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CODA MINERALS LTD Capital/Financing Update 2022

Aug 17, 2022

64682_rns_2022-08-17_cb518128-3a20-486a-986f-070b09668e8d.pdf

Capital/Financing Update

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ASX RELEASE 18 August 2022 ASX Code: COD

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Final Assays from IOCG Drilling Confirm Target Areas for Follow Up

Highlights

  • Final assays have been received from successful Phase 1 Drill Programme at Emmie IOCG Prospect.

  • Results of the phase 1 drill programme have significantly enhanced the Company’s understanding of the geological structure and controls on mineralisation.

  • Three major conduits identified, including two geochemically and geologically distinct bornite zones, with the results also demonstrating lateral continuity of the deposit with classic IOCG sulphide zonation beyond these zones.

  • Coda will now follow-up these results with advanced geophysical surveys to locate additional structures to provide further thickness and scale to the Emmie IOCG geological model.

  • Fleet Space Technologies appointed to deploy ExoSphere, a satellite-connected, real-time ANT (Ambient Noise Tomography) seismic survey, which will cover both Emmie Bluff and the deeper IOCG mineralisation at Emmie IOCG.

Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is pleased to advise that final assays from Phase 1 drilling at the Emmie IOCG prospect, part of the Elizabeth Creek Project in South Australia, have been received, with results significantly enhancing the Company’s understanding of the geological structure and providing strong targets for followup exploration.

Emmie IOCG Drill Programme

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----- Start of picture text -----

Conduit II
Conduit I
Conduit III
----- End of picture text -----

Assays have now been received for drillholes EBD7W1 and EBD8 at Emmie IOCG, which represent the final holes of the Phase 1 programme.

The programme was completed safely, on time and on budget, with nine parent holes and 12 wedges completed. All but three of the holes returned mineralised intercepts, as confirmed by independent laboratory assay.

The programme, which comprised over 23,000m of diamond drilling, identified three major conduits at Emmie IOCG, including two geochemically and geologically distinct bornite zones, and also demonstrated lateral continuity of the deposit with classic IOCG sulphide zonation beyond these zones.

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

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Assay results clearly demonstrate significant thicknesses at excellent grades, with highlights including 42m at 1.2% Cu and 27m at 2.0% Cu for a total 69m of mineralisation in hole EBD3W2[1] , as well as 24m at 2.2% Cu and 12.9m @ 3.5% Cu for a total of 36.9m of mineralisation in 18W2[2] .

Next Steps and Exploration Implications

The updated geological model provides Coda with three key opportunities to target additional mineralisation:

  1. Extension of bornite zone and associated mineralisation along strike at the three known major conduits;

  2. Discovery of additional conduits and mineralised zones in areas where they have been inferred or within the bounds of the Emmie IOCG geophysical signature (which covers approximately 3 square kilometres); and

  3. Additional discoveries through the examination of nearby gravity anomalies within the broader Emmie Bluff mineralised footprint, which extends several kilometres in multiple directions.

NB: For detailed technical geological information and interpretation, please see Appendix A and Appendix 1.

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Figure 1 Blebby bornite mineralisation in NQ Core, DD22EBD0007W1, 792.35m. Part of an overall 1m sample (792-793m) which assayed 1.3% Cu, 12 g/t Ag

Deployment of Advanced Geophysics

The next step in Coda’s phased exploration approach at Emmie IOCG will be the deployment of Fleet Space Technologies’ “ExoSphere” – an Acoustic Noise Tomography (ANT) survey – which is scheduled to take place in December 2022.

ExoSphere is a real-time ANT passive seismic exploration technique that makes use of pervasive seismic noise from natural and anthropogenic sources to visualise a three-dimensional subsurface shear wave velocity model. ANT offers the advantages of covering a large area, is able to visualise below cover of more than 1000m and can indicate the depth of structures within the cover and basement rock. The initial survey is expected to cover an area of roughly 40 square kilometres across Emmie Bluff, Emmie IOCG and numerous other prospective density related anomalies in the immediate area.

1 For full details, including JORC Table 1, please see “IOCG Assays Extend Bornite Zone at Emmie Bluff Deeps” released to the market on 22 Nov 2021, available at https://www.codaminerals.com/wp-content/uploads/2021/12/20211222_Coda_ASX-ANN_IOCG-Assays-Extend-Bornite-Zone-at-Emmie-BluffDeeps_RELEASE.pdf 2 For full details, including JORC Table 1, please see “High-Grade Assays Confirm Bornite Zone at Emmie Bluff Deeps” released to the market on 23 August 2021, available at https://www.codaminerals.com/wp-content/uploads/2021/08/20210823_Coda_ASX-ANN_High-Grade-Assays-Confirm-Bornite-Zone-atEmmie-Bluff-Deeps_RELEASE.pdf

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

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The survey will produce an image of the paleotopographic surface, allowing for detailed 3D constrained forward modelling of magnetic and gravity data, as well as providing indications of velocity anomalies which may indicate the presence of material iron oxide deposition. Such an understanding of the geometries may provide a more detailed understanding of major horst and graben structures as well as potentially indicating the presence of any large-scale conduits not yet identified by drilling.

