Coda Minerals Consolidates Ownership of Cameron River

THE DRILL SERGEANT: Coda Minerals (ASX: COD) is set to acquire 100 per cent-ownership of the Cameron River project in the Mt Isa region of Queensland.

The Cameron River project consists of 35 square kilometres of copper, gold, uranium, and rare earths exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053).

The tenure is in an ideal neighbourhood being located approximately halfway between Mt Isa and Cloncurry, and immediately north of the historic Mary Kathleen uranium mine.

In 2021, Coda Minerals entered a binding Farm-In and Joint Venture Agreement receiving the right to acquire up to an 80 per cent ownership in the Cameron River project.

Coda has now executed documents with Wilgus Investments to consolidate 100 per cent-ownership of the tenure.

Wilgus retains the right to a 1% NSR payable on any mineral products mined from the tenure on terms customary for this form of transaction.

“This consolidation is a logical next step for both parties and will simplify ongoing exploration and commercialisation of Cameron River,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“Elizabeth Creek is clearly our first priority; however, Cameron River remains highly prospective exploration tenure located in an area famous for copper, gold, uranium, and rare earth elements.

“We look forward to reporting the results of current review and exploration work to the market later in the quarter.”





Coda Minerals Nearing Completion of Elizabeth Creek Scoping Study

THE DRILL SERGEANT: Coda Minerals (ASX: COD) will land at the RIU Explorers Conference next week with plenty of news regarding progress of a Scoping Study at the company’s 100 per cent-owned Elizabeth Creek copper project in South Australia.

Coda Minerals is conducting the Scoping Study for the copper-cobalt Resources at Elizabeth Creek that includes new developments with the process plant flowsheet design.

Coda has assessed material inputs into the upcoming Scoping Study up to the point of production of a copper-cobalt concentrate from a centrally located on-site flotation plant.

These studies cover the full project scope from mining, processing and transportation through to non-process infrastructure, as well as preliminary environmental and hydrogeological assessment.

The part of the Scoping Study relating to the downstream processing of concentrate to final saleable products remains subject to a series of trade-off studies relating to multiple processing options.

“The completion of the Scoping Study will mark the culmination of an enormous amount of work on the mining and metallurgy of the Elizabeth Creek project,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“Although often considered high-level in nature, a Scoping Study also needs to set out a robust base case encompassing the optimum combination of options to be taken forward into a Pre-Feasibility Study.

“With the vast majority of the mining and metallurgy work, as well as all ancillary inputs, now complete, we are making excellent progress with the final stages of the study.

“The work still to be completed relates to one of the project’s greatest strengths – the amenability of cobalt to high recoveries and processing to deliver valuable battery-grade end-products on site.

“With all but one of the trade-off studies now complete, we expect to finalise this work very shortly and look forward to completing the study towards to the end of the current quarter with the results likely to be presented to the market in April 2023.”




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


Coda Minerals and Torrens Mining Merger to Consolidate Elizabeth Creek Ownership

THE BOURSE WHISPERER: Coda Minerals will be expecting a rush of interest at the 2022 RIU Explorers Conference next week after announcing it is to merge with Torrens Mining to create a leading base and precious metals exploration company focussed on the Elizabeth Creek copper project in South Australia.

If successful, the proposed merger is expected to result in Coda consolidating 100 per cent-ownership of the Elizabeth Creek copper project via the acquisition of Torrens’ current 30 per cent Joint Venture interest.

“The combination with Torrens provides a compelling opportunity to create value for both sets of shareholders by unlocking important synergies in the exploration and development of our core asset, the Elizabeth Creek copper project in South Australia,” Coda Minerals chief executive officer Chris Stevens said in the companies’ joint ASX announcement.

“The offer provides an immediate premium of over 30 per cent, while the consolidation of 100 per cent-ownership of Elizabeth Creek in a single company represents a logical and very positive next step in the project’s evolution.”








Coda Minerals Identifies New Cameron River Copper-Gold Targets

THE DRILL SERGEANT: Coda Minerals (ASX: COD) has identified new copper-gold target zones at the company’s Cameron River project, located in the Mt Isa mineral province in North Queensland.

Coda Minerals identified the new targets from recent field activity that produced high-grade rock chips at Cameron River that recorded individual peak grades of 22.9 per cent copper, 2.74 grams per tonne gold, 0.94 per cent cobalt and 156.7g/t silver in systematic rock-chip sampling.

