- Coda Minerals (COD) encounters iron-oxide copper-gold mineralisation at the Emmie Bluff Deeps target in South Australia
- This mineralisation has been encountered in the first hole of an ongoing drilling program
- The latest results included grades of up to 2.16 per cent copper, 0.63g/t gold and 13.2g/t silver
- CEO Chris Stevens says these results significantly increase Coda’s confidence in the project and de-risk the potential opportunity from Emmie Bluff Deeps
- Company shares are down 14.9 per cent and were trading at $1.20
Coda Minerals (COD) has received assays from the first hole in its drilling program at the Emmie Bluff Deeps target.
Emmie Bluff Deeps forms part of Coda’s Elizabeth Creek Project, which is located in the Olympic iron-oxide copper-gold (IOCG) province in South Australia.
The Elizabeth Creek Project is held in a joint venture with Torrens Mining (TRN), and Coda owns a majority 70 per cent interest.
The DD21EB0018 hole encountered copper-gold mineralisation that’s consistent with previously released logging.
Best results include 28.14 metres at 1.21 per cent copper, 0.37 grams of gold per tonne (g/t) and 2.3g/t silver from 810.79 metres downhole, including 4.83 metres at 2.16 per cent copper, 0.63g/t gold and 4.3g/t silver.
Additional results from the hole include 2.57 metres at 2.11 per cent copper, 0.3g/t gold and 13.2g/t silver from 842.03 metres downhole.
CEO Chris Stevens commented on the results.
“These results provide the first quantitative evidence of IOCG mineralisation at Emmie Bluff Deeps,” Mr Stevens said.
“They also represent the best intersections yet from the Emmie Bluff Deeps prospect, including across many years of exploration by earlier companies. Together, they significantly increase our confidence in the project and further de-risk the potential opportunity from Emmie Bluff Deeps.”
Overall, the results validate Coda’s exploration strategy and understanding of Emmie Bluff Deeps, and they reinforce the company’s belief that the mineralisation source is located close by and to the east of the drill hole.
Company shares were down 14.9 per cent and were trading at $1.20 at 10:20 am AEST.