Coda Minerals Limited advised that final assays from Phase 1 drilling at the Emmie IOCG prospect, part of the Elizabeth Creek Project in South Australia, have been received, with results significantly enhancing the Company's understanding of the geological structure and providing strong targets for follow-up exploration. Assays have now been received for drillholes EBD7W1 and EBD8 at Emmie IOCG, which
represent the final holes of the Phase 1 programme. The programme was completed safely, on time and on budget, with nine parent holes and 12 wedges completed. All but three of the holes returned mineralised intercepts, as confirmed by independent laboratory assay. The programme, which comprised over 23,000m of diamond drilling, identified three major conduits at Emmie IOCG, including two geochemically and geologically distinct bornite zones, and also demonstrated lateral continuity of the deposit with classic IOCG sulphide zonation beyond these zones. Assay results clearly demonstrate significant thicknesses at excellent grades, with highlights including 42m at 1.2% Cu and 27m at 2.0% Cu for a total 69m of mineralisation in hole EBD3W2 1, as well as 24m at 2.2% Cu and 12.9m @ 3.5% Cu for a total of 36.9m of mineralisation in 18W2 2. Next Steps and Exploration Implications: The updated geological model provides Coda with three key opportunities to target additional mineralisation: Extension of bornite zone and associated mineralisation along strike at the three known major conduits; Discovery of additional conduits and mineralised zones in areas where they have been inferred or within the bounds of the Emmie IOCG geophysical signature (which covers approximately 3 square kilometres); and Additional discoveries through the examination of nearby gravity anomalies within the broader Emmie Bluff mineralised footprint, which extends several kilometres in multiple directions. Deployment of Advanced Geophysics: The next step in Coda's phased exploration approach at Emmie IOCG will be the deployment of Fleet Space Technologies' "ExoSphere" - an Acoustic Noise Tomography (ANT) survey - which is scheduled to take place in December 2022.
ExoSphere is a real-time ANT passive seismic exploration technique that makes use of pervasive seismic noise from natural
and anthropogenic sources to visualise a three-dimensional subsurface shear wave velocity model. ANT offers the advantages
of covering a large area, is able to visualise below cover of more than 1,000m and can indicate the depth of structures within
the cover and basement rock. The initial survey is expected to cover an area of roughly 40 square kilometres across Emmie
Bluff, Emmie IOCG and numerous other prospective density related anomalies in the immediate area. The survey will produce an image of the paleotopographic surface, allowing for detailed 3D constrained forward modelling of magnetic and gravity data, as well as providing indications of velocity anomalies which may indicate the presence of material iron oxide deposition. Such an understanding of the geometries may provide a more detailed understanding of major horst and graben structures as well as potentially indicating the presence of any large-scale conduits not yet identified by drilling. The survey is also expected to isolate in detail the extent and gross geometry of any Tapley Hill shale in the area, offering the potential to expand the shallower Zambian-style Cu-Co-Ag mineralisation at Coda's Emmie Bluff Mineral Resource. The survey data is expected to be collected in December and fully processed and interpreted early in calendar year 2023, enabling the Company to plan next steps, including further drilling or geophysics, with the maximum potential for success. Assay Results: Assay results confirm the mineralisation within hole 7W1 was comparable to that encountered in the parent hole, in that it was particularly low in gold as compared to similarly mineralised zones in other part of the system. However, 7W1 did intersect a significant interval of hydrothermal conduit from 772.5m to 787m, which showed material gold anomalism (ranging from 0.1 to 0.28ppm Au, with an average of 0.18) despite being copper and silver poor. While this appears suggestive of a multi-generational fluid flow event that saw the deposition of gold and copper at different times, the intimate relationship between bornite and electrum noted by petrological examination of previous holes may suggest the need for an alternative explanation. This supports the Company's previously disclosed interpretation that the mineralisation at holes EBD7 and EBD7W1 represents a geologically distinct "zone" and suggests considerable internal complexity within the system as a whole. Drillhole EBD8 was collared approximately 170m south-east of historical hole SAE 4, and was drilled to the west-southwest, targeting a south-westerly extension of the mineralisation encountered in SAE 4 (74m at an average of approximately 0.55% Cu, 0.14 g/t Au from 858m). Grades encountered were of a comparable tenor to SAE 4, but lacked the consistency, with a gap of unmineralised material between 845m and 873m associated with the overprinting of (presumed) post-mineralising mafic dykes. It is entirely plausible that prior to the intrusion of the dykes, the mineralisation continued from SAE 4, and thus may have been broadly comparable in thickness and grade between the two holes. Only minor conduits were logged in EBD 8 and, like in EBD7W1, they are associated with gold enrichment, with gold averaging 0.37g/t from 843 to 845m and 0.47g/t from 879 to 880 (both zones are logged as discordant haematite and interpreted as minor feeder zones). These contrast with the thicker zones at 7W1 and in earlier drilling and are not considered likely to be of sufficient scale to be driving mineralisation of the type and tenor seen in SAE 4 and EBD8. It is therefore considered likely that the driving conduit exists to the east of SAE 4. This area will be a focus for future exploration.
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