The recent work also confirmed and extended historic data, which in turn expanded the mineralised corridor at the most prospective Copper Weed and Rebound prospect areas to 2km long and up to 800m wide.

Coda Minerals entered into a binding Farm-in and Joint Venture Agreement in March 2021, giving it the right to acquire up 80 per cent ownership in the Cameron River project.

Since then, Coda has carried out three rock chip sampling programs over what it considers the most prospective areas across the two tenements.

“Earlier this year, we farmed into the Cameron River project on the basis of its clear prospectivity and lack of systematic historical exploration knowing that we had some legwork to do on the ground,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“These results are just the first step in that journey, but already we are seeing exceptional results from areas of known prospectivity as well as the emergence of new areas of interest across the tenure.

“Although these headline numbers are impressive, the Mt Isa region is well known for supergene enrichment to high grades of copper and gold in rock chip samples, and these do not always indicate a material copper endowment nearby.

“In this case however, our enthusiasm comes more from the support that these geochemical results provide for targets which were generated using a multifaceted approach emphasising geophysics and structural geology, as well as the scale, lateral extent and repeatability of the Copper Weed/Rebound anomalism in particular.

“With numerous walk-up drill targets now defined at the surface, the potential of the Cameron River project for a short-term discovery is stronger than ever.

“Clearly, our primary focus remains on the ongoing activity at our flagship Elizabeth Creek project in South Australia, however, we will also be moving quickly to test these exciting new targets when the weather allows in the new year.”








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.”








Coda Minerals Validates IOCG Mineralisation at Emmie Bluff Deeps

THE DRILL SERGEANT: Coda Minerals (ASX: COD) reported assays from the first hole at Emmie Bluff Deeps IOCG target within the company’s Elizabeth Creek Joint Venture project in South Australia with Torrens Mining Limited (ASX: TRN).

Coda received assays from the first drill-hole in its deep IOCG drill program at Emmie Bluff Deeps that have confirmed IOCG-style copper-gold mineralisation at Emmie Bluff Deeps, with multiple zones intersected.

Results include:


4.69m at 1.01 per cent copper, 0.17 grams per tonne gold and 3.6g/t silver from 797.45m down-hole;
28.14m at 1.21 per cent copper, 0.37g/t gold and 2.3g/t silver from 810.79m down-hole, including 4.83m at 2.16 per cent copper, 0.63g/t gold and 4.3g/t silver from 816.8m; and
2.57m at 2.11 per cent copper, 0.30g/t gold and 13.2g/t silver from 842.03m down-hole, including 1.45m at 3.44 per cent copper, 0.42g/t gold and 22.1g/t silver from 842.77m.

“These results provide the first quantitative evidence of IOCG copper-gold mineralisation at Emmie Bluff Deeps,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“These assays are consistent with what we would expect from chalcopyrite zones within a broader IOCG system.

“They also represent the best intersections yet known from the Emmie Bluff Deeps prospect, including across many years of exploration by earlier companies.

“Together, they significantly increase our confidence in the project and further de-risk the potential opportunity from Emmie Bluff Deeps.

“In terms of grade and thickness, the assays have come in well within the range that we were expecting based on our visual observations.

“The chalcocite and bornite zones have yielded strong grades, and we expect to see more of this sort of higher-grade mineralisation in the wedge holes to the east.

“Together with visual observations of the recently drilled wedge holes, this represents further validation of our exploration model and our interpretation of the local geology.

“Our interpretation suggests that this hole was drilled immediately to the west of a major mineralising structure and has most likely intersected a broad and relatively flat-lying ‘apron’ of mineralisation which surrounds it.

“An accelerated and aggressive exploration program is underway, focused on the area of highest prospectivity to the east and north-east of DD21EB0018 and, all going well, will confirm our hypothesis with results expected in the weeks ahead.”









Thick Zone of IOCG Mineralisation at Emmie Bluff Deeps sends Coda Minerals and Torrens Mining Shares Flying

THE DRILL SERGEANT: Coda Minerals (ASX: COD) first appeared on The Resources Roadhouse radar screens when it presented at our Explorers afternoon in March this year.

Presenting to our usual audience of well-informed investor types, Coda Minerals raised a few eyebrows in interest of the company’s Elizabeth Creek copper project in South Australia.

Exploration is a lot like real estate at times and Coda Minerals is no exception to this rule with its Elizabeth Creek project sitting slap bang amidst a traditional copper neighbourhood.

