Emmie Bluff Deeps IOCG Mineralisation Additional Information
Released
Released
Announcement PDF
ASX RELEASE
22 June 2021
Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff
Deeps – Additional Information
ASX Code: COD
Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) refers to the release “Thick Zone of IOCG
Mineralisation Intersected at Emmie Bluff Deeps” on 9 June 2021.
Following consultation with ASX, the Company attaches an updated release which includes additional
information as requested by ASX.
—
This announcement has been authorised for release by the Board of Coda Minerals Ltd
Further Information:
Chris Stevens
Chief Executive Officer
Coda Minerals Limited
info@codaminerals.com
Media:
Nicholas Read
Read Corporate
nicholas@readcorporate.com.au
`
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Western Australia, 6005
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ABN 49 625 763 957
ASX RELEASE
Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff
Deeps
ASX Code: COD
First deep diamond hole intersects 200m of intense IOCG alteration including approximately
50m of copper sulphide mineralisation.
22 June 2021
Highlights
• Highly encouraging preliminary results received from DD21EB0018, the first deep diamond drillhole at the Emmie Bluff Deeps Iron Oxide Copper Gold (IOCG) prospect.
• DD21EB0018 has encountered a sequence of approximately 200m of intensely haematitic and
altered sediments and granites, including approximately 50m of moderate to intense copper
sulphide mineralisation, including chalcocite, chalcopyrite and bornite.
• The host-rock alteration assemblage encountered includes chlorite, baryte, sericite and
potassium feldspar, all typical of IOCG deposits in the region.
• IOCG deposits of this type in the immediate region include BHP’s Oak Dam West discovery (~16km
north-east) and Oz Minerals’ Carrapateena Project (~50km east).
• Portable XRF readings have confirmed the presence of copper, as well as highly elevated levels
of pathfinder elements such as Lanthanum, Cerium, Cobalt and Molybdenum.
• Drill core will be processed and assayed as soon as practicable.
• Coda is preparing to mobilise an additional diamond rig to follow up on this significant result.
Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”), in conjunction with its joint venture
partner Torrens Mining Limited (ASX: TRN), a listed gold and copper company (“Torrens”), is pleased
to announce preliminary results from drill-hole DD21EB0018, the first deep diamond hole designed to
test its Emmie Bluff Deeps IOCG target at the Elizabeth Creek Project.
The drillhole has encountered a 200m sequence of intense haematisation and alteration, including a
50m sequence of zoned copper sulphide mineralisation, consisting of chalcocite, chalcopyrite and
bornite zones.
Discussing the results, Chairman Keith Jones said: “We have long known we are exploring in elephant
country – a view backed up not only by the world class projects which surround us, but also by historical
and geophysical evidence of an IOCG system in the northern part of our tenure. Given that we knew the
enormous potential of our tenure, it is still tremendously exciting for our first deep exploration hole at
Elizabeth Creek to have intersected evidence of a major IOCG system existing on our ground. This is the
first drill-backed evidence obtained by Coda to support our IOCG exploration model. We are looking
forward to exploring the significant potential of this mineralised system.”
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About Emmie Bluff Deeps
Emmie Bluff Deeps is a geophysically targeted IOCG prospect which forms part of the Company’s Elizabeth Creek Project
located in the heart of the Olympic Copper Province in South Australia (see Figure 2). Coda is the operator and majority owner
of the Elizabeth Creek Project, holding a 70% interest alongside Torrens Mining (ASX: TRN), which holds a 30% interest.
The Elizabeth Creek Copper Project encompasses two priority targets, with the current drilling program having commenced
on 20 May 2021. These targets are:
•
The Emmie Bluff Copper-Cobalt Deposit, a laterally extensive, flat-lying, sediment-hosted copper-cobalt deposit at
approximately 400m deep, over which the company established an Exploration Target in 2019; and
•
The Emmie Bluff IOCG Deeps prospect, which lies in the basement rocks below Emmie Bluff, approximately 7001,000m deep. The target at Emmie Bluff Deeps is iron-oxide copper-gold (IOCG) mineralisation, which is mined in the
region at the Olympic Dam, Carrapateena and Prominent Hill mines.
This release contains preliminary results from the first hole of the programme at the Emmie Bluff Deeps IOCG target. Coda is
also currently drilling the overlying Emmie Bluff Copper-Cobalt deposit with the expectation of delivering a Maiden Resource
in Q3 of this year.