The survey is also expected to isolate in detail the extent and gross geometry of any Tapley Hill shale in the area, offering the potential to expand the shallower Zambian-style Cu-Co-Ag mineralisation at Coda’s Emmie Bluff Mineral Resource.

The survey data is expected to be collected in December and fully processed and interpreted early in CY2023, enabling the Company to plan next steps, including further drilling or geophysics, with the maximum potential for success.

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Figure 2 Ambient Noise Tomography Survey results undertaken for IOCG exploration in the Gawler Craton by Oz Minerals as part of the Accelerated Discovery Initiative in 2021.[3] Primary aims of the survey at Emmie IOCG will be the direct imaging of palaeosurface to assist in detailed 3D gravity inversion and forward modelling, detection and delineation of velocity anomalies in the subsurface to correlate with the presence of iron oxides, and the delineation of associated sub surface structures potentially associated with major mineralising conduits.

Commenting on the Company’s evolving understanding of the Emmie IOCG Prospect, Coda Minerals CEO Chris Stevens said:

“Even among a group of deposits as eclectic as the Eastern Gawler IOCGs, Emmie IOCG stands out as something unique. While clearly a member of the Eastern Gawler family, it exhibits significant differences to the other IOCGs in the region – both the famous deposits that surround it such as Carrapateena, Olympic Dam and Oak Dam West, as well as some of the lesser-known deposits that have not yet progressed beyond exploration stage.

“The work that Coda has completed to date clearly demonstrates that a significant copper and gold system exists at Emmie IOCG that represents an outstanding exploration target. All results so far suggest that Emmie IOCG was created by a near identical hydrothermal fluid as its more famous Eastern Gawler cousins, with the key difference seeming to be that it was

3 Image extracted from “The Role of Passive Seismic Imaging in Mineral Exploration”, available at https://www.youtube.com/watch?v=lBuZ3NEAnuA. Image is used for illustrative purposes only and reflects only the broad nature of anticipated results from the application of similar technology at Emmie IOCG.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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emplaced at a lower pressure that was insufficient to fracture the rocks and create the hydrothermal breccias that are so typical of the better-known Eastern Gawler deposits.

“It is plausible that these pre-existing fractures acted like a local pressure release valve, allowing the fluid to flow before it built up excessive pressure, but the conduits discovered to date seem insufficient to explain the scale of the mineralised footprint.

“Coda’s own drilling indicates the presence of a mineralised corridor of at least a kilometre long and half a kilometre wide, with historical drilling suggesting the mineralised system could potentially extend up to 3km from the discovery hole. This implies the presence of a much larger plumbing system, which we’re only just beginning to understand.

“Although work to date is still at a very early stage, we’re gaining an increasing understanding of the geology and structure of mineralisation at Emmie IOCG, and we remain strongly optimistic about its exploration potential. The upcoming ANT survey will target new conduits and any associated mineralisation at Emmie IOCG, while also providing a fresh and detailed look at the numerous other geophysical targets in the immediate area.”

Assay Results

Assay results confirm the mineralisation within hole 7W1 was comparable to that encountered in the parent hole, in that it was particularly low in gold as compared to similarly mineralised zones in other part of the system. However, 7W1 did intersect a significant interval of hydrothermal conduit from 772.5m to 787m, which showed material gold anomalism (ranging from 0.1 to 0.28ppm Au, with an average of 0.18) despite being copper and silver poor.

While this appears suggestive of a multi-generational fluid flow event that saw the deposition of gold and copper at different times, the intimate relationship between bornite and electrum noted by petrological examination of previous holes may suggest the need for an alternative explanation. This supports the Company’s previously disclosed interpretation that the mineralisation at holes EBD7 and EBD7W1 represents a geologically distinct “zone” and suggests considerable internal complexity within the system as a whole.

Drillhole EBD8 was collared approximately 170m south-east of historical hole SAE 4, and was drilled to the west-southwest, targeting a south-westerly extension of the mineralisation encountered in SAE 4 (74m at an average of approximately 0.55% Cu, 0.14 g/t Au from 858m). Grades encountered were of a comparable tenor to SAE 4, but lacked the consistency, with a gap of unmineralised material between 845m and 873m associated with the overprinting of (presumed) post-mineralising mafic dykes. It is entirely plausible that prior to the intrusion of the dykes, the mineralisation continued from SAE 4, and thus may have been broadly comparable in thickness and grade between the two holes.

