- Coda Minerals shares skyrocketed today on impressive preliminary drilling results from the IOCG target on its flagship Elizabeth Creek Project.
- The Company commenced its three-hole drilling campaign last month to test its IOCG potential on its Emmie Bluff Deeps IOCG prospect.
- The portable XRF readings have confirmed the presence of copper along with pathfinder elements.
- A zone of 200m thick haematitic and altered sediments was encountered in the 1041m deep hole.
- Coda may plan additional holes on the prospect and have all prior approvals in place.
Stoked by excellent results at its flagship Elizabeth Creek Project, the shares of ASX-listed mineral explorer Coda Minerals Limited (ASX:COD) skyrocketed ~235% on Wednesday.
Coda’s relentless pursuit to upgrade the resource potential at Elizabeth Creek has received a major boost with the discovery of a thick zone of IOCG mineralization in the first deep diamond hole drilled at Emmie Bluff Deeps.
The drilled hole, designated as DD21EB0018, encountered an intense sequence of 200m haematisation and alterations, which encompasses 50m sequence of copper sulphide minerlaisation consisting of chalcocite, chalcopyrite and bornite zones.
Elizabeth Creek Project Map with prospect locations (Image source: Company update, 9 June 2021)
Emmie Bluff Deeps
Emmie Bluff Deeps is an iron-oxide copper-gold (IOCG) prospect on the Elizabeth Creek Project in South Australia. The IOCG target lies in the basement rocks below another priority prospect – the Emmie Bluff Copper-Cobalt prospect. The IOCG target is located at a depth of 700-1,000m deep and is similar to Olympic Dam, Carrapateena and Prominent Hill Mines in the region.
The data from the historical drilling on Emmie Bluff Deeps revealed the presence of a hydrothermal system with varying alterations. The IOCG potential of the prospect was known for quite some time and the intercept received from the current drilling program established the presence of a mineralised zone on the prospect.
Emmie Bluff Deeps cross-section looking north (Image source: Company update, 9 June 2021)
Coda commenced a three-hole drilling program on Emmie Bluff Deeps on 20 May 2021. The assay results for hole DD21EB0018 are being worked out, but the preliminary geological logging and field observations by the experienced technical team suggest that the design objective of the hole has been achieved. The tenor or extent of mineralisation will become more evident once the assay results are finalised.
Hailing the preliminary drilling results as highly encouraging, Mr Chris Stevens, CEO of Coda Minerals, credited the technical team of the Company for the geophysical and geological work done prior to its listing on the ASX. Mr Stevens also informed that there are approvals in place if the Company wants to drill additional wells on the prospect, and Coda would be mobilising the third rig on Emmie Bluff in the coming days.
“Given the size of the prize and the location of the Emmie Bluff Deeps IOCG Project in a Tier-1 mineral province just 16km from one of the world’s most exciting new IOCG discoveries of recent times at Oak Dam West, we feel that we owe it to our shareholders to pursue this game-changing opportunity with vigour”, Mr Stevens added further.
Hole DD21EB0018 was drilled to a depth of 1,041.6m and terminated in unaltered granite. It was designed to target high gravity anomalism area associated with low magnetic anomalism. The hole encountered a 200m thick zone of intense haematisation and alterations.
The altered zone has 58m zone of haematite in a thick cap and below this cap lies 70m zone of strongly altered granite. Below the granite zone, the drilling bit encountered a 50m zone of variable intensive haematite with a significant copper sulphide component. The zone of alteration starts from the depth of 797m onwards.
Core sample from the hole DD21EB0018 showing alterations (Image source: Company update, 9 June 2021)
The portable XRF readings have confirmed the presence of elevated copper associated with all sulphide zones. The data has also highlighted the presence of pathfinder element such as lanthanum, cerium, cobalt and molybdenum.
Mr Kieth Jones, Chairman of Coda Minerals, shared his views on the drilling result and commented:-
Copyright © 2021 Kalkine Media (Data source: Company update, 9 June 2021)
It was a field day for the shares of Coda, which clocked an impressive surge of 235% and closed at its all-time high of AU$1.19 on 9 June 2021. Today, the company is trading at AU$1.180, with a market cap of AU$101.76 million at 3:28 PM AEST.