Coda Minerals Puts Finishing Touch on ASX Listing

THE BOURSE WHISPERER: Coda Minerals (ASX: COD) joined the ranks of the ASX-listed exploration plays this week on the back of a heavily oversubscribed Initial Public Offering (IPO) that raised $8.5 million at an issue price of 30 cents per share.

Coda Minerals is aiming to unlock the value of what it perceives as being a prime exploration asset: the Elizabeth Creek copper project in the Gawler Craton of South Australia.

Punters seemed to share the company’s enthusiasm, welcoming it with an opening day price of 44 cents, closing at 46 cents.

The company intends spending the raised monies to complete an extensive exploration program at Elizabeth Creek in 2020/21, for which it has wasted little time with drill rigs already arrived on site ahead of its stated schedule in mid-October that have commenced drilling.

The project currently covers over 700 square kilometres of the Olympic Dam Copper Province, Australia’s most productive copper belt, and is located reasonably close to BHP’s Olympic Dam copper-gold-uranium mine and OZ Minerals’ Carrapateena copper-gold project.

Elizabeth Creek currently has a JORC compliant Indicated Mineral Resource Estimate of 158,000 tonnes copper and 9400 tonnes cobalt.

Coda Minerals is actively exploring for both Zambian style copper-cobalt and IOCG copper deposits on the Elizabeth Creek tenure.

“Emmie Bluff, a sediment hosted, Zambian style copper-cobalt prospect was defined as a priority target last year following extensive reinterpretation through drilling and two forms of geophysical surveys,” Coda Minerals chief executive officer Chris Stevens said in the company’s listing announcement to the Australian Securities Exchange.

“Although already of potentially significant scale, geophysical interpretation shows the potential for large-scale extensions to the south, and also to the north east and west of the existing drill backed mineralisation.

“Emmie Bluff is the first of several high priority prospects that we intend to drill over the next 18 months with drilling already having commenced with both diamond and RC rigs already turning on-site.

“We are focused on building shareholder value as we systematically explore the Elizabeth Creek tenement package for both Zambian style copper-cobalt and Olympic Dam style IOCG copper deposits.”