Coda Minerals Advancing Emmie System at Elizabeth Creek

Coda Minerals (ASX: COD) recently underscored its understanding of the company’s Elizabeth Creek copper project in the Olympic Copper Province in South Australia.

Coda is the operator and majority owner of the Elizabeth Creek project, holding a 70 per cent interest alongside Torrens Mining, which holds a 30 per cent interest.

Coda and Torrens have struck a Bid Implementation Deed for the companies to merge via a recommended takeover offer, consolidating 100 per cent ownership of the Elizabeth Creek project.

Recent diamond drilling continued to demonstrate the substantial metal endowment of the broader Emmie System, which comprises both the shallower Emmie Bluff copper-cobalt deposit and the adjacent Emmie IOCG (copper-gold) at depth.

Two recent drill-holes combined with comprehensive re-logging of drill core by an IOCG expert, changing the company’s ideas about what the project may hold.

The first hole, EBD7, seemed to cut off a bornite zone on the far western edge of the anomaly while the second returned a copper-rich bornite dominated intercept from a location the company was not expecting to find one.

Combining results with detailed re-logging of previous holes, Coda interpreted outcomes to suggest multiple copper-bearing conduits could exists within the Emmie IOCG mineralised system.

“Simply put, we thought we were chasing a single area of mineralisation, but we now believe that there may be multiple zones of bornite,” Coda Minerals CEO Chris Stevens said.

“What we don’t yet know is how many there are, and whether or not some are much thicker than what we have found to date.”

The bornite encountered by the second of the holes mentioned provides new targets along with already established information leading the company’s suspicions Emmie IOCG displays hallmarks of an accumulation of copper and other valuable metals at least comparable in scale to the Emmie Bluff copper-cobalt deposit above it, and potentially much larger.

“Having both types of potentially economic copper mineralisation within the same overall mineralised system is unique, probably in the world,” Stevens said.

“With approximately 800,000 tonnes of contained copper equivalent already defined in Indicated Resources at Emmie Bluff, the IOCG beneath has also begun to demonstrate significant scale.”

Coda signalled its next move will be to focus on drill testing to evaluate and extend the new bornite zone encountered in EBD7 and re-evaluate historical drill hole SAE4, which encountered 16m at 0.64 per cent copper and 0.2g/t gold from 860m and 36m at 0.71 per cent copper and 0.2g/t gold from 884m.

Apart from this work, the company has taken very early steps to assess the economic potential of the Emmie IOCG deposit with the intention to integrate the Emmie IOCG deposit into the ongoing Elizabeth Creek scoping study.

“Based on what we already know, we have reached a point of confidence that Emmie IOCG represents a significant accumulation of copper and other valuable metals at least comparable in scale to the Emmie Bluff copper-cobalt deposit above it, and potentially much larger,” Stevens said.

“This opens up the very real option to evaluate the potential of a fully integrated development of these two deposits as part of a much larger mining operation.”


Directors: Keith Jones, Chris Stevens, Colin Moorhead, Robin Marshall, Paul Hallam