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CODA MINERALS LTD Capital/Financing Update 2021

Jun 21, 2021

64682_rns_2021-06-21_8ff43da9-5f76-437e-88aa-ffd421e6cd66.pdf

Capital/Financing Update

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ASX RELEASE 22 June 2021

Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff Deeps – Additional Information

ASX Code: COD

Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) refers to the release “Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff Deeps” on 9 June 2021.

Following consultation with ASX, the Company attaches an updated release which includes additional information as requested by ASX.

This announcement has been authorised for release by the Board of Coda Minerals Ltd

Further Information:

Chris Stevens Chief Executive Officer

Coda Minerals Limited [email protected]

Media:

Nicholas Read

Read Corporate [email protected]

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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ASX RELEASE 22 June 2021 ASX Code: COD

Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff

Deeps

First deep diamond hole intersects 200m of intense IOCG alteration including approximately 50m of copper sulphide mineralisation.

Highlights

  • Highly encouraging preliminary results received from DD21EB0018, the first deep diamond drillhole at the Emmie Bluff Deeps Iron Oxide Copper Gold (IOCG) prospect.

  • DD21EB0018 has encountered a sequence of approximately 200m of intensely haematitic and altered sediments and granites, including approximately 50m of moderate to intense copper sulphide mineralisation, including chalcocite, chalcopyrite and bornite.

  • The host-rock alteration assemblage encountered includes chlorite, baryte, sericite and potassium feldspar, all typical of IOCG deposits in the region.

  • IOCG deposits of this type in the immediate region include BHP’s Oak Dam West discovery (~16km north-east) and Oz Minerals’ Carrapateena Project (~50km east).

  • Portable XRF readings have confirmed the presence of copper, as well as highly elevated levels of pathfinder elements such as Lanthanum, Cerium, Cobalt and Molybdenum.

  • Drill core will be processed and assayed as soon as practicable.

  • Coda is preparing to mobilise an additional diamond rig to follow up on this significant result .

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 announce preliminary results from drill-hole DD21EB0018, the first deep diamond hole designed to test its Emmie Bluff Deeps IOCG target at the Elizabeth Creek Project.

The drillhole has encountered a 200m sequence of intense haematisation and alteration, including a 50m sequence of zoned copper sulphide mineralisation, consisting of chalcocite, chalcopyrite and bornite zones.

Discussing the results, Chairman Keith Jones said: “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. 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.”

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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About Emmie Bluff Deeps

Emmie Bluff Deeps is a geophysically targeted IOCG prospect which forms part of the Company’s Elizabeth Creek Project located in the heart of the Olympic Copper Province in South Australia (see Figure 2). Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens Mining (ASX: TRN), which holds a 30% interest.

The Elizabeth Creek Copper Project encompasses two priority targets, with the current drilling program having commenced on 20 May 2021. These targets are:

  • The Emmie Bluff Copper-Cobalt Deposit , a laterally extensive, flat-lying, sediment-hosted copper-cobalt deposit at approximately 400m deep, over which the company established an Exploration Target in 2019; and

  • The Emmie Bluff IOCG Deeps prospect, which lies in the basement rocks below Emmie Bluff, approximately 7001,000m deep. The target at Emmie Bluff Deeps is iron-oxide copper-gold (IOCG) mineralisation, which is mined in the region at the Olympic Dam, Carrapateena and Prominent Hill mines.

This release contains preliminary results from the first hole of the programme at the Emmie Bluff Deeps IOCG target. Coda is also currently drilling the overlying Emmie Bluff Copper-Cobalt deposit with the expectation of delivering a Maiden Resource in Q3 of this year.

Hole DD21EB0018 , was drilled vertically using a diamond drill rig from surface, encountering locally typical Neoproterozoic and Mesoproterozoic sediments to a depth of 666m down-hole. At this point it intersected a geological unconformity, below which it passed through approximately 200m thick zone of intense alteration and haematisation. This altered zone included a 58m zone of almost complete replacement by haematite in a thick “cap” of haematite in brecciated metasiltsone interpreted to be part of the Wandearah Formation.

