Coda Minerals : 60% Increase to Strike Length at Emmie Deeps IOCG

onlyASX RELEASE

28 February 2022 ASX Code: COD

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Wide chalcopyrite intercept increases strike length at Emmie Deeps IOCG by 60%

Highlights

• Approximately 60 metres of chalcopyrite mineralisation intersected in parent hole EBD4 at the Emmie Deeps IOCG prospect.
• This significant step-out intercept has extended the strike length of the known mineralisation at Emmie Deeps from ~350m to ~550m, an increase of nearly 60% in that axis.
• Additionally, assay results have been received from drill-holes 3W2A, 3W1, 2W4 and 2W2, for which visual estimates were reported late last year. Highlights include:
• • Hole 3W2A: 9.7m @ 2.9% Cu, 0.39 g/t Au from 814m and 37.3m @ 1.04% Cu, 0.28g/t Au from 907
  • Hole 2W2: 21m @ 0.87% Cu, 0.25 g/t Au from 895m and 10.2m @ 1.13% Cu, 0.08 g/t Au from 938m
  • Hole 2W4: 35m @ 1% Cu from 922m
• Drilling is continuing to target extensions to the south-west, with new parent holes EBD6 and EBD7 in progress.
• These holes are particularly focused on extending the highly prospective bornite zone encountered in previous holes.
• Separately the Emmie Bluff Copper-Cobalt scoping study is advancing following delivery of a standout JORC2012 Maiden Resource in December 2021.
• Coda's cash balance remains above $12 million at the date of this announcement.

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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 report significant updates from the ongoing exploration drilling program at the Emmie Deeps IOCG deposit1, part of the Elizabeth Creek Copper Project in South Australia.

Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens, which holds a 30% interest. Coda and Torrens have entered into a Bid Implementation Deed for the companies to merge via a recommended takeover offer, consolidating 100% ownership of the Elizabeth Creek Project (see ASX announcement, 9 February 2022).

The Company is pleased to advise that parent drill-hole EBD4 has now been completed to a final depth of 958m, with visual estimates indicating that a significant wide zone of mineralisation was intersected in this important step-out hole.

The EBD4 mineralisation, which is chalcopyrite-dominated, extends from 764m down-hole with anomalous chalcopyrite continues with varying intensity over an interval of approximately 60 metres. The hole was drilled to the south and east of previous drilling, and the mineralisation encountered appears to extend the known mineralised envelope by approximately 550m, increasing the previously confirmed strike by approximately 200m.

Additionally, assay results have been received for four holes for which visual estimates were previously released: DD21EBD0002W2 (2W2), DD21EBD0002W4 (2W4), DD21EBD0003W1 (3W1) and DD21EBD0003W2A (3W2A).

The assays from drill-holes 2W1 and 3W2A showed comparable results to nearby holes, with the strongest copper grades associated with the bornite zone in 3W2A, while chalcopyrite-dominated mineralisation was encountered in other portions of the holes and with the mineralisation broadly consistent with similar holes in the deposit. Drill-hole 2W4 showed material improvement in grades relative to its parent hole, strongly suggesting the presence of an additional mineralising structure or influence to the east of the known major structure.

Commenting on the latest drill results, Coda's CEO Chris Stevens said: "Having established continuity in the core mineralised zone through our previous drilling, we knew it was time to step out a material distance with our next holes, and we are pleased to say that this decision has been rewarded with a strong intercept in EBD4, demonstrating continuity of the mineralisation over an additional 200m.

"Further visual results from EBD5, which was drilled to the northwest of the discovery hole (EB0018), appear to close off the mineralising system in that direction. This hole is a useful geological indicator which confirms that our interpretation of the most recent geophysical data is accurate. This data now also shows potential continuity of mineralisation over a 1.6km strike to the south of the known mineralisation where drilling is ongoing with two additional holes.

"These next two holes, EBD6 and EBD7, now in progress, are designed to help us to both better understand the geometry of the mineralisation as we follow the trend to the south, and test for further significant extensions. A key focus of these next two holes is to target additional high-grade bornite mineralisation and the major structure associated with it.

"With the results of just five parent holes and nine wedges returned to date, four out of five parent holes and eight of nine wedges have returned significantly mineralised intercepts. Of the two holes now in progress, EBD6 in particular will be pivotal for the programme as we target lateral extent and depth.

"The lateral extension demonstrated by EBD4 is unambiguously good news, showing that Emmie Deeps is capable of yielding copper and gold mineralisation of potentially material scale. There is no doubt however, that we have more work to do as we follow this mineralisation and look to demonstrate increased scale and thickness of this emerging copper-gold deposit.

"As we progress work at Emmie Deeps, we are also advancing a scoping study on the adjacent and shallower Emmie Bluff Copper-Cobalt deposit, following delivery late last year of a standout JORC 2012 Mineral Resource of 43Mt at 1.84% CuEq with the total contained CuEq tonnage of sedimentary-hostedcopper-cobalt at Elizabeth Creek now exceeding 1.1 million tonnes.

1 Please see Note 1 below for more commentary on the naming conventions for deposits within this announcement.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

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"Our increasing understanding of the exploration opportunity at Emmie Deeps IOCG, combined with the more advanced development opportunity at the Emmie Bluff copper-cobalt deposit, provides shareholders with significant exposure to a substantial copper development project against the backdrop of an exceptional outlook for the metal over the next decade and beyond."

Summary of Results

DD21EBD0004 (EBD4 Visual Estimates)

EBD4 was collared approximately 330m ESE of drill-hole EBD3, and was oriented to drill to the south-west, targeting a southwestern extension of the mineralised trend encountered in wedge holes completed off drill-holes 18 and EBD3.