The 739 square kilometres project sits in the heart of the Olympic Copper Province, also known as Australia’s most productive copper belt.

Elizabeth Creek is centred 100 kilometres south of BHP’s Olympic Dam mine, 15km from BHP’s Oak Dam West project, and 50km west of OZ Minerals’ Carrapateena copper-gold project.

Hindsight is a wonderful thing to think the company has set up shop in such a region, but then again foresight is an ever more wonderful thing, especially when a company has the gumption to follow its nose and start drilling.

The company has identified two priority targets at the Elizabeth Creek project at which it commenced its current drilling program in May 2021.

These targets are:

The Emmie Bluff copper-cobalt deposit, a laterally extensive, flat-lying, sediment-hosted copper-cobalt deposit at approximately 400 metres deep, over which the company established an Exploration Target in 2019; and

The Emmie Bluff IOCG Deeps prospect, which lies in the basement rocks below Emmie Bluff, approximately 700 to 1,000m deep.

The target at Emmie Bluff Deeps is iron-oxide copper-gold (IOCG) mineralisation, which is mined in the region at the Olympic Dam, Carrapateena and Prominent Hill mines.

This week, things got serious for Coda Minerals, in conjunction with its Joint Venture partner Torrens Mining (ASX: TRN), with the announcement of preliminary results from drill-hole DD21EB0018, the first deep diamond hole designed to test Emmie Bluff Deeps IOCG target at the Elizabeth Creek project.

“The deep IOCG diamond drill hole DD21EB0018 has intersected very encouraging copper sulphide mineralisation,” Torrens Mining managing director Steve Shedden explained in his company’s ASX announcement regarding the discovery.

“This is an excellent result for the first Joint Venture drill hole to test the IOCG mineralised system and, against a background of steadily rising copper prices, is most heartening.

“Torrens’ shares Coda’s enthusiasm for these results and highly anticipates the assay results.

“We look forward to more positive developments at the Elizabeth Creek project, which the Joint Venture is energetically pursuing.”

For the technically minded among us, the drill hole in question was reported to have encountered a 200 metres sequence of intense haematisation and alteration, including a 50m sequence of zoned copper sulphide mineralisation, consisting of chalcocite, chalcopyrite and bornite zones.

The explorer’s newest best friend, the Portable-XRF machine, produced readings of this haematite cap material that indicated the presence of highly anomalous lanthanum and cerium, both of which are considered key pathfinder elements for IOCG systems.

Beneath this haematite cap, the drill hole encountered approximately 70m of strongly altered granite, interpreted to be intrusive Hiltaba Suite granites.

This granite was followed by an approximately 50m zone of variably intensive haematite altered metasediments with a significant copper sulphide component, starting from approximately 797m down-hole.

Coda explained how the copper sulphides exhibit zoning with depth, with the highly altered zone consisting of:
• an upper zone of disseminated and blebby chalcocite/bornite in massive haematite;
• a narrow zone of chloritic and haematised sediment;
• a strongly haematised middle zone, dominated by chalcopyrite and accessory bornite in blebs and accumulations typically (though not universally) aligned with the remnant sedimentary structures and with elevated molybdenum and cobalt levels detected by portable XRF; and
• a lower zone, including both bornite and chalcopyrite, again primarily in blebs and veinlets.

According to Coda, the readings achieved by the Portable XRF confirmed elevated copper associated with these sulphides in all three sulphide zones, as well as the presence of IOCG indicator elements such as cobalt and barium.

The astonishing thing to note here is that the announcement contained no assay results, as these were yet to have found their way out of the laboratory.

This didn’t seem to concern investors with the Coda Minerals and Torrens Mining prices enjoying exemplary trading days.

Both emerged from self-imposed trading halts to light up the boards as well as the countenance of their respective shareholder bases.

“This is a very exciting and significant result for the very first deep IOCG exploration hole to be drilled at our Elizabeth Creek project since we listed on the ASX, and it represents the culmination of significant geological and geophysical targeting work undertaken prior to listing,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“Although assays are pending and we cannot confirm the tenor or extent of the mineralisation we have encountered, preliminary geological logging and field observations by Coda’s experienced technical team suggest that the hypothesis which drove the design of this hole has been validated.

“Regardless of the final assays, it is clear based on geological data alone we have intersected an IOCG alteration system of significant scale.

