Coda Minerals : Central Bornite Zone Materially Extended at Emmie IOCG

ASX RELEASE

26 April 2022 ASX Code: COD

Central Bornite Zone Materially Extended at Emmie IOCG

Highlights

• • Significant widths of bornite and chalcopyrite mineralisation intersected in wedge hole EBD7W1.

• • Result materially extends the bornite zone discovered in parent hole EBD7 (ASX: 28 March 2022) 100 metres to the southeast and supports potential for further mineralisation to the south.

• • Mineralisation at Emmie IOCG remains fully open to the east, south, and north-east.

• • This result provides additional support for Coda's updated Emmie IOCG exploration model at Emmie IOCG.

• • Coda's strategy is to target additional conduits for mineralisation across the broader IOCG anomaly, seeking both lateral extensions and, more importantly, increased thicknesses.

• • New parent hole EBD8 has commenced testing a potential third mineralised zone.

Operational Update

• • Coda has moved to compulsory acquisition of remaining shares in Torrens Mining providing a clear path to 100% ownership of the Elizabeth Creek Copper Project.

• • Elizabeth Creek copper-cobalt scoping study progressing and remains on track for delivery early 2H2022.

• • The first hole in the Central Elaine Zone "Elaine" IOCG prospect some 15km to the south of Emmie IOCG has been completed.

• • Coda's cash balance approximately $11 million at the date of this announcement leaving the Company well-funded to advance exploration work.

Summary of Recent Work at Emmie IOCG

Coda Minerals Ltd (ASX: COD)(Coda or the Company) reports significant new exploration results from its Emmie IOCG Project in South Australia, with recently completed wedge hole EBD7W1 materially extending the mineralisation encountered in EBD7 (ASX: 28 March 2022). These results define a new, geologically distinct zone of mineralisation with a high-grade bornite dominated core.

EBD7W1 increases the Company's confidence in its updated geological model for Emmie IOCG, whereby it is targeting multiple zones of mineralisation within the wider anomaly. This is important because it has advanced Coda's exploration paradigm, with the exploration focus now moving to take wider shifts away from the core discovery area around holes EB18 and EBD2 and EBD3.

Next Steps at Emmie IOCG

The Coda Board has approved the commencement of hole EBD8, which will step out approximately 900m from this most recent hole and will seek to demonstrate a third geologically distinct area of mineralisation proximal to a 74m intercept in historical hole SAE4 on the north-eastern boundary of the geophysical anomaly. Please see Figure 1 for details of the hole location.

Commenting on the recent developments at Elizabeth Creek, Coda CEO Chris Stevens said:

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"This most recent hole, which encountered significant intervals of both bornite, and chalcopyrite dominated mineralisation has been very helpful in confirming our updated exploration model and advancing our exploration of the Emmie IOCG system.

"We have now well-defined the core discovery area around the first holes but with the recent geological relogging programme and the somewhat unexpected discovery of a second bornite zone in EBD7 and now EBD7W1, we have renewed confidence in our plan to extend and expand the Emmie IOCG discovery.

"While the mineralisation in the central bornite zone remains completely open to the south, the realisation of this broader potential underpins the decision to make a bold step-out some 900m to the north, to target the potential for what we believe could be a third "conduit" to the north-east of the anomaly at hole EBD8.

"To date, this discovery has given us some very encouraging grades with assays demonstrating intercepts well over 3% copper and multiple intercepts in excess of average mined grades at IOCG deposits in the area. This is a good start, and we will continue to chase the thicker conduits that would typically be associated with the core of major IOCG deposits. We know that the overall Emmie System contains substantial amounts of metal, and this gives us confidence in the strategic value of ongoing exploration of this copper-rich system.

"IOCG exploration can be challenging, but with challenge comes opportunity and excitement. We believe that the next holes will help us uncover more of the secrets of Emmie IOCG."

Summary of Recent Work - Emmie IOCG

Drill-hole EBD7W1 has now been completed to a final depth of 990m. Visual estimates based on field logging by geologists indicate that a significant new zone of mineralisation was intersected in EBD7W1.

EBD7W1- Visual Estimates

Drillhole EBD7W1 was wedged from parent hole EBD 7 at 450m downhole, and navigational drilling continued until 607.4m. The hole was designed to target extensions of the mineralisation encountered in hole EBD7 was oriented to the south relative to the ENE azimuth of the parent hole, and achieved separation of 141m to the south-east at the depth of mineralisation in the parent hole.

Mineralisation was encountered in EBD7W1, though it differed somewhat from the parent hole. Compared to EBD7 (bornite and chalcocite mineralisation spread over approximately 17.5m from 811m1), the mineralisation in EBD7W1 is somewhat more complex, consisting of a zone of blebby bornite from approximately 784-793.5m and a separate chalcopyrite zone from approximately 799 - 814m. The mineralisation is notably shallower than the parent hole and spread over a wider area, although it appears to be somewhat more diffuse.

The hole encountered Pandurra Formation sediments until 661m, followed by the following sequence of rocks.