Hole DD21EB0018, was drilled vertically using a diamond drill rig from surface, encountering locally typical Neoproterozoic
and Mesoproterozoic sediments to a depth of 666m down-hole. At this point it intersected a geological unconformity, below
which it passed through approximately 200m thick zone of intense alteration and haematisation. This altered zone included
a 58m zone of almost complete replacement by haematite in a thick “cap” of haematite in brecciated metasiltsone interpreted
to be part of the Wandearah Formation.
Portable-XRF readings of this haematite cap material indicate the presence of highly anomalous Lanthanum and Cerium, both
of which are considered to be key pathfinder elements for IOCG systems.
Beneath this haematite cap, the drill hole encountered approximately 70m of strongly altered granite, interpreted to be
intrusive Hiltaba Suite granites. This granite was followed by an approximately 50m zone of variably intensive haematite
altered metasediments with a significant copper sulphide component, starting from approximately 797m down-hole (see
Figure 1).
The Copper Sulphides exhibit zoning with depth, with the highly altered zone consisting of:
•
796.5 – 802.2: an upper zone of disseminated and blebby chalcocite (Minor to moderate) and bornite (minor) in
massive haematite.
•
802.2 - 810.8:
•
810.8 – 838.9: a strongly haematised middle zone, dominated by chalcopyrite (variable, minor to moderate in
the upper third, increasing to moderate to intense in the lower two thirds) and accessory bornite in blebs and
accumulations typically (though not universally) aligned with the remnant sedimentary structures and with
elevated molybdenum and cobalt levels detected by portable XRF, and
•
838.9 – 846.8: a lower zone, including both bornite (moderate after a narrow zone of trace to minor where silica
alteration dominates) and chalcopyrite (minor to moderate after a narrow zone of trace to minor where silica
alteration dominates), again primarily in blebs and veinlets.
a narrow zone of chloritic and haematised sediment (trace to absent sulphides)
Portable XRF readings confirm elevated copper associated with these sulphides in all of the three sulphide zones, as well as
the presence of IOCG indicator elements such as cobalt and barium. It is important to note that these readings are yet to be
formally confirmed by an assay laboratory and are considered to be an indicator only at this time.
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For purposes of this release, ranges are provided in Table 1 below noting that due to the disseminated and fine-grained nature
of certain sulphide minerals, in particular chalcocite and bornite, and due to the coincident strong haematite alteration that
estimation of the relative abundance of these minerals is not straightforward and therefore prone to uncertainty. Information
provided refers to an estimated abundance of sulphides observed in core only. Limited reliance should be placed on these
estimates in lieu of confirmation in the form of final assay results. Please see JORC Table 1 for additional details on logging
criteria.
In addition to haematite, intense alteration dominated by chlorite, K-feldspar, sericite and silica is noted throughout the zone,
as well as isolated baryte veins, all of which are typical of IOCG alteration systems in the region. The drillhole encountered
relatively little pyrite, but careful examination reveals the presence of euhedral void spaces suggesting potential dissolution
of early pyrite. This, combined with apparent martisation of magnetite and the zoned nature of the copper sulphides
encountered are indicative that the system was likely subject to multiple fluid flow events, suggesting a long-lived and
potentially extensive hydrothermal system.
A summary geological log is included as part of the cross-section below (Figure 3), and representative photographs are
included as Appendix 1.
Figure 1 Typical alteration and copper sulphides in the chalcopyrite zone, within the broader 50m zone of primary interest.
Emmie Bluff Deeps has been known for some time as a potential IOCG prospect, with historical drilling in the area dating back
to at least the 1980s. Extensive evidence for a very large-scale hydrothermal system exists in historical drilling, with varying
degrees of similar alteration extending at least 2km west and 2.5km north of DD21EB0018, however historical drilling had
previously failed to intersect substantial amounts of high-grade mineralisation sufficient to define a Mineral Resource.
With the assistance of Perth-based geophysical consultants Resource Potentials, hole DD21EB0018 was designed to target an
area of high gravity anomalism associated with low magnetic anomalism. This was in line with a Prominent Hill-style
geophysical exploration model for IOCG deposits, but different to the overlapping magnetic/gravity anomalism that had
historically been the focus of explorers in the Emmie Bluff area.
The targeted gravity anomaly extends over an area of approximately 1,800m by 1,100m, of which approximately half lacks
significant magnetic anomalism. Given the validation of its exploration hypothesis by the success of DD21EB0018, Coda
considers this low-magnetic western half of the gravity anomaly to be highly prospective. The overall gravity anomaly is
comparable in scale to the anomaly that identifies BHP’s recently discovered Oak Dam West deposit, 16 km to the northeast
(See Figure 6).
The geophysical rationale for the targeting is shown in Figure 4 and Figure 5.