Only minor conduits were logged in EBD 8 and, like in EBD7W1, they are associated with gold enrichment, with gold averaging 0.37g/t from 843 to 845m and 0.47g/t from 879 to 880 (both zones are logged as discordant haematite and interpreted as minor feeder zones). These contrast with the thicker zones at 7W1 and in earlier drilling and are not considered likely to be of sufficient scale to be driving mineralisation of the type and tenor seen in SAE 4 and EBD8. It is therefore considered likely that the driving conduit exists to the east of SAE 4. This area will be a focus for future exploration.

.

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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 3 Chalcopyrite mineralised intensely haematised sediments, EBD7W1. Part of a mineralised sample 808.5-809.5 assayed as 0.78% Cu

Table 1 Mineralised intervals, DD22EBD0007W1 and DD22EBD0008

HoleID From To Thickness Cu % Au ppm
Ag ppm		 Au ppm
Ag ppm
DD22EBD0007W1 787 791 4 0.96 0.03 13
792 793 1 1.3 0.03 12
794 795 1 0.36 0.02 1.4
797 798.5 1.5 0.4 0.02 0.8
801.5 803 1.5 0.35 0.02 0.6
803.5 809.5 6 0.59 0.02 0.6
DD22EBD0007W1
(Conduit)		 772.5 787 14.5 0.04 0.18 2.9
DD22EBD0008 834 836 2 0.33 0.22 1.8
841 845 4 0.77 0.25 6.9
873 877 4 0.59 0.19 1.9
879 881 2 0.53 0.32 1.2
885 892 7 0.50 0.13 0.3
Within
a
broader
mineralised envelope of:		 873 893 20 0.43 0.15 0.8
943 944 1 0.45 0.07 1.4

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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 Media: Chief Executive Officer Nicholas Read Coda Minerals Limited Read Corporate [email protected] [email protected]

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] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Appendix A: Emmie IOCG Geological Interpretation

Following the original discovery intercept of 28m at 1.2% Cu in drillhole DD21EB0018[4] , Coda accelerated drilling on the basis of its original hypothesis that the deposit might resemble an “Inverted Witches Hat”, with a narrow apron of mineralisation surrounding a traditional IOCG breccia pipe which is commonly, but not always a key feature of major IOCG deposits. Over time, and with the first round of drilling now materially complete, Coda has adjusted (and is still evolving) its model of the broad geometry and structure of the deposit as a whole.

Based on the Company’s current understanding, Emmie IOCG can be described thus[5] :

  • Mineralisation occurred in stages, with an initial pulse of iron-rich fluid moving up multiple large-scale fractures (conduits) formed during a thrusting event.

  • This same thrusting event would later seal these fractures, and subsequent pulses (increasingly copper and gold rich) of low-pressure weakly acidic fluid would be forced into sub-horizontal permeable layers of sediment around the conduits.

  • As the fluid seeped through the sediments it formed stacked, sub-horizontal tabular mineralised lodes emanating out from the steeply dipping fractures. These lodes exhibited classic IOCG sulphide zonation, with the highest-grade zones dominated by bornite and chalcocite, gradually decreasing in grade with distance from the conduit, passing through a chalcopyrite zone and ultimately to unmineralised pyrite.

  • These lodes would later be broken up vertically by Horst and Graben faulting, resulting in variation of depth to mineralised lodes between holes.

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Figure 4 Cross Section A-B showing interpreted mineralised lodes emanating from major conduits (Blue).

4 For full details, including JORC Table 1, please see “Assay Results Validate IOCG Mineralisation at Emmie Bluff

    • Deeps“ released to the market on 28 July 2021, available at https://www.codaminerals.com/wp content/uploads/2021/07/20210728_Coda_ASX ANN_Assays-Validate-IOCG-Mineralisation-at-Emmie-Bluff-Deeps_RELEASE.pdf

5 For full technical detail, please see “Emmie IOCG Geological Interpretation”, below.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Prior to mineralisation, an episode of thrusting resulted in the emplacement of multiple blocks of Donnington granite, up to 150m thick, into younger Wallaroo group sediments. The contact between the two units shows remarkably limited evidence for shearing or ductile deformation given the scale of the thrust event.

Simultaneous with the thrusting event and likely related to it, a number of sub-vertical fractures were forming which would ultimately serve as conduits for the transfer of iron and copper rich fluids from the mantle into the crust. Mineralisation is assumed to have happened as multiple pulses at or around 1,590 GA similar to other large IOCG deposits on the Gawler craton, but the Company has yet to confirm this through monazite dating.

Copper and iron-rich fluids appear to have emplaced at relatively low pressures, resulting in the absence of large-scale hydrothermal haematite breccias which often typify these kinds of deposits in the region. Early iron-rich/copper-poor fluid pulses appear to have been able to penetrate the emplaced Donnington suite thrust slices, but later, after ongoing movement of those thrust slices created an effective barrier across conduit structures, more copper-rich pulses saw fluids move preferentially through permeable strata within the surrounding gently-dipping Wallaroo Group sediments resulting in the relatively flat lying stratabound mineralisation that is seen at Emmie Bluff. A sequence of steeply-dipping to sub-vertical horst and graben faults also appear to have occurred post-mineralisation, resulting in the uneven vertical distribution of the mineralisation between drillholes.