Portable-XRF readings of this haematite cap material indicate the presence of highly anomalous Lanthanum and Cerium, both of which are considered to be key pathfinder elements for IOCG systems.

Beneath this haematite cap, the drill hole encountered approximately 70m of strongly altered granite, interpreted to be intrusive Hiltaba Suite granites. This granite was followed by an approximately 50m zone of variably intensive haematite altered metasediments with a significant copper sulphide component, starting from approximately 797m down-hole (see Figure 1).

The Copper Sulphides exhibit zoning with depth, with the highly altered zone consisting of:

  • 796.5 – 802.2: an upper zone of disseminated and blebby chalcocite (Minor to moderate) and bornite (minor) in massive haematite.

  • 802.2 - 810.8: a narrow zone of chloritic and haematised sediment (trace to absent sulphides)

  • 810.8 – 838.9: a strongly haematised middle zone, dominated by chalcopyrite (variable, minor to moderate in the upper third, increasing to moderate to intense in the lower two thirds) and accessory bornite in blebs and accumulations typically (though not universally) aligned with the remnant sedimentary structures and with elevated molybdenum and cobalt levels detected by portable XRF, and

  • 838.9 – 846.8: a lower zone, including both bornite (moderate after a narrow zone of trace to minor where silica alteration dominates) and chalcopyrite (minor to moderate after a narrow zone of trace to minor where silica alteration dominates), again primarily in blebs and veinlets.

Portable XRF readings confirm elevated copper associated with these sulphides in all of the three sulphide zones, as well as the presence of IOCG indicator elements such as cobalt and barium. It is important to note that these readings are yet to be formally confirmed by an assay laboratory and are considered to be an indicator only at this time.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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For purposes of this release, ranges are provided in Table 1 below noting that due to the disseminated and fine-grained nature of certain sulphide minerals, in particular chalcocite and bornite, and due to the coincident strong haematite alteration that estimation of the relative abundance of these minerals is not straightforward and therefore prone to uncertainty. Information provided refers to an estimated abundance of sulphides observed in core only. Limited reliance should be placed on these estimates in lieu of confirmation in the form of final assay results. Please see JORC Table 1 for additional details on logging criteria.

In addition to haematite, intense alteration dominated by chlorite, K-feldspar, sericite and silica is noted throughout the zone, as well as isolated baryte veins, all of which are typical of IOCG alteration systems in the region. The drillhole encountered relatively little pyrite, but careful examination reveals the presence of euhedral void spaces suggesting potential dissolution of early pyrite. This, combined with apparent martisation of magnetite and the zoned nature of the copper sulphides encountered are indicative that the system was likely subject to multiple fluid flow events, suggesting a long-lived and potentially extensive hydrothermal system.

A summary geological log is included as part of the cross-section below (Figure 3), and representative photographs are included as Appendix 1.

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Figure 1 Typical alteration and copper sulphides in the chalcopyrite zone, within the broader 50m zone of primary interest.

Emmie Bluff Deeps has been known for some time as a potential IOCG prospect, with historical drilling in the area dating back to at least the 1980s. Extensive evidence for a very large-scale hydrothermal system exists in historical drilling, with varying degrees of similar alteration extending at least 2km west and 2.5km north of DD21EB0018, however historical drilling had previously failed to intersect substantial amounts of high-grade mineralisation sufficient to define a Mineral Resource.

With the assistance of Perth-based geophysical consultants Resource Potentials, hole DD21EB0018 was designed to target an area of high gravity anomalism associated with low magnetic anomalism. This was in line with a Prominent Hill-style geophysical exploration model for IOCG deposits, but different to the overlapping magnetic/gravity anomalism that had historically been the focus of explorers in the Emmie Bluff area.

The targeted gravity anomaly extends over an area of approximately 1,800m by 1,100m, of which approximately half lacks significant magnetic anomalism. Given the validation of its exploration hypothesis by the success of DD21EB0018, Coda considers this low-magnetic western half of the gravity anomaly to be highly prospective. The overall gravity anomaly is comparable in scale to the anomaly that identifies BHP’s recently discovered Oak Dam West deposit, 16 km to the northeast (See Figure 6).