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The drill-hole was terminated at a depth of 1,041.6m in unaltered granite, preliminarily identified as part of the Donington
Suite. The core is currently undergoing final logging and assessment by Coda field staff, before being transported by road to
Adelaide for cutting and sampling prior to submission for assay. Results are anticipated within 4-6 weeks, pending turnaround
time at the assay laboratory.
Coda’s CEO Chris Stevens said: “This is a very exciting and significant result for the very first deep IOCG exploration hole to be
drilled at our Elizabeth Creek Project since we listed on the ASX, and it represents the culmination of significant geological and
geophysical targeting work undertaken prior to listing. Although assays are pending and we cannot confirm the tenor or extent
of the mineralisation we have encountered, preliminary geological logging and field observations by Coda’s experienced
technical team suggest that the hypothesis which drove the design of this hole has been validated.
Regardless of the final assays, it is clear based on geological data alone we have intersected an IOCG alteration system of
significant scale.
“We are incredibly encouraged to have encountered chalcocite, chalcopyrite and bornite at the intensity and over the length
of core that we did, and we are currently investigating options to follow up these exciting results as soon as possible. We have
approvals in place for multiple additional holes and anticipate mobilising a third diamond rig to Emmie Bluff in the coming
days.
“This work will proceed in parallel with the ongoing resource in-fill drilling program covering the shallower, Zambian-style
copper-cobalt mineralisation at Emmie Bluff itself, where we remain on track to deliver a maiden Mineral Resource Estimate
in the September quarter this year.
“Given the size of the prize and the location of the Emmie Bluff Deeps IOCG Project in a Tier-1 mineral province just 16km from
one of the world’s most exciting new IOCG discoveries of recent times at Oak Dam West, we feel that we owe it to our
shareholders to pursue this game-changing opportunity with vigour.”
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`
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Figure 2 The Elizabeth Creek Copper-Cobalt Project in South Australia
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Figure 3 Cross section, looking north, showing the new drillhole in context with historical drilling. Overview map shows High Pass filtered gravity data.
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DD21EB0018
DD21EB0018
Figure 4 Geophysical imagery showing the magnetic (top) and gravity (lower) anomalism at the Emmie Bluff Deeps prospect.
Note the offset of the gravity anomaly vs the magnetic anomaly; this relationship is further clarified in Figure 5, below.
Historical drilling to the east of DD21EB0018 has focussed on the area of overlapping magnetic and gravity anomalism: Coda
will continue to target the offset gravity high outside the magnetic anomalism in future drilling.
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DD21EB0018
Figure 5 Merged geophysical image showing the outline of the major local magnetic anomalies overlaid over high pass
filtered gravity data.
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Figure 6 High Pass filtered gravity data showing the Emmie Bluff Deeps gravity anomaly and the nearby Oak Dam West
anomaly.
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Appendix 1: Core Photos
Figure 7 Core photos showing the unconformity at the base of Pandurra Fm and associated sharp transition into massivehaematite altered, brecciated Wandearah Siltstone.
Figure 8 Near total replacement by haematisation of Wandearah Siltstone, close-up. Core starts at approx. 710.2m downhole.
Alteration intensity is relatively typical of massive haematite cap overlying Hiltaba granite.
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Figure 9 Haematite and chlorite altered Hiltaba suite granite. Chloritisation becomes stronger with depth.
Figure 10 Closeup showing texture and alteration patterns in the Hiltaba Suite granite.
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Figure 11 Typical alteration/copper sulphide pattern within the approx. 50m zone of copper sulphide mineralisation identified
from approx. 797m. Chalcopyrite is the dominant copper sulphide, occurring generally parallel to remnant bedding of altered
sediments, but also in small veinlets and blebs. Bornite is present only as fine disseminations in this section but is present in
larger concentrations further down the hole. Note the intense patches of silica and chlorite alteration which occasionally
dominate over haematite. Silica alteration becomes more intense with depth eventually dominating after approx. 850m.
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Figure 12 Closeup of drill core from approx. 838m showing texture of copper sulphides and alteration of host rock.
Figure 13 Closeup of core within the copper mineralised zone from 843.6m showing prominent bornite. Bornite is located in
small blebs and veinlets throughout the intensely altered zone, but is most prevalent in the lower several metres, proximal to
the zones of most intense silicification.
Figure 14 Below the zone of most intense copper sulphide mineralisation, silica alteration begins to dominate.
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Figure 15 Haematite alteration continues to attenuate, becoming less pervasive and largely restricted to fractures. Silica
alteration remains strong. Note that core tray follows directly after Figure 14, and finishes approximately 200m downhole
from the unconformity shown in Figure 7.
