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- Coda Minerals (COD) shares spike on the back of encouraging drill results from Emmie Bluff Deeps Iron Oxide Copper Gold prospect
- The materials stock’s shares are up 111 per cent in early morning trade on Wednesday after announcing the result from the diamond drill hole
- It intersected a 200-metre sequence of intense haematisation and alteration, including a 50-metre sequence of zoned copper sulphide mineralisation
- The drill core is now being sent off for assays, while COD has sent a second diamond drill rig to the site in South Australia
- Company shares are up 93 per cent at 68.5 cents each
Coda Minerals (COD) shares have spiked on the back of encouraging drill results from its Emmie Bluff Deeps Iron Oxide Copper Gold prospect.
The materials stock’s shares were trading up 111 per cent in early morning trade on Wednesday after it announced results from initial diamond drilling.
The company has drilled one hole at the prospect, which forms part of its 70 per cent owned Elizabeth Creek Project in South Australia’s Olympic Copper Province.
Coda intersected a 200-metre sequence of intense haematisation and alteration, including a 50-metre sequence of zoned copper sulphide mineralisation.
COD said the host-rock alteration assemblage encountered includes chlorite, baryte, sericite and potassium feldspar — all of which are typical of IOCG deposits in the region.
Chairman Keith Jones explained next steps will be to send the drill core of to be assayed.
“We have long known we are exploring in elephant country – a view backed up not only by the world class projects which surround us, but also by historical and geophysical evidence of an IOCG system in the northern part of our tenure,” Mr Jones said.
“Given that we knew the enormous potential of our tenure, it is still tremendously exciting for our first deep exploration hole at Elizabeth Creek to have intersected evidence of a major IOCG system existing on our ground.
“This is the first drill-backed evidence obtained by Coda to support our IOCG exploration model. We are looking forward to exploring the significant potential of this mineralised system.”
Coda is also preparing to send an additional drill rig to the prospect in South Australia, following the encouraging result.
COD shares were up 93 per cent at 68.5 cents at 10:47 am AEST.
