Enova’s CODA North Titanium Find Signals Multi-Commodity Development Risks

Significant Titanium Discovery at CODA North

Enova Mining Ltd (ASX: ENV) has announced a major breakthrough at its CODA North project in Minas Gerais, Brazil, revealing multiple high-grade titanium dioxide (TiO2) intercepts exceeding 15%. This discovery not only enhances the project's rare earth element (REE) potential but also positions CODA North as a promising multi-commodity resource.

The recent drilling campaign, comprising 3,101 metres of reverse circulation (RC) and diamond drilling, has delineated extensive zones of titanium mineralisation closely associated with REEs within the Patos Formation. Notably, standout intercepts include 54 metres at 9.03% TiO2 with a 16-metre segment grading 16.1% TiO2, and 48 metres at 12.1% TiO2 including 14 metres at 19.2% TiO2, underscoring the high-grade nature of the mineralisation.

Multi-Commodity Potential and Strategic Implications

CEO Eric Vesel emphasised the strategic importance of these findings, highlighting the co-mineralisation of titanium with scandium and niobium as potential by-products that could add significant value to a future rare earth operation. The positive correlation between TiO2 grades and total rare earth oxide (TREO) concentrations suggests a synergistic extraction opportunity, enhancing the economic viability of the project.

Enova's technical team has provided updated cross-sectional diagrams and detailed assay data to ensure compliance with ASX Listing Rules and the JORC Code. These visuals illustrate the continuity and near-surface enrichment of titanium mineralisation, reinforcing confidence in the resource's scale and quality.

Geological Context and Exploration Excellence

The CODA North tenements overlay the Patos Formation, an Upper Cretaceous alkaline-ultramafic volcanic unit known for hosting clay-hosted REE deposits. The formation's soft, friable nature and fine particle size are advantageous for exploration and potential extraction. Enova's experienced Brazilian exploration team has meticulously executed sampling and drilling protocols, maintaining high data integrity and advancing the geological understanding of the deposit.

Drilling results to date reveal a largely continuous and stable grade profile, with approximately 104 samples exceeding 15% TiO2 and an average grade near 9.89%. The company plans further resource definition drilling and metallurgical test work to refine recovery processes and support future scoping studies.

Market Outlook and Next Steps

Titanium's diverse industrial applications, from aerospace and automotive to medical implants and pigments, coupled with a robust market forecast projecting growth to USD 34.78 billion by 2032, underscore the strategic value of Enova's discovery. The CODA project's potential to co-produce titanium alongside critical rare earths aligns well with global supply chain diversification efforts.

Looking ahead, Enova will focus on advancing geological evaluations to better understand the relationships among TiO2, REEs, niobium, and scandium within the mineralised zones. Additional drilling across other CODA tenements and ongoing metallurgical testing aim to unlock further resource upside and optimize extraction strategies.

With a strong local presence, technical expertise, and a growing portfolio that includes lithium prospects in Brazil's Lithium Valley, Enova Mining is well-positioned to capitalize on this multi-commodity opportunity and deliver value to shareholders.