Sponsored

Coda Minerals (ASX: COD) strikes high grade Copper-Gold mineralisation at Emmie Bluff Deeps

Highlights

  • The peak grades of 15.3% Cu and 4.49g/t Au in Wedge 2 (lower zone), and the 3.37% Cu and 1.55g/t Au in Wedge 1 confirm the potential for a substantial high-grade Copper and Gold mineralisation at the project.
  • The assay results for the DD21EB0018 hole, released previously in July, included the best intersections of 28.1m at 1.21% Cu, 0.37g/t Au and 2.3g/t Ag from 810.8m
  • Currently, the drilling activity is in progress with two surface holes, anticipated to reach their target depth within few days.

The pursuit of high-grade copper-gold mineralisation by Coda Minerals Limited (ASX: COD) in one of Australia’s most productive copper belts, yielded high-grade Copper and Gold assay results from Emmie Bluff Deeps deposit at the broader Elizabeth Creek Project. The recent drilling success confirms the company’s exploration strategy and underpins the potential for discovery in the central Olympic Copper Province.

High-Grade Assays Confirm Bornite Zone 

Coda and its joint venture partner Torrens Mining (ASX: TRN), a listed copper-gold explorer, announced the latest assay results from the wedge holes, DD21EB0018W1 and DD21EB0018W2, drilled from the parent hole DD21EB0018. The wedge holes intersected copper-gold sulphide mineralisation, broadly in line with the previously released geological logs.

Wedge holes were drilled from positions at approximately 500m depth down the parent hole, with DD21EB0018 delineating two distinct zones of mineralisation. The upper mineralisation zone is dominated by bornite and covellite while the lower zone is dominated by bornite and reports the highest-grade assays so far.

The wedge hole, DD21EB0018W2, intersected a 24.0m wide zone at 2.2% Copper, 0.3 g/t Gold, 8.9g/t Silver in the upper zone and a 12.9m interval at 3.5% Copper, 0.6 g/t Gold and 25.4 g/t Silver in the lower zone.

Assay Results of the DD21EB0018 wedge holes Source: Company announcement 23 August 2021

Coda has expressed that the peak grades of 15.3% Cu and 4.49g/t Au in Wedge 2 (lower zone) and the 3.37% Cu and 1.55g/t Au in Wedge 1 confirms the potential for a substantial high-grade Copper and Gold mineralisation at the project.

The most prospective sections of the diamond drill core were prioritised for assaying and subsequent assay results will be released in the upcoming weeks, which may include minor additional mineralised intersections.

Assays highlights higher-grade mineralised intersections in proximity to DD21EB0018

The parent hole, DD21EB0018, was the first drill hole under the deep IOCG drill program, to test the Emmie Bluff Deeps IOCG targets at Coda’s Elizabeth Creek Project. The Elizabeth Creek Copper-Gold Project is located 100kms south of BHP Group Limited’s (ASX:BHP) Olympic Dam Cu-AU-U mine and 50km west of OZ Minerals Limited’s (ASX:OZL) Carrapateena Cu-Au project.

Emmie Bluff Deeps assay results Source: Coda Minerals 23 August 2021

The assay results for the DD21EB0018 hole were released previously in July and included the best intersections of 28.1m at 1.21% Cu, 0.37g/t Au and 2.3g/t Ag from 810.8m, including 4.8m at 2.16% Cu, 0.63g/t Au and 4.3g/t Ag from 816.8m. The wedge holes drilled southeast and west of the parent hole showcase grade improvement in comparison to previous results and also indicates the presence of a proximal mineralising structure.

At the parent hole, a total of more than 35m intersections were recorded with copper grades in excess of 1%, with peak grades of 5.39% Copper in the bornite zones and 1.19  g/t Gold in the main chalcopyrite zone.

Management Commentary

Source: Company announcement 23 August 2021

Ongoing activities and the Next steps

The diamond drilling and the ongoing geophysical work will continue to delineate and test the interpreted large, brecciated structure hosting high-grade copper-gold mineralisation within significant vertical thickness.

Adding on, Mr. Chris Stevens added that the company was particularly excited by the lower bornite-rich zone at wedge 2.  Currently, multiple drill rigs are operating at Emmie Bluff Deeps. The company has drilled a third wedge hole, DD21EB0018W3, northeast of DD21EB0018 and a surface hole DD21EBD0001.

Both holes encountered complex structures and strong haematite alteration and are currently being prepared for assay.

The data from these holes will be used to refine the existing exploration model and assist in identifying priority targets for subsequent drill programs. At present, two surface holes including a vertical hole DD21EBD0002, ~300m ESE of DD21EB0018, and an angled hole DD21EBD0003, ~300m south of DD21EB0018, are being drilled.

The new surface holes are expected to reach the final depth within few days. Currently, multiple drill rigs are operating at Emmie Bluff Deeps. Coda anticipates a further new flow over the next 2 to 3 weeks.

Bottom Line

The company follows a two-pronged strategy to define and extend its known Zambian-style copper-cobalt resources across numerous prospects, while also undertaking an aggressive and substantial drill program to assess and evaluate the Tier-1 IOCG system at Emmie Bluff Deeps. With a strong cash balance of over AU$21 million, Coda expects to be placed well on the financial front and plans to ramp up the exploration with multiple diamond drill rigs at the Elizabeth Creek Project.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK