Coda Minerals Confirms Bornite Zone at Emmie Bluff Deeps

THE DRILL SERGEANT: Coda Minerals (ASX: COD), along with Joint Venture partner Torrens Mining (ASX: TRN), reported assays from holes drilled as wedge holes from previously reported drill hole DD21EB0018.

DD21EB0018 was the first hole in the company’s deep IOCG drill program to test the Emmie Bluff Deeps IOCG target, which forms part of Coda’s broader Elizabeth Creek project in the Olympic Copper Province in South Australia.

Assay results from the two wedge holes drilled from DD21EB0018 have confirmed IOCG-style copper-gold mineralisation at Emmie Bluff Deeps:

Wedge 1:

17.1m at 1.2 per cent copper, 0.3 grams per tonne gold, 1.3g/t silver from 824m;

Wedge 2 Upper:

24m at 2.2 per cent copper, 0.3g/t gold, 8.9g/t silver from 815m, including 3m at 4.2 per cent copper, 0.3g/t gold, 10.5g/t silver from 830m; and

Wedge 2 Lower:

12.9m at 3.5 per cent copper, 0.6g/t gold, 25.4g/t silver from 902m, including 3.2m at 4.9 per cent copper, 1.3g/t gold, 41.8g/t silver from 905m, and 2.9m at 4.8 per cent copper, 0.3g/t gold, 33.8g/t silver from 911m.

“These exceptional results further refine and de-risk our exploration program,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“Building on the previously released assays from our first diamond hole, they give us further encouragement that we are closing-in on a large-scale IOCG deposit at Emmie Bluff Deeps.

“Wedge 2, in particular, is significantly more intensely mineralised than the parent hole, validating our exploration model.

“These are also the best-ever assays received from the Emmie Bluff IOCG prospect over many years of drilling by previous explorers.

“Our geological hypothesis is that these wedge holes have intersected more of the ‘apron’ of relatively flat-lying mineralisation that we believe surrounds a sub-vertical mineralising structure located close to DD21EB0018.

“These new assays demonstrate directionality through increasing copper grade and together with recent drilling data, assist in vectoring us toward a main mineralising structure.

“Our job now is to follow that vector with the drill rig and, in conjunction with ongoing geophysical work, to narrow down our target envelope.

“Our goal is to locate what we believe is a large, brecciated structure hosting high grade copper-gold mineralisation across a substantial vertical thickness.

“From that perspective, we are particularly excited by the lower bornite-rich zone encountered in Wedge 2.

“Around 90 vertical metres separates the top of the upper zone and the base of the lower zone in this hole.

“That width provides a strong indication that any mineralising structure that we encounter in the area will be at least that vertically extensive.

“Multiple drilling rigs are operating at Emmie Bluff Deeps, with two new surface drill-holes in progress and already well advanced, we anticipate further news flow over the next two to three weeks.”