Coda Minerals Limited (ASX: COD) has reported its Maiden Mineral Resource Estimate for the “Zambian‐style” Emmie Bluff Copper‐Cobalt deposit, part of its Elizabeth Creek Copper Project in South Australia.
The Maiden Mineral Resource Estimate defined for the Emmie Bluff Copper-Cobalt Deposit following extensive drilling campaign since listing in October 2020:
- Combined Indicated and Inferred Mineral Resource of 43Mt @ 1.3% Cu, 470 ppm Co, 11 g/t Ag and 0.15% Zn (1.84% CuEq) reported at a cut-off grade of 1% CuEq
- Containing approximately 560kt Cu, 20kt Co, 15.5Moz Ag and 66kt Zn (800kt CuEq)
- 39 Mt, comprising 90% of the mass and 92% of the metal (contained CuEq) is classified in the Indicated Resource category, with the remainder Inferred
The Emmie Bluff Copper‐Cobalt Deposit forms part of a suite of Zambian‐style copper‐cobalt and IOCG copper‐gold deposits at the Elizabeth Creek Project. Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens, which holds a 30% interest. Coda has an irrevocable option to acquire an additional 5% of the Elizabeth Creek Copper Project by paying $ 1.5 million to Torrens at any point up to 60 days from a decision to mine.
Background
The Emmie Bluff Copper‐Cobalt Deposit is one of three known “Zambian‐style” copper‐cobalt deposits at Elizabeth Creek, which also includes JORC 2012 Compliant Indicated Mineral Resources at the MG14 and Windabout deposits.
Since listing in October 2020, Coda has had a dual focus at Elizabeth Creek as it has worked systematically to prove up Emmie Bluff Copper‐Cobalt Deposit, completing a major drilling programme to underpin a maiden JORC 2012 Mineral Resource Estimate (MRE) as well as actively exploring for IOCG copper‐gold mineralisation with priority targets at Emmie Bluff Deeps and Elaine.
In June 2021, Coda announced the intersection of significant IOCG mineralisation at the Emmie Bluff Deeps IOCG target, which is located approximately 400m from Emmie Bluff. The maiden Mineral Resource Estimate released today is separate to the Emmie Bluff Deeps IOCG prospect, which is located at depth below and immediately south‐west of Emmie Bluff and where deep drilling is continuing as outlined in recent Coda announcements.
Emmie Bluff Copper-Cobalt Deposit Mineral Resource Estimate (MRE)
The Company, as operator of the Joint Venture, has now defined a significant JORC 2012 compliant maiden Mineral Resource Estimate (MRE) at Emmie Bluff.
Resource demonstrates the enormous scale of the deposit, which is one of the largest known of its type in Australia.
“This is an exceptional result for shareholders. Coda listed on the ASX in October last year with two clear objectives – to progress the Zambian-style Emmie Bluff copper-cobalt mineralisation towards a maiden Mineral Resource and to explore the deeper IOCG prospects for potential Tier- 1 scale discoveries. In just over a year since listing, we have delivered on both objectives in spades,” Coda’s CEO, Chris Stevens, said.
“The maiden JORC 2012 Mineral Resource unveiled today demonstrates the sheer scale of Emmie Bluff in terms of contained copper and cobalt tonnages and the size and quality of the Mineral Resource highlights its clear potential as a near-term development opportunity for the Company.
“We were drilling at Emmie Bluff on the day we listed in October 2020 and, since that time, the Zambian-style, shale-hosted copper-cobalt deposits have been a core pillar of our strategy. Our team has over four years of experience working with this style of mineralisation at Elizabeth Creek and our advanced understanding of the mineralisation will give us an enormous head start as we progress economic studies.
“The style of mineralisation at Emmie Bluff is particularly interesting in that it not only hosts a material amount of copper but is potentially also one of the very few nickel-independent sources of cobalt in Australia. Also of note is that the cobalt is hosted in the mineral carrolite (CuCo2S4), which is considered to be highly amenable to recovery and processing using simple, conventional methods.
“With a combined tonnage across the three deposits of approximately 1.1 million tonnes of contained copper equivalent, the Elizabeth Creek Joint Venture now has a substantial copper and cobalt inventory – putting Coda in an enviable position as we enter what is widely expected to be a strong growth market for future-facing metals over the coming decade.
“In addition to the Zambian style copper-cobalt Resources delivered today, we continue to explore for IOCG (iron oxide copper- gold) mineralisation at Elizabeth Creek with two rigs turning 24/7. We expect to continue delivering news-flow from this drilling in the weeks and months ahead as we progress this exciting discovery in tandem with the development opportunity based on the Zambian-style copper-cobalt resource announced today.”
For further information please visit: https://www.codaminerals.com/