“We are incredibly encouraged to have encountered chalcocite, chalcopyrite and bornite at the intensity and over the length of core that we did, and we are currently investigating options to follow up these exciting results as soon as possible.

“We have approvals in place for multiple additional holes and anticipate mobilising a third diamond rig to Emmie Bluff in the coming days.

“This work will proceed in parallel with the ongoing resource in-fill drilling program covering the shallower, Zambian-style copper-cobalt mineralisation at Emmie Bluff itself, where we remain on track to deliver a maiden Mineral Resource Estimate in the September quarter this year.

“Given the size of the prize and the location of the Emmie Bluff Deeps IOCG Project in a Tier-1 mineral province just 16 kilometres 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.”






Coda Minerals Extends Copper-Cobalt Mineralisation at Emmie Bluff

THE DRILL SERGEANT: Coda Minerals (ASX: COD) reported the final round of assay results from its two-phase, 17-hole diamond drill program at the Emmie Bluff prospect, part of the company’s Elizabeth Creek project located in the Olympic Copper Province in South Australia.

Coda Minerals is the operator and majority owner of the Elizabeth Creek project, holding a 70 per cent interest alongside Torrens Mining (ASX: TRN) with 30 per cent.

The company declared the most recent round of assays as some of the highest-grade intercepts it has encountered at Emmie Bluff to date.

The best assays from the most recent round include:

2.24 metres at 3.19 per cent copper equivalent (CuEq) (1.82% copper, 1,139ppm cobalt and 24g/t silver);

3m at 4.71 per cent CuEq (2.85% copper, 1,545ppm cobalt and 27g/t silver); and

2.13m at 3.53 per cent CuEq (2.08% copper, 1,212ppm cobalt and 28g/t silver).

Coad Minerals said the new assays, together with previously announced results, continue to strongly validate the Emmie Bluff Exploration Target and support the company’s goal of completing a maiden JORC 2012 Mineral Resource Estimate for the deposit in Q3 2021.

“The consistent drilling results generated within the Exploration Target area have further reinforced our confidence in the scale and robustness of the mineralisation at Emmie Bluff,” Coda Minerals CEO Chris Stevens said in the company’s ASX announcement.

“In particular, the strong results from hole DD21EB0012 confirm the potential both to extend the mineralised envelope beyond the bounds of the Exploration Target and show the potential for excellent grades in these extensions.

“With our final assays now received, our focus is firmly on our third phase of drilling, which will commence next month – paving the way for a maiden Inferred Mineral Resource Estimate by late next quarter.”









Coda Minerals Commences Elizabeth Creek JV with Torrens Mining

THE BOURSE WHISPERER: Coda Minerals (ASX: COD) reached an important stage by meeting the Free-Carry Expenditure Limit under its Farm-in and Joint Venture Agreement with Terrace Mining, a wholly owned subsidiary of Torrens Mining (ASX: TRN) at the Elizabeth Creek copper project in South Australia.

Coda Minerals has spent $8.62 million on exploration to date at Elizabeth Creek, and accordingly, Coda and Torrens have now formed an unincorporated JV, under which each party will now contribute funding to continued exploration and feasibility work in accordance with their respective interests in the project.

Coda is the operator and majority owner of Elizabeth Creek, holding a 70 per cent interest with Torrens holding a 30 per cent interest.

“This is another significant milestone in the Agreement signed between Coda and Terrace in 2017,” Coda Minerals chief executive officer Chris Stevens said in the company’s ASX announcement.

“We have come an extremely long way since 2017, having achieved JORC 2012 Compliant Indicated Mineral Resource Estimates over the MG14 and Windabout deposits with a total Resource of 280,000 tonnes of copper equivalent now on our books.

“Our focus is now on proving up Emmie Bluff as we work to convert the previously announced JORC Compliant Exploration Target into a JORC Compliant Mineral Resource Estimate by the third quarter of this year.

“The Joint Venture Committee has now approved an exploration and feasibility budget to continue drilling and undertake the work required to deliver the Mineral Resource Estimate at Emmie Bluff as well as to test the highly prospective IOCG Target at Emmie Bluff Deeps and undertake an ambitious regional exploration programme across the Elizabeth Creek Tenure.

“We expect the drill rigs to be turning again at Elizabeth Creek before the end of this month and we are looking forward to what we expect to be a really busy and potentially transformational 6-8 months for the newly-formed Joint Venture as we take our Mineral Resource base at Elizabeth Creek to the next level and begin testing highly-prospective IOCG targets at depth.”