The geophysical rationale for the targeting is shown in Figure 4 and Figure 5.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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The drill-hole was terminated at a depth of 1,041.6m in unaltered granite, preliminarily identified as part of the Donington Suite. The core is currently undergoing final logging and assessment by Coda field staff, before being transported by road to Adelaide for cutting and sampling prior to submission for assay. Results are anticipated within 4-6 weeks, pending turnaround time at the assay laboratory.

Coda’s CEO Chris Stevens said: “This is a very exciting and significant result for the very first deep IOCG exploration hole to be drilled at our Elizabeth Creek Project since we listed on the ASX, and it represents the culmination of significant geological and geophysical targeting work undertaken prior to listing. Although assays are pending and we cannot confirm the tenor or extent of the mineralisation we have encountered, preliminary geological logging and field observations by Coda’s experienced technical team suggest that the hypothesis which drove the design of this hole has been validated.

Regardless of the final assays, it is clear based on geological data alone we have intersected an IOCG alteration system of significant scale.

“We are incredibly encouraged to have encountered chalcocite, chalcopyrite and bornite at the intensity and over the length of core that we did, and we are currently investigating options to follow up these exciting results as soon as possible. We have approvals in place for multiple additional holes and anticipate mobilising a third diamond rig to Emmie Bluff in the coming days.

“This work will proceed in parallel with the ongoing resource in-fill drilling program covering the shallower, Zambian-style copper-cobalt mineralisation at Emmie Bluff itself, where we remain on track to deliver a maiden Mineral Resource Estimate in the September quarter this year.

“Given the size of the prize and the location of the Emmie Bluff Deeps IOCG Project in a Tier-1 mineral province just 16km from one of the world’s most exciting new IOCG discoveries of recent times at Oak Dam West, we feel that we owe it to our shareholders to pursue this game-changing opportunity with vigour.”

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 2 The Elizabeth Creek Copper-Cobalt Project in South Australia

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 3 Cross section, looking north, showing the new drillhole in context with historical drilling. Overview map shows High Pass filtered gravity data.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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DD21EB0018
DD21EB0018
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Figure 4 Geophysical imagery showing the magnetic (top) and gravity (lower) anomalism at the Emmie Bluff Deeps prospect. Note the offset of the gravity anomaly vs the magnetic anomaly; this relationship is further clarified in Figure 5, below. Historical drilling to the east of DD21EB0018 has focussed on the area of overlapping magnetic and gravity anomalism: Coda will continue to target the offset gravity high outside the magnetic anomalism in future drilling.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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DD21EB0018
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Figure 5 Merged geophysical image showing the outline of the major local magnetic anomalies overlaid over high pass filtered gravity data.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 6 High Pass filtered gravity data showing the Emmie Bluff Deeps gravity anomaly and the nearby Oak Dam West anomaly.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Appendix 1: Core Photos

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Figure 7 Core photos showing the unconformity at the base of Pandurra Fm and associated sharp transition into massivehaematite altered, brecciated Wandearah Siltstone.

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Figure 8 Near total replacement by haematisation of Wandearah Siltstone, close-up. Core starts at approx. 710.2m downhole. Alteration intensity is relatively typical of massive haematite cap overlying Hiltaba granite.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 9 Haematite and chlorite altered Hiltaba suite granite. Chloritisation becomes stronger with depth.

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Figure 10 Closeup showing texture and alteration patterns in the Hiltaba Suite granite.

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Figure 11 Typical alteration/copper sulphide pattern within the approx. 50m zone of copper sulphide mineralisation identified from approx. 797m. Chalcopyrite is the dominant copper sulphide, occurring generally parallel to remnant bedding of altered sediments, but also in small veinlets and blebs. Bornite is present only as fine disseminations in this section but is present in larger concentrations further down the hole. Note the intense patches of silica and chlorite alteration which occasionally dominate over haematite. Silica alteration becomes more intense with depth eventually dominating after approx. 850m.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Figure 12 Closeup of drill core from approx. 838m showing texture of copper sulphides and alteration of host rock.

