Coda Minerals has secured an additional 19 per cent interest in the Elizabeth Creek copper project in South Australia from Torrens Mining, increasing the company’s ownership of the project to 70 per cent.
The farm-in agreement between Coda and Terrace at Elizabeth Creek will see the two companies form a joint venture (JV) once the $8.62 million expenditure limit, which is expected in the first half of 2021.
Coda increased its stake by fulfilling the $2.75 million earning obligation under the farm-in agreement, with the company now having the option to add an additional 5 per cent interest by paying $1.5 million.
Coda is currently progressing exploration activities at the site, which will continue following the JV formation.
Company chief executive officer Chris Stevens said Coda is delighted to boost its stake in Elizabeth Creek, while it continues to explore the area.
“We are delighted to have increased our holding in the Elizabeth Creek copper project as we advance exploration at both the Emmie Bluff copper deposit and the IOCG targets Elaine and Emmie Bluff Deeps,” he said.
Coda is moving forward with approvals for drilling at the Elaine and Emmie Bluff Deeps at the site.
“We are delighted to have increased our holding in the Elizabeth Creek Copper Project. as we advance exploration at both the Emmie Bluff copper deposit and the IOCG targets Elaine and Emmie Bluff Deeps,” Stevens said.
Coda Minerals is an exploration company that was listed on the ASX in October 2020.
It is focussed on the discovery and development of base metals, precious metals and battery metals.
The Elizabeth Creek project is 100 kilometres south of BHP’s Olympic Dam mine, 15 kilometres from BHP’s Oak Dam West project and 50 kilometres west of OZ Minerals’ Carrapateena copper-gold project.