Coda Minerals Limited (ASX: COD) along with joint venture partner Torrens Mining Limited (ASX: TRN) has announced the intersection of “exceptional” visual sulphides at the Elizabeth Creek Project in South Australia.
Two planned wedge holes completed
COD has now completed the first two of three planned wedge holes from DD21EB0018, an iron-oxide-copper-gold (IOCG) exploration hole that was drilled to test the Emmie Bluff Deeps IOCG target within the Elizabeth Creek Project.
Copper sulphide zones intersected
Both wedge holes DD21EB0018W1 and DD21EB0018W2 intersected copper sulphide zones which appear to be broadly comparable to the parent hole, DD21EB0018. There are strong indications that the mineralisation is improving dramatically to the east – with a significant increase in alteration intensity.
- Wedge 1 (DD21EB0018W1), drilled to the west, and achieving a separation of approximately 36-42m at the main mineralised horizon, returned individual mineralised zones that were narrower, but more intensely mineralised.
- Wedge 2 (DD21EB0018W2), drilled to the south-east, and achieving a separation of between 65 and 82m at the main mineralised horizon, encountered similar thicknesses of mineralisation at the main mineralised zone. The sulphide assemblage was dominated by bornite and covellite over chalcopyrite, suggesting closer proximity to the fluid source, anticipated to be a large-scale mineralising structure.
Elizabeth Creek project
The Elizabeth Creek project is located in South Australia and 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.
Significant deposits of Elizabeth Creek project include Windabout, MG14, and Emmie Bluff prospect.
Coda had previously completed the drilling of DD21EB0018, a vertical diamond drill-hole designed to test the Emmie Bluff Deeps prospect. The hole encountered a sequence of approximately 200m of intensely haematitic and altered sediments and granites starting from 666m, including approximately 50m of moderate to intense copper sulphide mineralisation starting from 796.5m.
Following the preliminary results from DD21EB0018, Coda had planned a series of follow up drill-holes, starting with a series of three wedge holes from the parent drillhole.
Updates and next steps
A second DD hole from surface, DD21EBD0001 commenced on the 12th of July following mobilisation of an additional drill rig. Coda anticipates drilling at least one wedge hole from this hole, with additional wedges to be potentially undertaken depending on the results.
DD21EBD0018W3, a third wedge hole from DD21EBD0018 has also commenced and is being drilled to the east-northeast. Once DD21EBD0018W3 is completed, a third surface drill-hole will be collared approximately halfway between DD21EB0018 and historical hole MGD55.
A total of four diamond drill rigs are currently drilling on site across Emmie Bluff and Emmie Bluff Deeps, with approvals in place for an additional six drill pads.
Assays from the original hole, DD21EB0018, are anticipated before the end of July.
“we are increasingly confident in our exploration model, and of the presence and location of a large-scale mineralising structure”
Management comments
Coda Minerals CEO Chris Stevens said: “The preliminary results from these wedge holes, based on logging by our experienced team in the field have exceeded our expectations.
They have not only provided us with very clear visual indications of a significant increase in copper mineralisation intensity, but they have also demonstrably achieved their primary objective of assisting us with exploration vectoring. With multiple geological and geochemical indicators all pointing in the same direction, we are increasingly confident in our exploration model, and of the presence and location of a large-scale mineralising structure to the east of DD21EB0018.
We still have much work to do but with our strong cash position and highly skilled team working on the project, exploration continues at a rapid pace. We have more wedge holes and additional holes from surface planned in the coming weeks, the first of which is already materially advanced, and anticipate significant news flow as we progress our search for a world-class IOCG deposit.”
Images: Coda Minerals Limited