Coda Minerals has snared its widest ever copper-sulphide intercept at the company’s Emmie Bluff Deeps prospect that returned a whopping 83 metres of chalcopyrite dominated mineralisation. The thickness of the intercept along with the identification of the first material molybedenum mineralisation logged at Emmie Bluff Deeps suggests the company is on the brink of discovering the core of the deposit and its mineralising structure.
Emmie Bluff Deeps is part of the Elizabeth Creek project - a 1.8 kilometre-long iron-oxide copper gold play, often referred to as an “IOCG” deposit. It is 450 kilometres north-west of Adelaide in South Australia and the company says it appears to be similar in nature to the nearby massive Olympic Dam and Carrapateena deposits held by BHP and Oz Minerals respectively.
Back in June the company announced its maiden drill hole into the gravity anomaly hit at the new discovery that returned 28 metres at 1.21 per cent copper, sending Coda’s share price into overdrive from $0.40 to a high of $1.75.
Coda has since been systematically drilling and testing its Emmie Bluff Deeps IOCG style copper discovery, recently reporting four new wedge holes had intercepted thick intervals of copper-bearing sulphides that will likely extend the mineralised envelope to the north, south and east.
At the time of the last announcement, a fifth hole was reportedly being drilled, having intercepted an indeterminate thickness of copper sulphides. According to the company, the hole was testing continuity of known chalcopyrite mineralisation encountered between historic and modern drill holes.
Coda says that hole intersected patches of chalcopyrite mineralisation from 861m which is shallower than other holes in the area. The primary breccia-hosted copper-sulphide mineralised zone was reportedly intercepted from 902.5m and extends to 987.5m with an unusually thick and chalcopyrite rich lower lode consisting of about 63 metres of chalcopyrite mineralisation and including the first material molybdenite mineralisation logged at Emmie Bluff Deeps.
According to the company the presence of molybdenite suggests a different hydrothermal evolution to that seen in the north-northwest trending bornite zone which has so far been the company’s primary target.
Several interpretations of the molybdenite are possible including fault splays, as seen at the nearby Olympic Dam deposit, or an indication the mineralisation is grading into the core zone of the ore deposit. Either scenario provides solid exploration targets for future drilling.
The mineralised envelope defined so far at Emmie Bluff Deeps reportedly consists of a higher grade bornite-rich core within an overall laterally extensive chalcopyrite halo that takes in an area of about 450m by 250m. The result from the latest hole now extends the thickness of the overall envelope to around 120m vertically.
Coda Minerals Chief Executive Officer, Chris Stevens said:
“The results from EBD2W4 represent our thickest intercept to date with a total of 83m of copper-bearing sulphides logged in this hole. This is particularly encouraging, not only because of the sheer thickness of the intercept but also as it occurs towards the eastern side of previous drilling, materially extending the zone of interest across the south-east of the deposit.”
“We now have a clear trend of increasing thickness and intensity of copper-bearing sulphide mineralisation logged towards the centre and south-east of the gravity anomaly. As noted in our announcement on 6 December, we are now following that trend and stepping out drilling with increasing distances.”
In the lead up to the festive period, Coda says it anticipates receiving assay results back from all five outstanding diamond drill holes. If the visual estimates are anything to go by, Coda may have more than one reason to celebrate this Christmas with Emmie Bluff Deeps proving to be the gift that just keeps on giving.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