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—
This announcement has been authorised for release by the Board of Coda Minerals Ltd
Further Information:
Chris Stevens
Chief Executive Officer
Coda Minerals Limited
info@codaminerals.com
Steve Shedden
Managing Director
Torrens Mining Limited
steve@torrensmining.com
Media:
Nicholas Read
Read Corporate
nicholas@readcorporate.com.au
About Coda Minerals
Coda Minerals Limited (ASX: COD) is a minerals exploration company focused on the discovery, and development of base
metals, precious metals, and battery minerals.
Coda is primed to unlock the value of its highly prospective Elizabeth Creek Copper Project, which is located in the heart of
the Olympic Copper, Province Australia’s most productive copper belt.
The Elizabeth Creek Copper Project covers 739 km2 is centred 100km south of BHP’s Olympic Dam mine 15km from BHP’s Oak
Dam West Project and 50 km west of OZ Minerals’ Carrapateena copper-gold project. The project includes JORC 2012compliant Indicated Mineral Resources at the Windabout and MG14 deposits, which together host a combined 159,000
tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s Emmie Bluff prospect,
which has a JORC compliant Zambian-style copper-cobalt Exploration Target, and strong IOCG potential.
Coda has already commenced extensive exploration activities at Elizabeth Creek, which has earned the Company a majority
interest in the project (70%). Coda holds the rights and interests to earn up to 75% interest in the project under a farm-in
agreement and anticipates completing its obligations by Q1 2021.
Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambianstyle copper-cobalt resources across multiple prospects, including Emmie Bluff, Powerline, MG14 North and Hannibal.
Secondly, it is planning to drill-test copper-gold IOCG targets including Elaine, Elizabeth North, Chianti and also Emmie Bluff
Deeps, which was recently redefined through extensive geophysical work.
The company listed on the ASX in October 2020 after a successful, heavily oversubscribed IPO which will fund an aggressive
exploration campaign across the Elizabeth Creek project tenure. Further information may be found at www.codaminerals.com
About Torrens Mining Limited
Torrens Mining Limited (ASX: TRN) is an Australian company exploring for gold, copper and cobalt and other metals. Torrens
is positioned for value growth through its diversified portfolio of prime gold exploration assets in the Victorian Goldfields, its
30% stake in the advanced and active Elizabeth Creek Copper-Cobalt and IOCG Project in South Australia in joint venture with
Coda Minerals Limited and, pending the grant of exploration licences, at the formerly producing high-grade copper-gold Laloki
Project in Papua New Guinea (PNG). Further information may be found at www.torrensmining.com
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Forward Looking Statements
This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and
projections as of the date on which the statements were made. This forward-looking information includes, among other
things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook,
growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related
expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as
‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’,
‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are
cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be
materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that
may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking information.
Competent Person’s Statement
The information in this report which relates to exploration results is based on information compiled by Mr. Matthew Weber,
who is an employee of the company. Mr Weber is a Member of the Australasian Institute of Mining and Metallurgy and has
sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activities
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC)
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Weber consents to the
inclusion in this report of the matters based on the information compiled by him, in the form and context in which it
appears.
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Appendix 2: Detailed Technical Information and JORC Table 1
Table 1 Completed and ongoing drillholes at Emmie Bluff Deeps at the time of publication.
HoleID
DD21EB0018
Easting
703590
Northing
6555464
PQ
160
HQ3
501
NQ
1041.6
Table 2 Referenced Historic drillholes at Emmie Bluff Deeps
HoleID
IHAD2
IHAD5
IHAD6
MGD 55
MGD 57
SAE 1
SAE 3
SAE 4
SAE 5
SAE 6
SAE 7
Easting
705450
705119
704806
704100
705350
701879
704379
704179
706029
705029
701779
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Northing
6557500
6557882
6558260
6555500
6556700
6554852
6555352
6556172
6557322
6556222
6554402
Dip
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
-90
Azi
0
0
0
0
0
0
0
0
0
0
0
EOH
1158.8
1152.8
1116.7
1107.3
1242.9
818
1221
1172.5
914.4
1200
1221.7
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Dip
-90
Azi
000
EOH (DD)
1041.6
Comments
Results Pending
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Sampling
• Nature and quality of sampling (eg cut channels,
techniques
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerals under investigation, such as down hole
gamma sondes, or handheld XRF instruments,
etc). These examples should not be taken as
limiting the broad meaning of sampling.
• Include reference to measures taken to ensure
sample representivity and the appropriate
calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation
that are Material to the Public Report.