Proximity to these conduits, which express within the core as sooty dark haematite lacking the typical altered sedimentary texture seen in other parts of the sequence, appears to be the principal factor driving high grades, though the conduits themselves are often not strongly mineralised.

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Figure 5 Typical conduit-fill texture, vuggy dark haematite, minor chlorite. Image shows NQ half core from drillhole DD21EBD0002W4, approx. depth 881.3m.[6] Coin for scale.

6 No material metal assays or logged sulphides in this sample. See Table 1 Logging Section for Definitions Pertaining to Visual Estimates of Sulphides. Image for illustrative purposes of areas proximal to conduits and not considered to be mineralised sample.

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E: [email protected] ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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----- Start of picture text -----

•
The second key approach will be the exploration for additional conduits via geophysics and further drilling . Evidence from
petrology and geochemistry, particularly in and around EBD7 and EBD7W1 shows that multiple pulses of variably iron, copper
and gold rich fluids were emplaced through various conduits however despite this the company does not believe that the
conduits encountered to date are of sufficient scale to explain the emplacement of all of the iron oxides encountered above
and below the thrust sheet. This is particularly true given that similar large-scale emplacement of metal has occurred nearly
three km to the northeast in drillholes IHAD 2 and IHAD 5, and even the more local gravity anomaly associated with the
mineralisation covers an area of approximately 3 square kilometres Conduit II D
A
B
E
F
C
Conduit I
Conduit
III
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Figure 6 Emmie IOCG cross sections plan view. The red area is the rough footprint of the gravity anomaly associated with Emmie IOCG (approx. 3 square km)

Exploration Implications

This interpretation suggests several approaches for future exploration and expansion of the mineralisation. First and most basic is the extension of known conduits associated with the highest-grade material. At least three major mineralising conduits have been identified in the drilling:

  • The largest, westernmost conduit (Conduit I ) driving the mineralisation in drillholes 18, 18W1, 18W2, 3W2 and 3W3. Extension of this conduit to the northwest and south is considered highly plausible and will be a focus for future exploration;

  • The conduit identified in drillhole EBD2W4 (Conduit II ) which appears to be driving that mineralisation independent of parent hole EBD2, which again has potential to extend both north and south; and

  • The conduit most recently identified in drillhole EBD7 (Conduit III ) which appears to be driving a geochemically distinct copper-rich/gold-poor mineralised zone to the south-east of the majority of the drilling to date

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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 7 Section C – D. Note the significant palaeosurface elevation over the mineralised portions of EBD3W2 as a result of greater resistance of haematite altered sediments. This palaeotopographic high will be a target for further exploration in the broader Emmie IOCG prospect area.

The second key approach will be exploration for additional conduits via geophysics and further drilling. Evidence from petrology and geochemistry, particularly in and around EBD7 and EBD7W1 shows that multiple pulses of variably iron, copper and gold-rich fluids were emplaced through various conduits, however despite this, the Company does not believe that the conduits encountered to date are of sufficient scale to explain the emplacement of all of the iron oxides encountered above and below the thrust sheet. This is particularly true given that similar large-scale emplacement of metal has occurred nearly 3km to the northeast in drillholes IHAD 2 and IHAD 5, and the local gravity anomaly associated with the mineralisation covers an area of approximately 3km[2] .

Evidence from the recently completed drillhole EBD8 and historical hole SAE 4 suggest the potential for a major conduit located to the east of SAE 4, while other evidence suggests the presences of a major, possibly pre mineralising structural break to the west of historical holes MGD 55 and SAE 3, which may also have served as a hydrothermal conduit. Additional conduits to the east of known drilling remain entirely plausible, but have no drill data to indicate their presence or absence at this time.

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

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Figure 8 Section A – B, passing through some of the most strongly mineralised parts of the prospect. Note the two major conduits: these are the above described Conduit I (west) and Conduit II (east). A possible conduit is inferred at the major structure between drillholes SAE3 and DD21EBD0002W4.

Finally, the company will move beyond the immediate area around the recent Emmie IOCG drilling and consider the other geophysical anomalies in the immediate area of Emmie IOCG. The conditions which are interpreted as having created the mineralisation at Emmie IOCG (Specifically, the presence of a Donington suite granite thrust sheet to serve as a cap on upward fluid mobility, permeable Wallaroo group sediments and conduits) are all directly seen or implied in nearby historical holes such as IHAD 2, IHAD 5 and SAE 6, and extensive haematite alteration is known from numerous holes in the area. All of this suggests that the mineralisation at Emmie IOCG is not necessarily unique, and the potential for similar or superior mineralisation exists in the immediate surrounds.

