- Coda Minerals had a transformational quarter for its flagship Elizabeth Creek Project.
- The Company is advancing on a multi-pronged exploration program, which includes drilling on the Emmie Bluff prospect, Emmie Bluff Deeps IOCG target and regional exploration programs.
- Drilling on Emmie Bluff is being done with an objective to deliver maiden mineral resources estimates.
- The first hole drilled at Emmie Bluff Deeps IOCG has resulted in the delineation of a significant zone of mineralisation.
- The sampling work at the Cameron River Project returned samples anomalous for copper, gold and nickel.
- During the June quarter, Coda raised AU$14.4 million through placements.
With drilling going in full swing on the flagship Elizabeth Creek Project and preliminary exploration activities on the Cameron River Project, Coda Minerals Limited (ASX:COD) had a busy and transformational June quarter. Coda successfully raised AU$14.4 million during the reporting period, putting the Company in a strong position financially to advance its exploration and development activities further.
Coda project location map (Image source: Company update, 3 June 2021
Operational highlights of the June quarter
Commencement of drilling program
The June quarter was full of actions for Coda Minerals. The Company commenced drilling the first hole on the Emmie Bluff Deeps IOCG target. Hole DD21EB0018 was drilled to the depth of 1,041.6m using a diamond drilling rig. The hole encountered 200m of haematitic and altered sediments and granites. The 200m zone also included 50m of moderate to intense copper sulphide mineralisation.
Image source: Company website
“We believe that Coda Minerals has exceptionally prospective tenure and the results to date continue to provide quantitative evidence of the quality of these projects. We look forward to a busy and successful quarter as we execute on our exploration plans,” Mr Chris Stevens, CEO of Coda Minerals, speaking on the operational matters of the Company.
Coda decided to drill three wedges from hole DD21EB0018 to test the mineralisation envelope surrounding the parent hole.
Hole DD21EB0018 with wedge holes on Emmie Bluff Deeps (Image source: Company update, 22 July 2022)
By the end of the June quarter, the drilling team had finished the drilling of the first wedge, and similar sequences of rocks were intersected in the hole.
Emmie Bluff: Coda targeting maiden mineral resource
A drilling program consisting of 12 holes targeting the mineral resource of Emmie Bluff commenced during the quarter. At the end of the quarter, six RC pre-collars were drilled, and one of the planned diamond tails was drilled.
The diamond hole – DD21EB0019 intersected a sedimentary sequence typical of other holes in the area.
Collar locations for recent and historical drilling on Emmie Bluff (Image source: Company update, 30 July 2021)
Regional exploration on Elizabeth Creek Project
Coda had identified MG14 North, Powerline and Hannibal prospects on the project to be the next in line for intensified exploration and development activities. During the June quarter, Coda completed earthworks on MG14 North and Powerline while work was in progress on Hannibal.
Coda is planning an RC drilling campaign on these prospects soon.
Prospects locations on the project (Image source: Company update, 30 July 2021)
Cameron River Project: Latest addition to asset portfolio of Coda
Cameron River Project came into the kitty of Coda Minerals through Farm-in and Joint Venture Agreement during the March 2021 quarter. Following the completion of the agreement, Coda’s field team launched a chip sample collection program on the project.
Cameron River Project is historically known for copper-gold mineralisation on two of its prospects- Copper Weed and Rebound. The field team collected 59 rock chip samples and sent them to the lab for assaying.
The assay results revealed several samples strongly anomalous for copper, gold, cobalt and nickel.
- The 12-hole drilling program on Emmie Bluff is expected to be over by the September quarter. Coda has mobilised a second diamond rig to accelerate the campaign.
- Metallurgical and geotechnical analysis to follow as a part of Scoping Study on the Emmie Bluff prospect.
- Maiden Mineral Resource Estimation for Emmie Bluff is expected in the December quarter.
- Coda has planned up to four additional diamond holes on the Emmie Bluff Deeps IOCG prospect.
- RC drilling campaign on regional targets during the September quarter.
- Further rock chip sampling is planned on the Cameron River Project.
- Coda is also considering an airborne EM survey on the Cameron tenure.
Cash and financial position
During the June quarter, Coda raised AU$14.4 million through placements @ AU$1.2. The fund will be utilised to support the exploration and development activities of the Company. At the end of the reporting period, Coda reported AU$21.79 million in cash and deposits.
Total expenditure for the quarter was AU$1.5 million.
With a market cap of AU$116.34 million, shares of COD were trading at AU$1.200, up 0. 840% from the previous close, at 11:42 AM AEST on 9 August 2021. The shares of the Company have given an impressive return of 230% in last three months.