Coda to Drill 2,000m at Emmie East, Eyeing 40.2Mt CuEq Resource Growth

Drilling Set to Unlock Emmie East Potential

Coda Minerals (ASX: COD) is gearing up for a pivotal exploration phase at its Elizabeth Creek Copper-Cobalt Project in South Australia, with drilling scheduled to begin in early to mid-February 2025. The focus is the Emmie East prospect, an area adjacent to the cornerstone Emmie Bluff deposit, where geophysical surveys have revealed compelling anomalies that mirror the characteristics of the existing mineral resource.

The Emmie Bluff deposit currently hosts a substantial resource of 40.2 million tonnes at 1.87% copper equivalent (CuEq), including copper, cobalt, and silver. The Emmie East targets lie immediately east and southeast of this resource, covering an area roughly half the size of Emmie Bluff itself. Coda’s CEO, Chris Stevens, highlighted the significance of the geophysical data, noting that both magnetotelluric (MT) and 2D seismic surveys show strong similarities to the main deposit, suggesting the presence of a secondary sub-basin with high mineralisation potential.

Exploration Strategy and Technical Approach

The initial drilling program will comprise up to 2,000 metres, combining four Reverse Circulation (RC) pre-collars with diamond tails. This approach is designed to efficiently test the high-confidence geophysical targets while enabling detailed geological sampling. The company anticipates 5-7 days of RC drilling before transitioning to diamond drilling, which will last approximately 10 days, followed by additional RC and diamond holes depending on early results.

One of the key advantages of the Emmie East prospect is the strong geological contrast between the potential host rock and surrounding strata, which should allow for rapid visual assessment of mineralisation. Coda expects to release preliminary results within weeks of drilling commencement, providing early indicators of success.

Context Within the Elizabeth Creek Project

Elizabeth Creek is a highly prospective copper-cobalt project located in the Olympic Copper Province, a region known for world-class deposits. Coda consolidated 100% ownership of the project in 2022 and has since been advancing both exploration and development activities. The Emmie Bluff deposit is one of three known Zambian-style copper-cobalt deposits at Elizabeth Creek, collectively hosting over one million tonnes of contained copper equivalent.

Recent scoping studies have underscored the project’s economic robustness, with a 16-year mine life and steady-state production forecast of approximately 26,700 tonnes of copper and 1,300 tonnes of cobalt annually. The updated studies also highlight a competitive all-in sustaining cost (AISC) of USD $1.80 per pound of copper after by-product credits, and a pre-tax net present value (NPV) exceeding $1 billion.

Implications and Market Outlook

The upcoming drilling at Emmie East represents a critical test of Coda’s exploration model and could materially increase the resource base at Elizabeth Creek. Success here would not only extend the known mineralisation but also enhance the project’s long-term value proposition amid growing demand for copper and cobalt driven by the global energy transition.

While the drilling results remain to be seen, the combination of strong geophysical signatures, historical intercepts within Emmie Bluff, and the strategic location of Emmie East positions Coda Minerals well to deliver a significant resource upgrade. Investors and analysts will be watching closely as the company moves from preparation to execution in the coming weeks.