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Figure 13 Closeup of core within the copper mineralised zone from 843.6m showing prominent bornite. Bornite is located in small blebs and veinlets throughout the intensely altered zone, but is most prevalent in the lower several metres, proximal to the zones of most intense silicification.

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Figure 14 Below the zone of most intense copper sulphide mineralisation, silica alteration begins to dominate.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Figure 15 Haematite alteration continues to attenuate, becoming less pervasive and largely restricted to fractures. Silica alteration remains strong. Note that core tray follows directly after Figure 14, and finishes approximately 200m downhole from the unconformity shown in Figure 7.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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This announcement has been authorised for release by the Board of Coda Minerals Ltd

Further Information:

Chris Stevens Chief Executive Officer Coda Minerals Limited [email protected]

Steve Shedden Managing Director Torrens Mining Limited [email protected]

Media:

Nicholas Read Read Corporate [email protected]

About Coda Minerals

Coda Minerals Limited (ASX: COD) is a minerals exploration company focused on the discovery, and development of base metals, precious metals, and battery minerals.

Coda is primed to unlock the value of its highly prospective Elizabeth Creek Copper Project, which is located in the heart of the Olympic Copper, Province Australia’s most productive copper belt.

The Elizabeth Creek Copper Project covers 739 km[2] is centred 100km south of BHP’s Olympic Dam mine 15km from BHP’s Oak Dam West Project and 50 km west of OZ Minerals’ Carrapateena copper-gold project. The project includes JORC 2012compliant Indicated Mineral Resources at the Windabout and MG14 deposits, which together host a combined 159,000 tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s Emmie Bluff prospect, which has a JORC compliant Zambian-style copper-cobalt Exploration Target, and strong IOCG potential.

Coda has already commenced extensive exploration activities at Elizabeth Creek, which has earned the Company a majority interest in the project (70%). Coda holds the rights and interests to earn up to 75% interest in the project under a farm-in agreement and anticipates completing its obligations by Q1 2021.

Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambianstyle copper-cobalt resources across multiple prospects, including Emmie Bluff, Powerline, MG14 North and Hannibal. Secondly, it is planning to drill-test copper-gold IOCG targets including Elaine, Elizabeth North, Chianti and also Emmie Bluff Deeps, which was recently redefined through extensive geophysical work.

The company listed on the ASX in October 2020 after a successful, heavily oversubscribed IPO which will fund an aggressive exploration campaign across the Elizabeth Creek project tenure. Further information may be found at www.codaminerals.com

About Torrens Mining Limited

Torrens Mining Limited (ASX: TRN) is an Australian company exploring for gold, copper and cobalt and other metals. Torrens is positioned for value growth through its diversified portfolio of prime gold exploration assets in the Victorian Goldfields, its 30% stake in the advanced and active Elizabeth Creek Copper-Cobalt and IOCG Project in South Australia in joint venture with Coda Minerals Limited and, pending the grant of exploration licences, at the formerly producing high-grade copper-gold Laloki Project in Papua New Guinea (PNG). Further information may be found at www.torrensmining.com

6 Altona Street E: [email protected] West Perth Western Australia, 6005 ABN 49 625 763 957

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Forward Looking Statements

This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

Competent Person’s Statement

The information in this report which relates to exploration results is based on information compiled by Mr. Matthew Weber, who is an employee of the company. Mr Weber is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Weber consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Appendix 2: Detailed Technical Information and JORC Table 1

Table 1 Completed and ongoing drillholes at Emmie Bluff Deeps at the time of publication.