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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 9 Section E – F. Note the easternmost of the two ironstone conduits which is coincident with an interpreted fault with a substantial offset. The timing on the major offset is unclear, but could represent a later reactivation of an earlier fault that was exploited as a mineralising conduit.

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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: Detailed Technical Information

Table 2 Material assays from previously released Emmie IOCG drillholes.

Hole ID From To Interval
Cu%		 Au Ag Mo Hole ID From To Interval
Cu%		 Au Ag Mo
g/t g/t ppm g/t g/t ppm
DD21EB0018 794 794.8 0.80 0.31 0.02 0.8 9 DD21EBD0002W4 928.60 956.53
27.9		 1.15 0.33 1.5 475
797.45 802.14
4.69		 1.01 0.17 3.6 786 Cont. 963.75 966.75
3.0		 0.51 0.12 0.4 27
806.5 807.05
0.55		 0.42 0.14 1.7 45 968.80 971.20
2.4		 1.00 0.32 0.6 30
809.3
810.79
Including:
816.80		 810.12
838.93

821.63
0.72

28.14

4.83		 0.31
1.21
2.16		 0.1
0.37
0.63		 3.8
2.3
4.8		 21
305
148		 979.50
Including
979.50		 987.70
983.50
8.2

4.0		 0.61
0.89		 0.04
0.05		 0.5
0.4		 8
5
842.03 844.6 2.57 2.11 0.30 13.2 15 985.50 987.70
2.2		 0.50 0.03 0.6 10
856 856.65
0.65		 0.46 0.02 <0.2 1.5 DD21EBD0003 903.1 904.1 1 1.53 0.61 5.6 60
DD21EB0018W1 820.56 822.60
2.04		 1.76 1.09 5.40 1030 906.7 916.2 9.5 1.24 0.18 11.6 59
824.07 839.16
17.13		 1.18 0.31 1.34 555 918.2 920 1.8 0.77 0.59 4.7 21
DD21EB0018W2 815 839 24.00 2.17 0.29 8.85 225 DD21EBD0003W1 814.3 817.8 3.5 0.62 0.09 1.1 78
Including:
830.06
833.05
2.99		 4.24 0.28 10.47 135 832 833 1 0.51 0.12 0.4 359
838.36 839.00
0.64		 7.75 0.48 9.89 112 834 835 1 0.41 0.08 0.6 944
896.96 897.96
1.00		 0.73 0.09 3.20 24 843.7 848 4.3 0.99 0.37 1.1 421
902.15 914.43
12.88		 3.46 0.64 25.38 457 859 860 1 0.33 0.12 1.2 662
_Including: _ DD21EBD0003W2 803.5 830.4 26.9 1.95 0.29 12.8 198
904.56
911.49		 907.77
914.43
3.21

2.94		 4.94
4.84		 1.28
0.30		 41.75
33.78
569
580		 Including:
816
824		 8 3.5 0.22 21.7 212
DD21EBD0002 876 878 2. 0.85 0.02 5.8 9
884.2
896.4		 886.8
897.2		 2.6
0.8		 0.28
0.47		 0.09
0.1		 0.3
0.4		 114
78		 833.6
911.5		 836
931.1		 2.4
19.6		 0.73
0.95		 0.005
0.28
2.9
2.5		 15.9
219
923.1 923.8 0.7 0.78 0.18 1.0 167 933.1 953.3 20.2 1.57 0.31 10.7 308
924.6 926.7 2.1 0.52 0.06 0.5 5 DD21EBD0003W2A
814.3		 824 9.7 2.9 0.39 17.7 257
930.4 931.8 1.4 0.79 0.03 6.1 63 831.7 837.1 5.4 0.78 0.32 8.1 65
DD21EBD0002W1 867.6
880		 869.7
880.7		 2.11
0.7		 1.59
0.57		 0.53
0.02		 12.3
1.0		 7
6		 Including:
831.7
833.9		 2.2 1.08 0.53 9.1 64
884.6 884.9 0.3 1.41 0.3 0.8 76
887.5
889.8		 888.1
908.3		 0.6
18.5		 0.71
1.01		 0.16
0.24		 0.6
1.8		 7
136		 835
907		 837.1
944.3		 2.1
37.3		 0.78
1.04		 0.15
0.28		 8.5
4.7		 46
269
DD21EBD0002W2 879 881 2 2.08 0.44 20.2 6.5 Including
895.3 916.3 21 0.87 0.25 2.4 266 907 922.9 15.9 1.08 0.27 4.2 146
Including 924 936.4 12.4 1.27 0.39 4.6 586
895.3 909.1 13.8 0.75 0.23 1.1 266 939 953.3 5.3 1.02 0.2 8.8 20
910.5 916.3 5.8 1.31 0.33 5.9 327 DD21EBD0003W3B 805.3 832.12
26.82		 1.05 0.15 4.2 18
931.96
938		 933.39
948.2		 1.76
10.2		 1.1
1.13		 0.27
0.08		 4.4
5.3		 131
2.3		 Including:
Including 805.3 817.3 12 1.65 0.11 5.7 8
938.05 945.27
7.22		 1.44 0.05 5.2 3 819.9 826.3 6.4 0.95 0.2 4.8 20
946.34 948.23
1.89		 0.49 0.24 4.6 2 828.21 829.3 1.21 0.74 0.18 1.4 24
DD21EBD0002W3 886.5 887.92
1.42		 1.45 0.08 14.1 43 837.1 840.1 3 0.46 0.05 0.5 5
896.27 896.72
0.45		 5.19 0.03 3 40 848 849 1 0.48 0.03 3.2 6
903.25 904.46
1.21		 0.80 0.05 0.6 6.5 955 962 7 0.77 0.02 16.7 3
910.2 910.8 0.6 0.41 0.04 0.4 6.5
919.2
940.7
948.26		 919.88
942.4
948.55
0.68
1.7

