Things are starting to get interesting for Coda Minerals at its recent Emmie Bluff Deeps IOCG style copper discovery in South Australia where a maiden hole into a targeted gravity anomaly hit 28 metres at 1.21 per cent copper. Four newly drilled holes have now intercepted thick intervals of copper-bearing sulphides that will likely extend the mineralised envelope in three directions.
Coda has been running hot since announcing its exciting discovery at Emmie Bluff Deeps that catapulted the company’s share price from about $0.35 in June this year to a high of more than $1.70 in the same month.
A string of thick copper sulphide intercepts at the prospect have followed including in a wedge hole - drilled from the original discovery hole - where a 24m strike going 2.17 per cent copper from 815m and another 13m interval at 3.46 per cent copper from 902m were returned.
Assays from five subsequent holes where thick mineralised intercepts were visually observed are due soon.
The mineralised envelope defined so far at Emmie Bluff Deeps consists of a higher grade bornite-rich core within an overall laterally extensive chalcopyrite halo, according to Coda.
The four new holes sunk at Emmie Bluff Deeps appear to have added further flavour to the exciting discovery by extending the mineralised horizon to the north, south and east.
Coda reports hole EBD2W3 has now intercepted 56m of chalcopyrite dominated mineralisation from 903m.
Another hole, EBD2W2, hit 24.5m of chalcopyrite and 17m of bornite dominated mineralisation from 890m and 930m respectively.
A 45m interval of bornite dominated mineralisation was also intersected in hole EBD3W3.
Notably, hole EBD3W3B pierced two separate mineralised lodes - 36m of bornite-dominated mineralisation from 804m in the upper lode and 10m of mixed chalcopyrite and bornite mineralisation from 955m in the lower lode. The two lodes combine for about 46m of mineralised core and extend the known copper-rich bornite zone about 70m to the south-east.
Coda says the total lateral extent of mineralisation defined so far at Emmie Bluff Deeps takes in an area of about 450m by 250m.
Interestingly, the company believes the discovery has scope for further growth in multiple directions.
Management says the gravity anomaly currently being tested stretches for another 1.4 kilometres to the south-east from Coda’s existing drilling.
Historical drilling also intercepted mineralisation some 300m to the east of Coda’s holes and another 730m to the north.
Coda now plans to drill test the mineralised envelope to the north and south-east, whilst also targeting extensions to the bornite-dominated zone to the south.
Coda Minerals Chief Executive Officer, Chris Stevens said: “We have now had an outstanding run of nine holes from this and the previous drilling programme. All have returned materially important intersections and we are beginning to demonstrate a clear trend of increasing thickness and tenor of mineralisation as we systematically follow the bornite-dominant zone to the south-east.
In particular, the results from EBD3W3B are exceptional. Once confirmed by assays, this hole will not only materially extend the known bornite-dominated zone but should also give us one of our thickest sulphide intersections to date”
Coda also says a maiden mineral resource estimate for its nearby Emmie Bluff copper-cobalt deposit is anticipated for release by year’s end.
Both Emmie Bluff and Emmie Bluff Deeps lie in the northern part of the company’s 701 square kilometre Elizabeth Creek project tenure.
Coda has put an exploration target out at Emmie Bluff of between 46 and 77 million tonnes with an estimated grade ranging between 0.5 per cent and 2.3 per cent copper equivalent.
Elizabeth Creek already boasts two JORC compliant resources at the Windabout and MG14 deposits in the southern part of the landholding.
At Windabout, 17.67 million tonnes going 0.77 per cent copper, 0.05 per cent cobalt and 8.0 g/t silver has been defined. Another 1.83 million tonnes at 1.24 per cent copper, 0.03 per cent cobalt and 14 g/t silver has been delineated at MG14.
With multiple assays from Emmie Bluff Deeps due soon and a maiden resource estimate for Emmie Bluff now tantalisingly close, Coda appears on track to finish 2021 with a bang as its copper hunt in South Australia continues to gather steam.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