HoleID Easting Northing PQ **HQ3 ** NQ Dip Azi EOH(DD) Comments
DD21EB0018 703590 6555464 160 501 1041.6 -90 000 1041.6 Results Pending

Table 2 Referenced Historic drillholes at Emmie Bluff Deeps

HoleID Easting Northing Dip Azi EOH
IHAD2 705450 6557500 -90 0 1158.8
IHAD5 705119 6557882 -90 0 1152.8
IHAD6 704806 6558260 -90 0 1116.7
MGD 55 704100 6555500 -90 0 1107.3
MGD 57 705350 6556700 -90 0 1242.9
SAE 1 701879 6554852 -90 0 818
SAE 3 704379 6555352 -90 0 1221
SAE 4 704179 6556172 -90 0 1172.5
SAE 5 706029 6557322 -90 0 914.4
SAE 6 705029 6556222 -90 0 1200
SAE 7 701779 6554402 -90 0 1221.7

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary Commentary
Sampling Nature and quality of sampling (eg cut channels, Core was logged in the field and rough metal content was measured at regular
techniques random chips, or specific specialised industry intervals with a portable XRF device at measurement intervals of between 1
standard measurement tools appropriate to the and 0.5m. Sampling intervals were selected by field geologist based on logging
minerals under investigation, such as down hole and XRF results.
gamma sondes, or handheld XRF instruments,
etc). These examples should not be taken as
limiting the broad meaning of sampling.
Understanding of the mineralising system based on historical drilling and the
XRF results allowed large parts of the holes to remain unsampled. Typically,
sampling is restricted to areas of strong hydrothermal alteration, particularly
haematisation.
Include reference to measures taken to ensure Handheld XRF instruments are extremely susceptible to sampling location bias,
sample representivity and the appropriate which can introduce considerable error. For this reason, Coda treats the results
calibration of any measurement tools or systems from the handheld XRF as indicative of the presence of metals only and has
used. chosen not to release the results as they are not considered sufficiently
Aspects of the determination of mineralisation accurate and may mislead as to the true nature of the intersected material.
that are Material to the Public Report. Coda’s field personnel are (as of the time of release) preparing the core for
In cases where ‘industry standard’ work has been transport to Adelaide where it will be cut and sampled for assay. Results of
done this would be relatively simple (eg ‘reverse these assays will then be released to the market.
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more
Portable XRF readings were taken in the field using an Olympus Vanta M tool
applied directly to the core at either single or half metre intervals, depending
on prior results or visual identification of potential grade by the field geologist.
The sample was not prepared except by standard cleaning of core by drill
explanation may be required, such as where there offsiders. Readings were taken at ambient winter daytime temperature for
is coarse gold that has inherent sampling Woomera in South Australia, between 10 and 25 degrees C.
problems. Unusual commodities or mineralisation The device was used in 3-beam mode, scanning for a total of 30, 30 and 20
types (eg submarine nodules) may warrant seconds for the two 40 KV beams and the final 50KV beam respectively. The
disclosure of detailed information. device is designed to minimise drift over time, and is less than 12 months old,
and so has not been calibrated since leaving the factory. The results have not
been corrected or otherwise adjusted.
Minor QA/QC is performed during reading, including duplicates and a series of
standards and blanks taken at the start of each recordingcycle.

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6 Altona Street West Perth Western Australia, 6005 ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Coda has determined “highly anomalous” readings of La and Ce from it’s pXRF based on a whole rock geochemistry dataset provided by Fabris et. al. in “IOCG-style mineralisation in the central eastern Gawler Craton, SA; characterisation of alteration, geochemical associations and exploration vectors”, published by the South Australian Geological Survey. The 856 samples in Batches 1 and 2 from this dataset break down as per the following histogram, where the X axis refers to ppm of the relevant element:

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Using the rigorous 2 Standard Deviation Rule, Coda’s 269 XRF readings from DD21EB0018 include 36 and 30 readings in excess of the relevant concentration of La and Ce respectively (those being 1132 and 661 ppm). When the less rigorous but still valid 95[th] percentile rule, Coda’s dataset includes 68 and 52 readings in excess of the relevant concentration of La and Ce respectively.

