.
The company’s wholly-owned flagship Elizabeth Creek Copper-Cobalt Project is located in the ‘world-class’ Olympic Copper Province in the Eastern Gawler Craton — South Australia’s most productive copper belt.
Coda Minerals had $4.717 million cash and cash equivalents at hand as of 30 June 2023.
Write to Adam Drought at Mining.com.au
Images: Coda Minerals
