- Coda Minerals (COD) reports further “significant” assay results from drilling at the Emmie prospect, part of the Elizabeth Creek Project in South Australia
- The company followed up previous results from March with intercepts including 16 metres at 2.66 per cent copper and 37.5 grams of silver per tonne from 812 metres, which reinforced the prospectivity of the new southern bornite zone
- Coda CEO Chris Stevens says while the assays met his expectations, the absence of gold has raised a red flag
- The company says it plans to re-assay the relevant pulps to rule out the possibility of lab errors
- Coda Minerals dips 7.94 per cent, trading at 29 cents at market close
Coda Minerals (COD) has reported further “significant” assay results from drilling at the Emmie prospect, part of the Elizabeth Creek Project in South Australia.
In March, the company reported a haematite conduit structure associated with mineralisation. The structure was dominated by bornite, displaying minor occurrences of chalcocite, covellite and chalcopyrite.
The company followed this discovery up today with intercepts including 16 metres at 2.66 per cent copper and 37.5 grams of silver per tonne (g/t) from 812 metres.
The assays were said to reinforce the prospectivity of the new southern bornite zone and its geological distinctiveness.
Coda CEO Chris Stevens said the assays met his expectations, confirming the importance of the new bornite zone in the southern part of the Emmie iron oxide copper gold (IOCG) system discovered earlier this year.
“While the copper grades returned were excellent, the absence of gold is significant,” Mr Stevens said.
“Although we will re-assay the relevant pulps just in case there has been a lab error, we are taking this as further proof that the mineralisation encountered in EBD7 is related to, but definitely distinct from, that which has previously been drilled at Emmie IOCG.”
The company said while it is yet to find the major structure conveying mineralisation into the system, it is confident proposed geophysical work will greatly assist it in identifying the structures, as well as further mineralised zones.
“With definitive proof now that we have found more than one of these conduits, that of course begs the question: what else remains to be found within this expansive copper-rich system?” Mr Stevens said.
Meanwhile, the company said its Elizabeth Creek scoping study is progressing well and remains on track for delivery during the September quarter of 2022.
Coda Minerals dipped 7.94 per cent, trading at 29 cents at market close.