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6 Altona Street West Perth Western Australia, 6005

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Criteria JORC Code explanation Commentary Commentary
Drilling Drill type (eg core, reverse circulation, open-hole DD21EB0018 was drilled from surface to 160m using PQ diamond bits, reducing
techniques hammer, rotary air blast, auger, Bangka, sonic, to HQ3 to 501m, and has continued using NQ.
etc) and details (eg core diameter, triple or Core orientations are not considered relevant due to the vertical nature of the
standard tube, depth of diamond tails, face- hole.
sampling bit or other type, whether core is
oriented and if so, by what method, etc).
Drill sample Method of recording and assessing core and chip Recovery of diamond tails was consistently excellent, with minimal core loss.
recovery sample recoveries and results assessed. No relationship is believed to exist between sample recovery and grade.
Measures taken to maximise sample recovery and
ensure representative nature of the samples.
Whether a relationship exists between sample
recovery and grade and whether sample bias may
have occurred due to preferential loss/gain of
fine/coarse material.

E: [email protected]

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Criteria JORC Code explanation Code explanation Commentary Commentary
Logging Whether core and chip samples have been Detailed qualitative geological logging has been carried out by appropriately
geologically and geotechnically logged to a level of trained and experienced field geologists on all diamond core. Quantitative
detail to support appropriate Mineral Resource logging by means of portable XRF has been undertaken on an as needed basis
estimation, mining studies and metallurgical in areas of prospectivity, typically utilising a 1m interval with interval reduction
studies. down to 0.5m in areas of suspected mineralisation.
Whether logging is qualitative or quantitative in For the purposes of describing mineral (particularly sulphide) abundance, the
nature. Core (or costean,
channel,
etc) following descriptors have been used:
photography. Trace:Logged occasionally by field geologists within the logged interval, but
The total length and percentage of the relevant not sufficient to estimate a percentage. Typically, <0.5% mineral abundance.
intersections logged. Minor:Logged regularly by field geologists but does not make up a
significant amount of the rock volume. Typically <5% mineral abundance.
Moderate:Easily noted and logged by field geologists, makes up a significant
amount of rock volume but is not a dominant component. Estimated to fall
within a range of 5-15% mineral abundance.
Intense:Very easily noted by field geologists, makes up a significant
percentage of the rock volume and is a dominant component (15 – 50%
mineral abundance).
Volumes beyond 50% would be better represented as massive or near-total
replacement of host rock rather than expressed as an intensity of alteration
or sulphidation.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Sub-sampling If core, whether cut or sawn and whether quarter, Drill core has not yet been sampled except by handheld XRF (described above).
techniques half or all core taken.
and sample
preparation
If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
Quality control procedures adopted for all sub-
sampling stages to maximise representivity of
samples.
Measures taken to ensure that the sampling is
representative of the in situ material collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain
size of the material being sampled.

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ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Quality of The nature, quality and appropriateness of the Drill core has not yet been sampled except by handheld XRF (described above).
assay data and assaying and laboratory procedures used and
laboratory whether the technique is considered partial or
tests total.
For geophysical tools, spectrometers, handheld
XRF instruments, etc, the parameters used in
determining the analysis including instrument
make and model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(ie lack of bias) and precision have been
established.
Verification of The verification of significant intersections by Drill core has not yet been sampled except by handheld XRF (described above).
sampling and either independent or alternative company
assaying personnel.
The use of twinned holes.
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.
Location of Accuracy and quality of surveys used to locate drill Drill collar locations (including RL) have been located using handheld GPS, MGA
data points holes (collar and down-hole surveys), trenches, 94 Zone 53.
mine workings and other locations used in Mineral Historical drillhole locations have been extracted from the South Australian
Resource estimation. Resources Information Gateway (SARIG).
Specification of the grid system used. Precise locations of drillholes will be determined by an independent surveyor
Quality and adequacy of topographic control. at the completion of the overall drill programme.

