Coda Minerals Limited is focused on the discovery and development of mineral resources that are leveraged for the global energy transformation through electrification and the adoption of renewable energy technologies.
Coda Minerals Limited’s (ASX: COD) flagship asset is the 100%-owned Elizabeth Creek Copper-Cobalt project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper-gold-uranium mine, 15km from its new Oak Dam West project, and 50km west of OZ Minerals’ Carrapateena copper-gold project.
Coda consolidated 100% ownership of the Elizabeth Creek Copper project after completing the acquisition of its former joint venture partner, Torrens Mining, in the first half of 2022.
In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek. It comprises 43Mt @ 1.3% copper, 470ppm cobalt, 11g/t silver and 0.15% zinc (1.84% CuEq), containing approximately 560kt copper, 20kt cobalt, 15.5Moz silver, and 66kt zinc (800kt CuEq). Importantly, 92% of the contained metal is classified in the higher confidence ‘Indicated Resource’ category and is available for use in mining studies.
Emmie Bluff is one of three known ‘Zambian-style’ copper-cobalt deposits at Elizabeth Creek, including JORC 2012 compliant Indicated Mineral Resources at the Windabout (18Mt @ 1.14% CuEq) and MG14 (1.8Mt @ 1.67% CuEq) deposits. Collectively, the three resources at Elizabeth Creek now host a total of 1.1 million tonnes of contained copper equivalent.
Coda has also discovered a significant iron oxide copper-gold (IOCG) system adjacent to and below the Emmie Bluff target, with initial deep diamond drilling in June 2021 intersecting 200m of intense IOCG alteration at the Emmie IOCG target, including approximately 50m of copper sulphide mineralisation. Since then, Coda has drilled 21 holes into Emmie IOCG, with all but three returning significant widths of mineralisation, some over 3% copper and 0.5g/t gold.
Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working towards a scoping study to determine the economic potential of the known sediment-hosted Mineral Resources on the tenure, while simultaneously undertaking exploration to further define and extend known Zambian-style copper-cobalt resources across multiple prospects.
Secondly, it is undertaking a substantial geophysics programme at the Emmie IOCG prospect to further understand the structures and extent of the geological model defined over the past year of drilling.
Coda also has a Farm-In and Joint Venture Agreement with Wilgus Investments Pty Ltd to acquire up to 80% ownership of the Cameron River Copper-Gold project, located in the highly prospective Mount Isa Inlier in Queensland. The project comprises 35km2 of copper and gold exploration tenure spanning two exploration permits (EPMs 27042 and 27053).
Through the Torrens Mining acquisition, Coda also owns exploration tenements in Victoria, New South Wales, and Papua New Guinea.
The Elizabeth Creek Copper-Cobalt project
The Elizabeth Creek Copper-Cobalt project hosts three distinct mineralisation styles: the Zambian-Style Copper-Cobalt mineralisation, the IOCG mineralisation, and the Cattlegrid copper breccia mineralisation. Over the 2022 financial year, Coda remained focused on pursuing and progressing exploration across the first two mineralisation styles.
Zambian-style copper-cobalt deposits
The core focus of the company over the 2022 financial year has been to systematically prove up its flagship Emmie Bluff Copper-Cobalt deposit. Located at the northern edge of the company’s tenure, Emmie Bluff is geologically consistent with the company’s other two deposits at MG14 and Windabout, consisting of an extensive, flat-lying sheet of Tapley Hill Formation black shale. Mineralisation occurs at the upper and lower contacts of the shale and extends over an extensive area of approximately 4.5 square kilometres, at an approximate depth of 400m.
During the first quarter of the 2022 financial year, Coda completed a major resource drill programme consisting of 12 holes (principally RC pre-collars, and diamond tails) across the deposit to underpin a maiden JORC 2012 Mineral Resource Estimate.
Mineral resources
In December 2021, Coda delivered a standout maiden Emmie Bluff Mineral Resource Estimate of 43Mt at 1.30% Cu, 470ppm Co, and 11 g/t Ag and 0.15% Zn, for an approximate net grade of 1.84% CuEq. Approximately 39Mt, comprising 90% of the mass and 92% of the metal (contained CuEq) is classified in the Indicated Resource category, with the remainder inferred.
