Coda Plans 5 - 6 Hole RC Drilling to Test Oakden Copper Mineralisation

Focused Shallow Copper Drilling Targets Early Mill Feed

Coda Minerals (ASX:COD) is advancing exploration at its Elizabeth Creek Copper Project with a new shallow reverse circulation (RC) drilling program at the Oakden prospect, located about 15km south-southwest of the MG14 deposit. The upcoming 5–6 hole program aims to test a historically reported copper intercept of 3 metres at 1.15% copper from 39 metres depth in drillhole OK36, a result that lacks detailed assay and QA/QC data but points to potential shallow mineralisation. CEO Chris Stevens described Oakden as a "focused, relatively low-cost opportunity" that could provide early mill feed to complement underground development at Emmie Bluff, potentially improving early project economics.

Hydrogeological Drilling Sets Stage for Oakden Exploration

The Oakden drilling will commence immediately after the ongoing hydrogeological drilling program, which has completed two of six planned holes, moving the rig from Windabout to Emmie Bluff. This hydrogeological work underpins water management and environmental approvals critical to the Pre-Feasibility Study (PFS), which remains on track for delivery in early 2027. Coda holds approximately $11.6 million in cash following the completion of the second tranche of a May 2026 placement, providing a solid funding base for these activities.

Geological Interpretation Highlights Potential Mineralised Corridor

Historical drilling at Oakden reveals copper mineralisation hosted in the Tapley Hill Formation black shale, a geological setting consistent with other Elizabeth Creek deposits such as MG14, Windabout, and Emmie Bluff. Coda interprets a prospective corridor trending northwest-southeast up to 400 metres wide, with mineralisation potentially strengthening where the shale unit narrows. However, existing data is insufficient to define the scale or continuity of mineralisation, prompting the staged drilling approach. The initial phase will confirm the historical intercept and test short-range continuity, while a potential second phase could expand to 12–22 holes along the corridor depending on results.

Advancing Pre-Feasibility and Environmental Approvals

Alongside exploration, Coda is progressing engineering tenders for non-process infrastructure and advancing tailings storage facility design and waste rock characterisation. Metallurgical process flowsheet design is entering detailed reporting, with results expected shortly. The company recently completed a high-precision airborne Lidar survey and achieved a key environmental approvals milestone with the formal gazettal of its Scoping Report, clarifying the regulatory pathway for mining lease application. These developments support the broader project timeline and potential production targets.

Strategic Implications of Oakden Drilling

While still early-stage, Oakden's shallow mineralisation could provide a valuable source of early open-pit feed, supplementing other deposits like MG14. Early-stage, modest volumes of accessible copper can materially enhance project value by enabling mill throughput during underground development phases. The results of this drilling will be pivotal in determining whether Oakden can contribute meaningfully to Elizabeth Creek's production profile and economics.