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ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Data spacing Data spacing for reporting of Exploration Results. To date, Coda has drilled only a single drillhole at Emmie Bluff Deeps.
and Whether the data spacing and distribution is Historical drillholes believed most relevant to the mineralising system include
distribution sufficient to establish the degree of geological and MGD 55, SAE 3 and SAE 4, located approximately 500m due east, 800m ESE
grade continuity appropriate for the Mineral and 920m NE respectively.
Resource
and
Ore
Reserve
estimation
Coda does not believe that sufficient information exists to estimate a Mineral
procedure(s) and classifications applied. Resource and has not attempted to do so.
Whether sample compositing has been applied.
Orientation of Whether the orientation of sampling achieves To date, Coda does not believe that it has sufficient data to comment on the
data in unbiased sampling of possible structures and the orientation of major structures or the overall trend of the mineralisation at
relation to
geological
structure
extent to which this is known, considering the
deposit type.
Emmie Bluff Deeps, nor the relationship between those features and the
vertical orientation of its drill hole.
If the relationship between the drilling orientation It is anticipated that further drilling will assist in clarifying these questions and
and the orientation of key mineralised structures will allow Coda to comment on their materiality.
is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample The measures taken to ensure sample security. Drill core has not yet been sampled except by handheld XRF (described above).
security
Audits or The results of any audits or reviews of sampling No audits, umpire assays or reviews have yet been undertaken. Coda is seeking
reviews techniques and data. independent expert review of its drill core in the coming weeks.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary Commentary
Mineral Type, reference name/number, location and All drilling took place on EL 6265.
tenement and ownership including agreements or material issues EL 6265 is owned in a 70:30 unincorporated Joint Venture by Coda Minerals
land tenure
status
with third parties such as joint ventures,
partnerships, overriding royalties, native title
Ltd and Terrace Mining Pty Ltd (a wholly owned subsidiary of Torrens Mining
Limited).
interests, historical sites, wilderness or national The tenure is in good standing and is considered secure at the time of this
park and environmental settings. release. No other impediments are known at this time.
The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
Exploration Acknowledgment and appraisal of exploration by Historical exploration of the Emmie Bluff prospect has been undertaken by
done by other other parties. (among others) Mt Isa Mines, Gunson Resources, Torrens Mining and
parties Gindalbie Metals (Coda’s predecessor company).
With the exception of data from Gindalbie Metals, all historical results used to
guide Coda’s exploration has been obtained from the Geological Survey of
South Australia via the South Australian Resources Information Gateway
(SARIG).
Geology Deposit type, geological setting and style of The Elizabeth Creek project, of which Emmie Bluff Deeps is a part, sits in the
mineralisation. Stuart Shelf within the broader Olympic Copper Province in South Australia.
Emmie Bluff Deeps mineralisation appears to be hosted in metasiltstones and
sandstones of the palaeoproterozoic Wandearah Formation, and appears to
be closely associated with intruded Hiltaba suite granites. Mineralisation
consists of copper sulphides precipitated into these sedimentary units as part
of a complex hydrothermal fluid dominated by iron in the form of haematite.
Emmie Bluff Deeps mineralisation appears to closely resemble Iron Oxide
Copper Gold mineralisation known from several deposits in the immediate
area such as Olympic Dam and Carrapateena.

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Criteria JORC Code explanation Commentary Commentary
Drill hole A summary of all information material to the See Table 1 and Table 2 in body of announcement.
Information understanding of the exploration results including
a tabulation of the following information for all
Material drill holes:
o
easting and northing of the drill hole collar
o
elevation or RL (Reduced Level – elevation
above sea level in metres) of the drill hole
collar
o
dip and azimuth of the hole
o
down hole length and interception depth
o
hole length.
If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent
Person should clearly explain why this is the case.
Data In
reporting
Exploration
Results,
weighting
Assays reported for historical hole MGD 55 (80m @ 0.4% Cu have been
aggregation averaging techniques, maximum and/or minimum reported as per the report submitted to the South Australian government by
methods grade truncations (eg cutting of high grades) and Gunson Resources Limited, the company which drilled the hole. This
cut-off grades are usually Material and should be aggregation includes considerable internal dilution and does not appear to
stated. have used a lower cut off.
Where aggregate intercepts incorporate short Using a 0.5% Cu cutoff, the intersections made by MGD 55 would be rendered
lengths of high grade results and longer lengths of as follows using standard length weighted averaging:
low grade results, the procedure used for such o 1m from 939m at 0.69% Cu and 0.01g/t Au
aggregation should be stated and some typical o 1m from 946m at 0.56% Cu and 0.06g/t Au
examples of such aggregations should be shown in o 7m from 974m at 2.18% Cu and 0.49g/t Au
detail. o 1m from 988m at 0.64% Cu and 0.06g/t Au
The assumptions used for any reporting of metal o 1m from 997m at 0.63% Cu and 0.17g/t Au
equivalent values should be clearly stated. o 3m from 1005m at 2.03% Cu and 0.62g/t Au

