Coda Minerals Limited (ASX:COD) Completes Drilling Program Identifies Potential Resource Expansion
Drilling Program Completion
Coda Minerals Limited (ASX: COD) has successfully completed a four-hole diamond drilling programme at its Emmie East and Emmie South-East prospects. This marks the first evidence of mineralised Tapley Hill Formation host rock outside the existing Emmie Bluff Mineral Resource.
Mineralisation Findings and Exploration Potential
Drilling hole EB0038, located approximately 1,600 metres southeast of Emmie Bluff, encountered narrow copper mineralisation, suggesting potential extensions beyond the current resource boundary. Additionally, a 1,000 by 300-metre corridor southeast has been identified for future drilling, highlighting opportunities to expand the existing JORC Compliant Resources of over one million tonnes of contained copper equivalent.
Financial Position and Processing Innovations
Coda Minerals holds a robust cash balance of $5 million, providing a strong foundation for ongoing expansion and evaluation work. The company is investigating two new copper-cobalt-silver processing methods that could replace the planned Albion hydrometallurgical circuit, potentially reducing project capital expenditures significantly.
Executive Comments
CEO Chris Stevens stated, “While assays are awaited, geological logging and in-field measurements have highlighted a narrow interval of copper mineralisation in hole EB0038, located approximately 1,600m from the Emmie Bluff Resource to the south-east. This is the first drill-backed evidence of mineralised copper-bearing Tapley Hill Formation shale that we have encountered outside of Emmie Bluff itself. We are continuing to progress the project on multiple fronts, with the current phase of metallurgical testwork focusing on options to streamline and simplify the overall flowsheet.”
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