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Coda Uncover Copper-Cobalt Targets

4 July 2023 14:30
ASX: COD

Coda Resources continue to uncover the Elizabeth Creek Project’s true potential, with ongoing geophysical and exploration targeting work undertaken across the Project unveiling five priority targets that could provide significant upgrades to the Project’s copper-cobalt resource.

Taking Aim

The new targets are located in the immediate vicinity of Emmie Bluff’s current 20,000t contained cobalt and 797,000t contained Copper Mineral Resource and provide the Company with compelling exploration opportunities to potentially grow the Prospect’s dual resource even further.

The targets were identified by an extensive target generation exercise undertaken across the Prospect using datasets from recent and historical exploration, with geophysical anomalism identified in a recent Ambient Noise Tomography survey, the presence of overlapping complementary geophysical signatures and encouraging historical drill results being used to define target priority.

Targets were also considered based on their potential for sufficient scale to materially impact the Project’s economics, which is estimated by a recent scoping study to have the potential to could produce an average steady-state annual production of approximately 25,000tpa copper and 1,000tpa cobalt.

Coda has already earmarked these five targets for a follow-up nine-hole-drilling campaign in the new financial year.

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Figure 1: Proposed drill hole locations and exploration rationales for exploration drilling at the Emmie Bluff deposit.

Alongside the newly delineated targets, the Company has now identified a 7-kilometre area to the east of the current resource as highly prospective for a potential repeat of the basin which hosts Emmie Bluff’s immense resource, with this area having seen limited drilling and geophysical exploration.

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Figure 2: Area of interest for exploration targeting potential repeats of the horst and graben basin hosting Tapley Hill Formation shale and associated Mineral Resources at Emmie Bluff.

Coda expects to kick off a similar targeting exercise over this area next week, targeting extensions of Emmie Bluff mineralisation and repeats of copper-cobalt mineralisation.

Investing in IOCG

Alongside the new copper-cobalt targets, the Company has also demonstrated further upsides for Elizabeth Creek’s iron ore-copper-gold potential, with the explorer currently working to produce a comprehensive geophysical model of the Emmie Bluff and Emmie IOCG mineral deposits, and their immediate surroundings.

Being undertaken by consulting firm Mira Geoscience, the model will utilise recently collected gravity and ANT data, as well as historic drill results, 2D seismic, and magnetotelluric data to give Coda an accurate snapshot of the Projects geophysics and allow it to better plan the next IOCG drilling program.

Results are expected in early Q32023 with the work progressing on time and on budget and already identifying additional potential IOCG targets in the immediate vicinity of the principal Emmie IOCG anomaly.

Looking Ahead

The Company said that it has now commenced a pre-feasibility study for the Project, which will be undertaken alongside ongoing exploration and will focus on areas to optimise the existing study.

“For a company like Coda, exploration is the lifeblood of success, we will continue to target growth in our existing Resource base. We now have compelling next-stage drill targets as well as a plan to open up vast new areas of ground through geophysics to the east of Emmie Bluff,” Chief Executive Chris Stevens said.

“Meanwhile, the IOCG targeting work is nearing completion and advancing towards final targets. Following the recent acquisition of Oz Minerals by BHP, all significant IOCG deposits on the Gawler Craton are now owned by one company, with Coda holding the next best IOCG intercepts in South Australia. As we advance the targeting work, we are also progressing commercial discussions to fund the stage of drilling at Emmie IOCG.”

COD’s Australian Stock Exchange-listed share price has risen 4.76 per cent today, currently selling at 22c (2:10 pm UTC+ 8 hours).

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