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Relationship These relationships are particularly important in To date, Coda does not believe that it has sufficient data to comment on the
between the reporting of Exploration Results. orientation of major structures or the overall trend of the mineralisation at
mineralisation
widths and
intercept
lengths
If the geometry of the mineralisation with respect
to the drill hole angle is known, its nature should
be reported.
Emmie Bluff Deeps, nor the relationship between those features and the
vertical orientation of its drill hole.
It is anticipated that further drilling will assist in clarifying these questions and
If it is not known and only the down hole lengths will allow Coda to comment on their materiality.
are reported, there should be a clear statement to
this effect (eg ‘down hole length, true width not
known’).
Diagrams Appropriate maps and sections (with scales) and See map, sections and tables in main body of announcement.
tabulations of intercepts should be included for
any significant discovery being reported These
should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional
views.
Balanced Where comprehensive reporting of all Exploration Coda has provided a detailed description of the material encountered and
reporting Results is not practicable, representative reporting provided representative photographs of all altered rock identified by its field
of both low and high grades and/or widths should geologists as having potential to host mineralisation.
be practiced to avoid misleading reporting of Coda believes that this announcement represents an accurate and balanced
Exploration Results. reporting of the information it has to date. More information will be made
available to the market as soon as practical upon its receipt by the company.

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Other Other exploration data, if meaningful and material, No other substantive exploration results are considered relevant to this
substantive should be reported including (but not limited to): release.
exploration
data
geological
observations;
results; geochemical survey
geophysical
survey
results; bulk samples –
The Exploration Target referred to in diagrams in this announcement refers to
the Emmie Bluff Exploration Target, which covers the Zambian-style
size and method of treatment; metallurgical test mineralisation overlying the IOCG style mineralisation encountered at Emmie
results; bulk density, groundwater, geotechnical Bluff Deeps. Information regarding this Exploration Target is extracted from
and rock characteristics; potential deleterious or the report entitled Confirmation of Exploration Target and Mineral Resource
contaminating substances. and Ore Reserve Statement, created on 23 October 2020 and is available to
view at:
https://www.asx.com.au/asxpdf/20201026/pdf/44p31fmg5k2579.pdf.
The company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and that all material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to
apply and have not materially changed. The company confirms that the form
and context in which the Competent Person’s findings are presented have not
been materially modified from the original market announcement.

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Further work The nature and scale of planned further work (eg Figure 6 in the body of the announcement represents Coda’s best current
tests for lateral extensions or depth extensions or understanding of the area of greatest prospectivity at Emmie Bluff Deeps,
large-scale step-out drilling). being the area which exhibits an anomalous gravity response but lacks an
Diagrams clearly highlighting the areas of possible anomalous magnetic response in airborne geophysics.
extensions,
including
the
main
geological Coda will drill wedged daughter holes from DD21EB0018 in the coming days
interpretations and future drilling areas, provided to attempt to replicate these results, and provide a geochemical gradient to
this information is not commercially sensitive. assist in vectoring towards additional mineralisation.
Coda has approvals in place for an additional six drill pads within that area of
high prospectivity, and is preparing to mobilise an additional diamond drill rig
to test this area in a timely fashion.
Full details of the planned drill programme have not been finalised as of the
time of this announcement, but are expected to include at a minimum two
additional drillholes, plus and as yet undetermined number of daughter holes
to be drilled off those drillholes and DD21EB0018.

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957