• In cases where ‘industry standard’ work has been
done this would be relatively simple (eg ‘reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more
explanation may be required, such as where there
is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation
types (eg submarine nodules) may warrant
disclosure of detailed information.
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Commentary
• Core was logged in the field and rough metal content was measured at regular
intervals with a portable XRF device at measurement intervals of between 1
and 0.5m. Sampling intervals were selected by field geologist based on logging
and XRF results.
• Understanding of the mineralising system based on historical drilling and the
XRF results allowed large parts of the holes to remain unsampled. Typically,
sampling is restricted to areas of strong hydrothermal alteration, particularly
haematisation.
• Handheld XRF instruments are extremely susceptible to sampling location bias,
which can introduce considerable error. For this reason, Coda treats the results
from the handheld XRF as indicative of the presence of metals only and has
chosen not to release the results as they are not considered sufficiently
accurate and may mislead as to the true nature of the intersected material.
• Coda’s field personnel are (as of the time of release) preparing the core for
transport to Adelaide where it will be cut and sampled for assay. Results of
these assays will then be released to the market.
• Portable XRF readings were taken in the field using an Olympus Vanta M tool
applied directly to the core at either single or half metre intervals, depending
on prior results or visual identification of potential grade by the field geologist.
The sample was not prepared except by standard cleaning of core by drill
offsiders. Readings were taken at ambient winter daytime temperature for
Woomera in South Australia, between 10 and 25 degrees C.
• The device was used in 3-beam mode, scanning for a total of 30, 30 and 20
seconds for the two 40 KV beams and the final 50KV beam respectively. The
device is designed to minimise drift over time, and is less than 12 months old,
and so has not been calibrated since leaving the factory. The results have not
been corrected or otherwise adjusted.
• Minor QA/QC is performed during reading, including duplicates and a series of
standards and blanks taken at the start of each recording cycle.
Criteria
JORC Code explanation
Commentary
Coda has determined “highly anomalous” readings of La and Ce from it’s pXRF based on
a whole rock geochemistry dataset provided by Fabris et. al. in “IOCG-style
mineralisation in the central eastern Gawler Craton, SA; characterisation of alteration,
geochemical associations and exploration vectors”, published by the South Australian
Geological Survey. The 856 samples in Batches 1 and 2 from this dataset break down as
per the following histogram, where the X axis refers to ppm of the relevant element:
Using the rigorous 2 Standard Deviation Rule, Coda’s 269 XRF readings from
DD21EB0018 include 36 and 30 readings in excess of the relevant concentration of La
and Ce respectively (those being 1132 and 661 ppm). When the less rigorous but still
valid 95th percentile rule, Coda’s dataset includes 68 and 52 readings in excess of the
relevant concentration of La and Ce respectively.
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Criteria
Drilling
techniques
JORC Code explanation
• Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic,
etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, facesampling bit or other type, whether core is
oriented and if so, by what method, etc).
Drill sample
recovery
•
•
•
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Method of recording and assessing core and chip
sample recoveries and results assessed.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.
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Commentary
• DD21EB0018 was drilled from surface to 160m using PQ diamond bits, reducing
to HQ3 to 501m, and has continued using NQ.
• Core orientations are not considered relevant due to the vertical nature of the
hole.
•
•
Recovery of diamond tails was consistently excellent, with minimal core loss.
No relationship is believed to exist between sample recovery and grade.
Criteria
Logging
JORC Code explanation
• Whether core and chip samples have been
geologically and geotechnically logged to a level of
detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc)
photography.
• The total length and percentage of the relevant
intersections logged.
Commentary
• Detailed qualitative geological logging has been carried out by appropriately
trained and experienced field geologists on all diamond core. Quantitative
logging by means of portable XRF has been undertaken on an as needed basis
in areas of prospectivity, typically utilising a 1m interval with interval reduction
down to 0.5m in areas of suspected mineralisation.
• For the purposes of describing mineral (particularly sulphide) abundance, the
following descriptors have been used:
Trace: Logged occasionally by field geologists within the logged interval, but
not sufficient to estimate a percentage. Typically, <0.5% mineral abundance.
Minor: Logged regularly by field geologists but does not make up a
significant amount of the rock volume. Typically <5% mineral abundance.
Moderate: Easily noted and logged by field geologists, makes up a significant
amount of rock volume but is not a dominant component. Estimated to fall
within a range of 5-15% mineral abundance.
Intense: Very easily noted by field geologists, makes up a significant
percentage of the rock volume and is a dominant component (15 – 50%
mineral abundance).
Volumes beyond 50% would be better represented as massive or near-total
replacement of host rock rather than expressed as
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