0.29		 0.41
0.74
0.46		 0.09
0.1
0.05		 1.2
0.3
0.4		 221
12
490		 DD21EBD0003W3B 776.92
781
788.78
793.65		 778.99
782
791.27
796.53		 2.07
1

2.49

2.88		 0.70
0.30
0.93
0.52		 0.31
<0.01
0.2
0.1		 1.4

0.4
0.3
0.4		 122
11
5
2
DD21EBD0002W4 919.30 920.30
1		 0.33 0.08 0.4 2
802.03 803.33
1.3		 0.56 0.1 0.6 123
921.68 956.53
34.9		 1.00 0.29 1.3 484
Including 806.4
816.59		 808.43
819.3
2.03
2.71		 1.37
0.35		 0.2
0.02		 10.5
0.4		 260
2
921.68 926.60
4.9		 0.54 0.16 0.4 229
822.9 823.9 1 0.59 0.07 1.8 4

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Table 2 Cont. Material assays from previously released Emmie IOCG drillholes.

Hole ID From To Interval Cu% Au Ag
g/t		 Mo
ppm		 Hole ID
From
To
Interval
Cu%
Ag
g/t
DD21EB0007
812
828
16
2.66
37.5
864
865
1
0.35
1
869
870
1
0.71
1		 From To Interval
Cu%		 Ag
g/t g/t
DD21EB0004 776.92 778.99 2.07 0.70 0.31 1.4 122 812 828 16 2.66 37.5
781 782 1 0.30 <0.01 0.4 11 864 865 1 0.35 1
788.78 791.27 2.49 0.93 0.2 0.3 5 869 870 1 0.71 1
793.65 796.53 2.88 0.52 0.1 0.4 2
802.03 803.33 1.3 0.56 0.1 0.6 123
806.4 808.43 2.03 1.37 0.2 10.5 260
816.59 819.3 2.71 0.35 0.02 0.4 2
776.92 778.99 2.07 0.70 0.31 1.4 122

Table 3 Completed and ongoing drillholes at Emmie IOCG at the time of publication.

HoleID HQ3 NQ Collar Collar EOH EOH
Easting Northing PQ Dip Azi EOH(DD) Dip Azi Comments
DD21EB0018 703586 6555453 160 501 1041.6 -90 000 1041.6 -89 192 Results received
DD21EB0018W1 703586 6555453 501 945.6 -90 000 945.6 -82 277 Results received
DD21EB0018W2 703586 6555453 495 983.9 -90 000 983.9 -74 120 Results received
DD21EB0018W3 703586 6555453 487.6 1048.6 -90 000 1048.6 -77 77 Results received
DD21EBD0001 703578 6555923 154.5 374.6 988.1 -80 160 988.1 -83 158 Results received
DD21EBD0002 703876 6555356 200.9 400.1 1039.2 -90 000 1039.2 -89 233 Results received
DD21EBD0002W1 703876 6555356 489.3 1492 -90 000 1492 -75 275 Results received
DD21EBD0002W2 703876 6555356 486.1 1300 -90 000 1300 -76 294 Results received
DD21EBD0002W3 703876 6555356 496.6 1186 -90 000 1186 -73 348 Results received
DD21EBD0002W4 703876 6555356 468.1 1223.3 -90 000 1223.3 -64 118 Results received
DD21EBD0003 703638 6555153 200 500.6 1029.1 -80 000 1029.1 -80 19 Results received
DD21EBD0003W1 703638 6555153 498.4 996.2 -80 000 996.2 -74 319 Results received
DD21EBD0003W2 703638 6555153 492.1 1088.6 -80 000 1088.6 -74 61 Results received
DD21EBD0003W2A 703638 6555153 524.1 1310.4 -80 000 1310.4 -71 64 Results received
DD21EBD0003W3 703638 6555153 471.9 763.5 -80 000 763.5 -69 107 Results received
DD21EBD0003W3B 703638 6555153 561.4 1195.4 -80 000 1195.4 -70 111 Results received
DD21EBD0004 703977 6555105 191.8 400.8 958.2 -80 225 958.2 -81 230 Results received
DD21EBD0005 703340 6555680 194.9 503.6 1065.8 -70 180 1065.8 -73 178 Results received
DD22EBD0006 704125 6555097 152.8 434.8 1054 -82 200 1054 -83 212 Results Pending
DD22EBD0007 703962 6555119 164.9 516.2 1133 -77 65 1133 -79.5 77.5 Results received
DD22EBD0007W1 703962 6555119 452.5 990.5 -77 65 990.5 -52 129 Results received
DD22EBD0008 704249 6556056 178.2 488.8 1032.5 -73 255 1032.5 -74 265 Results received

