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Coda on the path to production

22 November 2022 08:52
ASX: COD

Coda Minerals have its initial mine plan completed, showing no technical barriers and a go-ahead plan towards mining of the cornerstone Emmie Bluff copper-cobalt deposit at its Elizabeth Creek project in South Australia’s Olympic copper province.

It marks a key breakthrough, showing a method utilising conventional drill-and-blast techniques and mining fleet to bring a steady production rate of 2.5 million tonnes a year.

A proposed open pit extraction of another two deposits will allow rapid achievement of nameplate metal production while development of the Emmie Bluff Underground Mine ramps up, and the explorer have around $8 million cash in the tin to continue advancing critical paths for development.

Moving in sync is Coda’s copper project at Cameron River, its maiden campaign wrapped up while revealing anomalous copper across multiple prospects and set to bring in a full set of results before year’s end as outlooks on the red metal grow bold.

The company said it was a critical breakthrough and a rousing achievement made by the development team at Elizabeth Creek

“At the heart of this is the Emmie Bluff Underground Mining Study, which demonstrates that this deposit can be productively mined using conventional mining methods, reducing the project’s risk profile,” chief executive Chris Stevens said.

“The completion of this study, and in particular the key physicals and mine scheduling data that have been generated, represent some of the final key inputs towards the completion of the Elizabeth Creek Scoping Study.”

Coda is now moving rapidly towards finalising its scoping study for delivery mid-way through the first quarter of 2023, with integration of the mine plan, capital, operating cost estimates and completion of the financial model.

COD’s Australian Stock Exchange-listed share price was trading at 26c today (8.37 am UTC+ 8 hours).

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