EBD4 encountered typical post-Pandurra and Pandurra Formation sediments before encountering haematised Wallaroo group sediments at approximately 580m down-hole. This is significant, as the haematisation is considered to be the result of the IOCG-related mineralising fluids and is materially higher in elevation than in the drill-holes further north (approximately 100m higher than original discovery hole DD21EB0018), reflecting variations in the palaeotopography. The increasing overall thickness of the haematite alteration, which is host to the copper-sulphide mineralisation, may be correlated with higher fluid flow volumes.

Chalcopyrite-dominated mineralisation was encountered from 764m, following a substantially wide (approx. 150m) breccia zone. This is the shallowest IOCG mineralisation encountered to date, some 30m closer to the surface than nearby holes, and may suggest either increased structural complexity or a gradual shallowing to the south (to be investigated with further holes).

Mineralisation intensity was variable over an approximately 60m envelope and comprises predominantly blebby sulphides with relatively minor disseminations and veinlets.

EBD4 is reported to have encountered the following sequence of rocks:

	From		To		Int.	Comp.
	(m)		(m)		(m)	Int		Estimated Sulphide Assemblage		Description
	0		580		580					Pre-Pandurra, Neoproterozoic sediments,
							followed by Mesoproterozoic Pandurra Formation
										sandstones and conglomerates.
	580		670		90					Haematised brecciated Wallaroo group
							metasediments.
670	681	11					Narrow granitic intrusive, weakly haematised.
										Structurally complex haematised metasediments,
	681		712		31					with frequent en echelon quart veinlet sets,
							tension gashes and evidence of local folding.
										Patches of intense steely haematite.
	712		739		28					Haematised brecciated Wallaroo group
							metasediments.
739	747	8					Narrow granitic intrusive.
	747		767.5		20.5					Variably haematised (patches of steely) with
							increasing patchy red-rock alteration.
										Massive haematite altered sediments with
	764		768.5		4.5			<1% - 1% Chalcopyrite		trace disseminated chalcopyrite, silica and K
						7m				Feldspar alteration.
	768.5		771		2.5			2-4% Chalcopyrite		Blebby and minor disseminated chalcopyrite in
						massive haematite altered sediments.
	771		772.5		1.5					Chlorite altered breccia.
						51.5m				Blebby and disseminated minor chalcopyrite
	772.5		784.5		12		2-4% Chalcopyrite		aligned with bedding in massive haematite
										altered sediments.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

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	784.5		789		4.5			<1% - 1% Chalcopyrite	Silica and haematite altered sediments, trace
					disseminated chalcopyrite.
	789		794		5			1% Chalcopyrite	Trace disseminated chalcopyrite, strongly
					haematite altered sediments.
									Minor blebby chalcopyrite, patches of
	794		799		5			2-5% Chalcopyrite	moderate intensity, strongly haematite altered
									sediments.
									Silica, K Feldspar and minor haematite altered
	799		801		2			<1% - 1% Chalcopyrite	sediments with trace disseminated
									chalcopyrite.
									Minor blebs and bedding aligned veinlets of
	801		808		7			2-4% Chalcopyrite	chalcopyrite, patches of moderate intensity,
									strongly haematite altered sediments.
	808		813		5			<1% Chalcopyrite	Silica, chlorite and minor earthy haematite
					altered sediments, trace chalcopyrite.
	813		821		8			1-3% Chalcopyrite	Minor silica and haematite altered sediments,
					minor to trace chalcopyrite, trace pyrite.
	821		824		3			<1% Chalcopyrite	Trace silica and haematite altered sediments,
					trace chalcopyrite as fracture fill, blebs.
824	833	9				Silica flood coarse sandstone.
833	842	4				Felsic porphyry.
	842		844		2				Strongly silicified and haematised fault breccia.
	844		889		45				Variably siliceous and haematised sediments.
	889		958.2		69.2				Moderately silicified and feldspathised
						conglomeratic sandstone.

Interpretation

Both bornite and pyrite were largely absent in EBD4, suggesting the hole intersected mineralisation laterally distal to the mineralising structure encountered in previous holes to the north-west, but not so far away as to have retained significant pyrite as was seen in drill-hole EBD2. Nonetheless, the hole is considered to provide highly encouraging evidence that the mineralising system does extend a significant distance to the south-east, very plausibly extending across the entire length of the Emmie Deeps gravity anomaly.

The drill-hole was located on the western periphery of that anomaly. Along with the lack of a lower mineralised lode, this strongly indicates that the main mineralising structure is likely to extend further to the east, either as a result of east-west strike slip faulting or flexure in the structure. Surface drill-holes EBD6 and EBD7 are currently underway to test this hypothesis.

DD21EBD0005 (EBD5) (Visual Estimates)

EBD5 was collared approximately 340m north-west of drill-hole DD21EB0018, and was oriented to drill to the south, targeting a north-western extension of the mineralised trend encountered in wedges from drill-holes DD21EB0018 and EBD3.

The hole encountered typical post-Pandurra and Pandurra Formation sediments before encountering haematised Wallaroo group sediments at approximately 745m down-hole. This is significant, as the haematisation is considered to be the result of the IOCG mineralisation-related fluids, and is materially deeper than drill-holes further south (approximately 80m deeper than original discovery hole DD21EB0018).

The basement of foliated Donington Granite was intersected at 1,010m, approximately 80m higher than in holes EBD2 and the daughter holes.

No copper sulphide mineralisation was encountered in EBD5.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

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Figure 1 Mineralisation encountered in haematised Wallaroo Group sediments, drillhole DD21EBD0004. Dominated by chalcopyrite, the mineralisation consists principally of bedding aligned
	blebs and veinlets plus minor disseminations.
6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957