6	Street	E:[e-mail]
West	Perth
ABN 49 625 763 957

Altona

Western Australia, 6005

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661	694.5	33.5	Haematite altered sediments, rare mafic dykes
694.5	699.5	5	Massive replacement by steely haematite
699.5	717	17.5	Brecciated haematite fault, haematite and chlorite alteration.
717	732	15	Hydrothermal conduit, complete haematite fill.
732	761.5	29.5	Haematite-silica altered sediments, occasionally brecciated.
761.5	772.5	11	Alternating strong silica and earthy haematite altered sediments
772.5	787	14.5	Dark grey "sooty" haematite feeder conduit, massive haematite.
787	795.5	8.5	8.5m	<1 - 2% Bornite	Strongly haematite altered sediments. Minor Bornite from disseminated/very fine blebs to approximately 3cm patches.
795.5	798.5	3	Silica, chlorite and haematite altered sediments.
798.5	800.5	2	19.5m	1-2% Chalcopyrite	Narrow steely haematite conduit, minor to trace chalcopyrite as blebs and disseminations
800.5	814	13.5	1-3% Chalcopyrite, <1-1% Pyrite	Moderate to intensely steely haematite altered sediments, partially brecciated, with minor blebs, veinlets and disseminations of chalcopyrite. Trace pyrite
814	818	4	<1% Chalcopyrite	Decreasing haematite alteration with trace chalcopyrite
818	897	79	Interbedded basement sandstones & fine-grained conglomerates; weak hematite alteration on fracture selvages.
897	904	7	Strongly fractured & locally sheared basement sediments cut by sericite-chlorite altered narrow mafic dykes.
904	990.5	86.5	Interbedded basement sediments cut by numerous mafic to felsic dykes of various thicknesses; weak hematite alteration usually confined to fracture selvages & dyke margins.

Summary of Ongoing Work - Emmie IOCG

New hole EBD8 has commenced as the Company seeks to test an interpreted third mineralising conduit proximal to SAE4, a historical mineralised intercept which returned an intercept of approximately 74m at 0.55% Cu, 0.14 g/t Au. The rationale for this drill hole is to test an area that has demonstrated a greater thickness than other recent intercepts, and specifically to attempt to get closer to the hydrothermal conduit interpreted to be responsible for the mineralisation, where it anticipated that higher grades may be encountered.

Coda's current exploration model would suggest that the geophysical anomaly contains multiple zones whereby copper has been transported via mineralising conduits. Each zone is interpreted to contain areas of lower grade copper dominated by pyrite and chalcopyrite as well as high-grade bornite zones. Hole EBD8 is targeting increased thickness of bornite zone proximal to historical hole SAE4.

6	Street	E:[e-mail]
West	Perth
ABN 49 625 763 957

Altona

Western Australia, 6005

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Figure 1 Scale map (plan view) showing drilling and material intercepts within the Emmie IOCG gravity anomaly area.

6	Street	E:[e-mail]
West	Perth
ABN 49 625 763 957

Altona

Western Australia, 6005

Assay Results

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EBD4 was collared approximately 250m SSE of drillhole EBD2 and 330m ESE of drillhole EBD 3, drilled to the southwest and targeting a south- western 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.

Mineralisation intensity was variable over an approximately 50m envelope and comprises predominantly blebby sulphides with relatively minor disseminations and veinlets.

HoleID	Thickness
DD21EBD0004	776.92	778.99	0.70%	0.31	1.4	122
2.07
781	782	0.30%	<0.01	0.4	11
1
788.78	791.27	0.93%	0.2	0.3	5
2.49
793.65	796.53	0.52%	0.1	0.4	2
2.88
802.03	803.33	0.56%	0.1	0.6	123
1.3
806.4	808.43	1.37%	0.2	10.5	260
2.03
816.59	819.3	0.35%	0.02	0.4	2
2.71
822.9	823.9	0.59%	0.07	1.8	4
1

From

To

Cu %Au g/tAg g/tMo g/t

Central Elaine Zone (IOCG)

In March of 2022, Coda undertook drilling at the Elaine IOCG prospect, making use of rig availability.

Elaine is characterised by a broad, triangular +2.2 mGal gravity high, and several coincident, discrete 450 nT to 500 nT NE/SW trending circular/oval shaped magnetic highs. These anomalies are located immediately east of a large NE/SW trending fault identifiable in gravity data which may have served as a lithospheric scale fluid pathway. While the most recent hole was targeted at an area of approximately 2,800m x 1,200m, which bounds an area of high gravity anomalism and low magnetic anomalism, the overall geophysical anomalism extends a total of 11km NE/SW along the fault, and had, prior to Coda's drilling, only been tested by 6 deep drillholes, with almost all significant historical activity located to the north of Coda's proposed target area, focussed in areas of coincident magnetic and gravity anomalism.

The first deep drillhole (EC21 drilled by CSR in 1980) encountered brecciated altered granite and considered the area an interesting geological target. Subsequently, the anomaly was tested again by drillhole PY3, which encountered locally mineralised volcanics and strong alteration, including chlorite, epidote, magnetite, and pyrite, as well as low grade diffuse chalcopyrite over approximately 260m from 1190m.

The prospect was not drilled again until 2001, by Gunson Resources with MGD 26, it's daughter hole (MGD 26W1) and MGD 27. All three intersected, propylitically altered, carbonate-chlorite-hematite veined and weakly mineralised volcanics, with intense red rock alteration and varying brecciation.

The recent drillhole, DD21CEZ0001 ("CEZ1"), was targeted using the same methodology as was originally used to identify the Emmie IOCG, targeting an area of strong gravity and weak/absent magnetic anomalism, which was interpreted to represent magnetite-deficient, haematite-rich breccia zones.

The hole reached the base of overlying Pandurra Fm sediments and entered basement in acid to intermediate Gawler Range Volcanics, which remained the host rock until completion of the hole at 1152.8m. Pervasive patchy haematite, sericite and epidote mineralisation, as well as localised pyrite and red rock alteration were encountered, confirming the presence of a very broad scale hydrothermal system, but not at a comparable intensity to nearby holes, and no material amounts of copper sulphides were encountered in the hole.

6	Street	E:[e-mail]
West	Perth
ABN 49 625 763 957

Altona

Western Australia, 6005