The resource is split into two lodes, each with comparable grades, but with the upper lode containing the majority of the mass and therefore the contained metal.
In addition to the already defined Mineral Resources at MG14 and Windabout, Coda has a total of 1.1Mt of CuEq defined across the tenure.
Following this significant milestone, Coda commenced and is continuing to undertake a detailed scoping study into the defined resource. The study is progressing toward an anticipated release date in the fourth quarter of 2022.
Iron oxide copper-gold deposits
Coda commenced drilling at Emmie IOCG in May 2021, with the initial discovery hole, DD21EB0018, announced in June 2021. Coda spent much of the following 12 months undertaking follow-up exploration, completing a total of nine parent holes and 12 wedges, plus an additional IOCG hole at the Elaine prospect, before concluding its 2022 financial year IOCG drill programme in May 2022. At Emmie IOCG, all but three holes are at encountered mineralisation, some with over 3% copper and 0.5g/t gold.
The programme, which comprised of approximately 23,000m of diamond drilling, has shown Emmie IOCG to be a significant and extensive mineralised system, with many noteworthy similarities to major Eastern Gawler IOCGs such as Olympic Dam and Carrapateena, but also some differences, particularly in the geometry of the ore body.
Emmie IOCG appears to be fed from a series of north-northwest aligned conduits, of which Coda has positively identified three to date. These conduits allow copper and iron-bearing fluids to flow into high permeability zones in the surrounding rock, generating laterally extensive tabular mineralised lodes. These lodes show classic IOCG sulphide zonation, with the cores nearest the conduits often dominated by high-grade copper minerals like bornite and chalcocite. So far, Coda has identified three geochemically distinct ‘bornite zones.’
Mineralisation has been established over an area greater than 500m east-west and 800m north-south, with indications from historical drilling suggesting the overall system extends considerably further. Exploration moving forward will focus on an improved definition of the system through geophysics and further drilling of prospective conduit sites to extend high-grade bornite zones.
The importance of ESG principles
At Coda Minerals, the heart of our business is to generate value for our shareholders through the production of mineral resources critical to global development on a sustainable basis. Coda’s values are underpinned by operating in a way that ensures focus on and respect for the health and safety of all people working on our sites; building effective relationships with traditional owners of the land upon which we operate, and with local communities, supply networks, contractors, and customers.
Coda also has an unwavering commitment to minimising the environmental impact of the company’s activities, with regard to biodiversity, natural ecosystems, and the company’s carbon footprint as a part of its operating strategy.
Environment
In an industry dependent upon the development of natural resources in remote and sensitive environments, Coda recognises our responsibility to conduct operations with care for the natural environment. Coda continues to do this by:
- Pursuing mining methods with the lowest possible environmental impact;
- Investigating the integration of renewable energy generation options into operations:
- Implementing best practices for clean water and waste management; and
- Ongoing studies and conservation of flora and fauna habitats.
Community relations and Indigenous affairs
Coda holds the values of respect for Indigenous heritage and environmental custodianship at the core of every activity undertaken across our projects. As Coda grows in size and development focus, we will maintain that respect by:
- Developing sustainable businesses to create employment and local business opportunities;
- Developing long-term relationships that value the cultures and traditions of the region by listening to the key stakeholders, embedding ongoing communication and continuous improvement into everything that we do; and
- Identifying social needs in the area for tailored community investment.
Safety management
The foundation of Coda’s success is driven by our people. As such, the health and safety of all employees, contracting partners, site visitors, and the wider community in which we operate are central to our organisation. Coda continues to strive towards a ‘zero harm’ philosophy by:
- Maintaining a health and safety system based on the best industry standards;
- Developing and empowering employees and contractors through routine engagement;
- Identifying, assessing, mitigating, and managing risks;
- Setting measurable objectives and targets aimed at continuous improvement and eliminating work-related illness; and
- Ensuring completed work meets or exceeds relevant standards and codes of practice.
Please note, this article will also appear in the twelfth edition of our quarterly publication.
