Coda Minerals and Torrens Mining have uncovered intense iron oxide copper gold from the first deep diamond drill hole at the Elizabeth Creek joint venture project in the Olympic Copper province of South Australia.
The first deep diamond drill hole intersected 200 metres of intense IOCG mineralisation at the Emmie Bluff Deeps IOCG prospect at Elizabeth Creek.
Coda Minerals chairman Keith Jones said the Elizabeth Creek project is surrounded by major IOCG mines in the region, including BHP’s Olympic Dam and Carrapateena mines, and OZ Minerals’ Prominent Hill mine.
“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,” he said.
“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.”
Torrens Mining, which owns a 30 per cent interest in the JV, welcomed the discovery.
Torrens managing director Steve Shedden said the discovery is particularly promising due to rising copper prices.
“This is an excellent result for the first joint venture drill hole to test the IOCG mineralised system and, against a background of steadily rising copper prices, is most heartening,” he said.
“Torrens shares Coda’s enthusiasm for these results and highly anticipates the assay results. We look forward to more positive developments at the Elizabeth Creek Project.”
Coda Minerals’ share price rose by 235 per cent to $1.19 on Wednesday in response to the announcement, while Torrens Mining’s share price increased by 100 per cent to $0.30.