CODA North Drilling Yields TREO Grades up to 8,336 ppm as Enova Secures $1.5M

CODA North Drilling Campaign Delivers Promising Results

Enova Mining Limited (ASX: ENV) has marked a pivotal quarter with the completion of an extensive Phase 1 drilling campaign at its flagship CODA North project in Minas Gerais, Brazil. The company drilled 24 diamond drill holes totaling 1,310 meters alongside 40 reverse circulation holes spanning 1,791 meters. These efforts have yielded significant rare earth element (REE) mineralisation, with assay results revealing total rare earth oxide (TREO) grades reaching as high as 8,336 ppm.

Noteworthy intercepts include a broad 74.1-meter section averaging 1,850 ppm TREO and a high-grade 18.6-meter interval at 4,471 ppm TREO. These results not only confirm the presence of widespread mineralisation but also expand the known footprint of the CODA North deposit, particularly in the northern and eastern tenements. The broad distribution of high-grade intercepts within the volcanoclastic Patos formation underscores the project's scalability and growth potential.

Expanding Exploration Frontiers and Metallurgical Advances

Building on the success at CODA North, Enova has commenced exploration drilling at the adjacent CODA Central project, completing six reverse circulation holes totaling 297 meters in a newly targeted zone. This expansion aims to delineate additional mineralised zones and enhance the overall resource base.

Parallel to drilling activities, Enova is advancing metallurgical test work by establishing a dedicated laboratory in Malaysia. Leveraging access to a high-accuracy ICP-MS assay facility and rare earth refinery expertise, the company has begun 'sighter' leach tests on over 70 kilograms of CODA samples. These tests are critical for optimising recovery processes and underpinning future operational planning.

Juquiá Alkaline Complex and Lithium Valley Show Exploration Promise

Enova's exploration footprint extends beyond CODA, with initial geochemical sampling at the Juquiá Alkaline Complex in São Paulo revealing anomalous high REE grades, including soil and rock chip samples exceeding 1,900 ppm TREO. Neighboring tenements have also yielded impressive assays up to 6,339 ppm TREO, highlighting the area's potential as a strategic mineral asset.

In the Lithium Valley region of Minas Gerais, reconnaissance fieldwork at East Salinas and Carai projects has identified promising geological features and hyperspectral targets. Ongoing evaluation of collected data will guide future exploration efforts aimed at lithium mineralisation, complementing Enova's rare earths portfolio.

Capital Raise to Fuel Growth and Development

To support its ambitious exploration and development agenda, Enova successfully completed a placement raising $1.5 million before costs. The placement involves issuing up to 428.6 million shares at $0.0035 each, with attaching listed options exercisable at $0.012, subject to shareholder approval. Funds are earmarked for advancing metallurgical test work, drilling programs at CODA and Lithium Valley, and progressing the Charley Creek project in Australia's Northern Territory.

This capital injection provides Enova with the financial flexibility to accelerate its resource definition and metallurgical optimisation programs, positioning the company to unlock the full potential of its diverse portfolio of critical mineral assets.

Looking Ahead

Enova's strategic and methodical approach to exploration, combined with its expanding metallurgical capabilities and strengthened balance sheet, sets the stage for a transformative year ahead. The company plans to deliver resource delineation and modelling outcomes in 2025, alongside progressing scoping studies to evaluate project viability. Stakeholder engagement and regulatory compliance remain central to Enova's sustainable growth strategy across its Brazilian and Australian projects.