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Coda Minerals Limited has made significant progress in geophysical targeting work, unlocking the full potential of the Elizabeth Creek Copper Project in South Australia.
New copper-cobalt targets adjacent to the Emmie Bluff deposit have been confirmed, offering significant scale upside. A major targeting exercise set to commence next week further east offers more potential for mineralisation.
A Scoping Study for the mineralisation at Elizabeth Creek released in March showed positive go-forward economics for the project. The Company is now progressing with a Pre-Feasibility Study (PFS) and simultaneous exploration.
Elizabeth Creek Project will have two phases: short-term concentrate production and then long-term production of higher value saleable end-products
Estimated pre-tax NPV (8) of approximately $570 million and 26.5% IRR with total pre-tax revenue of approximately $5.73 billion over the life of the mine
The project will be sourced from two open pits and one underground mine, with a steady state annual production of ~25,000tpa copper and ~1,000tpa cobalt at a lifetime average grade of 1.86% CuEq - 1.29% Cu and 515ppm Co
Final assay results received from drilling of multiple targets at Cameron River during September and October 2022.
Results are in-line with previous visual guidance, with the holes intersecting several intervals of low-grade anomalous copper with a best intercept of 4m at 0.59% Cu plus anomalous gold, silver and cobalt.
Highly anomalous cobalt results reported from localised areas, with follow-up to be considered.