Table 4 Referenced Historic drillholes at Emmie IOCG

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
MGD 68 705002 6554502 -90 0 1043.6
MGD 69 703012 6556018 -90 0 1076.1
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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Appendix 2: JORC Table 1

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 (e.g. cut channels, • Core was logged in the field and approximate metal content was measured at
techniques random chips, or specific specialised industry regular intervals with a portable XRF device at measurement intervals of
standard measurement tools appropriate to the between 1 and 0.5m. Sampling intervals were selected by field geologists
minerals under investigation, such as down hole based on logging and XRF results.
• gamma sondes, or handheld XRF instruments,
etc). These examples should not be taken as
limiting the broad meaning of sampling.
Include reference to measures taken to ensure		 •
•		 Understanding of the mineralising system based on both historical drilling and
previous drilling by Coda, as well as the XRF results, allowed large parts of the
holes to remain unsampled. Typically, sampling is restricted to areas of strong
hydrothermal alteration, particularly haematisation.
The holes have been selectively sampled in order to rapidly send the parts of
sample representivity and the appropriate the hole with the most potential for copper mineralisation to the assay lab for
calibration of any measurement tools or systems rapid turnaround. Assays from 772.5 to 818m from DD22EBD0007W1 and from
used. 834 to 489m, 873 to 910m and 929 to 933m and 941 to 950m from
• Aspects of the determination of mineralisation DD22EBD0008 and have been received and reported in this release.
that are Material to the Public Report. • Handheld XRF instruments are extremely susceptible to sampling location bias,
• In cases where ‘industry standard’ work has been which can introduce considerable error. For this reason, Coda treats the results
done this would be relatively simple (e.g. ‘reverse
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		 • from the handheld XRF as indicative of the presence of metals only and has
chosen not to release the results as they are not considered sufficiently
accurate and may mislead as to the true nature of the intersected material.
Coda’s field personnel prepared the core from all assayed holes either for
transport to Adelaide, where it was cut and sampled for assay by Challenger
explanation may be required, such as where there Geological Services, or for on-site cutting by Coda personnel.
is coarse gold that has inherent sampling • Portable XRF readings were taken in the field using an Olympus Vanta M tool
problems. Unusual commodities or mineralisation applied directly to the core at either single or half metre intervals, depending
types (e.g. submarine nodules) may warrant on prior results or visual identification of potential grade by the field geologist.
disclosure of detailed information. The sample was not prepared except by standard cleaning of core by driller’s
offsiders. XRF readings were taken at ambient summer daytime temperature
for Woomera in South Australia, between 25 and 45 degrees Celsius.
• The device was used in 3-beam mode, scanning for a total of 30, 30 and 20
seconds for the two 40 KV beams and the final 50KV beam respectively. The

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6 Altona Street West Perth Western Australia, 6005

E: [email protected]

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
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.
Drilling • Drill type (e.g. core, reverse circulation, open-hole • Parent holes at Emmie IOCG were drilled from surface to approximately 160m
techniques hammer, rotary air blast, auger, Bangka, sonic, using PQ diamond bits, reducing to HQ3 to approximately 500m, and continued
etc) and details (e.g. core diameter, triple or to end of hole using NQ (See Table 3).
standard tube, depth of diamond tails, face- • Wedge holes were wedged from their parent hole using a casing wedge and
sampling bit or other type, whether core is drilled with navigational and standard NQ diamond drilling until appropriate
oriented and if so, by what method, etc). dip deviation was achieved, at which point drilling reverted completely to NQ
diamond until EOH. Flexibarrels were used to attempt to increase deviation in
some cases.
• The holes achieved EOH Dips and azimuths as per Table 3 in the main body of
the announcement.
• Core was oriented using an EziMark core orientation tool.
Drill sample • Method of recording and assessing core and chip • Recovery of diamond core was generally excellent, with minimal core loss,
recovery sample recoveries and results assessed. except where navigation drilling was undertaken or when major structures
• Measures taken to maximise sample recovery and were encountered, wherein minor core loss occurred.
ensure representative nature of the samples. • Core recovery is not possible when navigational drilling is undertaken.
• Whether a relationship exists between sample Navigational drilling was restricted to the Pandurra Formation sediments,
recovery and grade and whether sample bias may which significantly postdate the mineralised basement and are not considered
have occurred due to preferential loss/gain of relevant to the IOCG mineralising system.
fine/coarse material. • No relationship is believed to exist between sample recovery and grade.

