Coda Minerals has confirmed a new geologically distinct bornite zone in the southern part of its Emmie iron oxide-copper-gold prospect in South Australia.
The company’s assay results include a best intercept of 16m at 2.66 per cent copper and 37.5 grams per tonne silver from 812m from its March drilling program that intersected a distinct copper-rich zone, confirming south-east expansion of the interpreted mineralisation of the prospect — part of Coda’s Elizabeth Creek copper project.
Whilst the latest results showed strong copper and silver hits, Coda says the absence of gold is significant and can be taken as evidence the mineralisation found in the latest assays are related to, however distinct from, previous drill results at Emmie.
Coda Minerals Chief Executive Officer, Chris Stevens said: “We know that between Emmie Bluff and Emmie IOCG this system contains an enormous endowment of copper, gold, silver and cobalt. We also know that, based on holes like EBD3W2 and EBD7, we have found bornite zones capable of delivering meaningful intercepts well above 2.5 per cent copper.”
Coda says it will begin advanced geophysics at the site to get a better understanding of the Emmie’s geometry and geology before the company resumes drilling.
Assays from a wedge hole drilled in March are pending and may help in identifying if the absence of gold is widespread or specific to the latest drill results.
The company says if the absence of gold is supported by further assays, it could represent a distinct alteration when compared to the material encountered further north-west.
The Elizabeth Creek copper project is 100km 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.
Coda recently extended its Emmie deposit more than 900m north after recent surface step-out drill hole encountered multiple zones of visible copper sulphide mineralisation.
The resource at Emmie Bluff recorded 43 million tonnes going 1.3 per cent copper, 470 parts per million cobalt and 11 gram per tonne silver.
It adds to JORC-compliant resources at the Windabout and MG14 deposits in the southern part of Coda’s landholding.
The company also confirmed plans to drill in August at its Cameron River copper-gold project in Queensland.
This month Coda identified multiple targets including outstanding anomalies from induced polarisation surveys at its Queensland site.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