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Criteria JORC Code explanation Code explanation Commentary Commentary
Logging • Whether core and chip samples have been • Detailed qualitative geological logging of all diamond core has been carried out
geologically and geotechnically logged to a level of by appropriately trained and experienced field geologists. Quantitative logging
detail to support appropriate Mineral Resource by means of portable XRF has been undertaken on an as needed basis in areas
estimation, mining studies and metallurgical of prospectivity, typically utilising a 1m interval with interval reduction down
studies. 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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ABN 49 625 763 957

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Sub-sampling
techniques
and
sample
preparation
•
If core, whether cut or sawn and whether quarter,
half or all core taken.
•
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.
•
•
•
•
•
•		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2		 Sample intervals were defined by field geologists based on portable XRF results
and detailed geological logging.
Core was cut on site with a brick saw operated by Coda employees. The same
side of the cut core was consistently sampled, with individual intervals placed
in sequentially numbered calico bags for dispatch to Bureau Veritas in
Adelaide.
The results reported in this release relate solely to the portions of drill holes
DD21EBD0007W1 and DD22EBD0008 that were preferentially sampled and
fast-tracked to assay. A total of 97 samples were submitted, including field
duplicates (4), standards (9), which were inserted at a 1:10 and a 1:20 ratio
respectively, and blanks (2) inserted at the field geologists discretion, leaving a
total of 82 samples.
Core was cut on a sample-by-sample basis according to need in the following
manner:
o
Where a field duplicate was notrequired:½ core for assay, ½ core for
retention by Coda onsite for future review.
o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
duplicate assay, ½ core retention by Coda on site for future review.
Samples varied in length from 0.6m to 2.15m, with an average of 1.46m per
sample.
Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralised material. Replicability across key
elements was good, except in high grade material, where variability is
attributable to irregular distribution of sulphides.
Hole ID
SampleID
From
To
Interval
Cu
ppm
Au
ppm
Ag
ppm
DD22EBD0007W1
D21G4941
795
796
1
3640
0.02
1.4
DD22EBD0007W1
D21G4943
795
796
1
4490
0.02
4.6
DD22EBD0007W1
D21G4961
811.5
812.5
1
464
0.02
<0.2
DD22EBD0007W1
D21G4963
811.5
812.5
1
670
0.02
<0.2
DD22EBD0008
D21G4985
876
877
1
4600
0.25
1.4
DD22EBD0008
D21G4987
876
877
1
4300
0.26
1.2
DD22EBD0008
D21G5005
909
910
1
944
0.02
<0.2
DD22EBD0008
D21G5007
909
910
1
1900
0.05
0.2
Hole ID SampleID From To Interval Cu
ppm		 Au
ppm		 Ag
ppm
DD22EBD0007W1 D21G4941 795 796 1 3640 0.02 1.4
DD22EBD0007W1 D21G4943 795 796 1 4490 0.02 4.6
DD22EBD0007W1 D21G4961 811.5 812.5 1 464 0.02 <0.2
DD22EBD0007W1 D21G4963 811.5 812.5 1 670 0.02 <0.2
DD22EBD0008 D21G4985 876 877 1 4600 0.25 1.4
DD22EBD0008 D21G4987 876 877 1 4300 0.26 1.2
DD22EBD0008 D21G5005 909 910 1 944 0.02 <0.2
DD22EBD0008 D21G5007 909 910 1 1900 0.05 0.2

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

==> picture [842 x 85] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
Quality of • The nature, quality and appropriateness of the • Assays of drill core from all holes were undertaken by Bureau Veritas in
assay data and assaying and laboratory procedures used and Adelaide SA.
laboratory
tests		 whether the technique is considered partial or
total.		 • Halved core was crushed, split and pulverised before being digested and
refluxed with a mixture of nitric, perchloric, hydrofluoric and hydrochloric
• For geophysical tools, spectrometers, handheld acids. This extended digest approximates a total digest in most samples.
XRF instruments, etc, the parameters used in • Most elements were determined by ICP-OES and ICP-MS, depending on
determining the analysis including instrument accuracy required. The exception was Au, which was determined by fire assay.
make and model, reading times, calibrations • These techniques were determined in consultation with the assay laboratory
factors applied and their derivation, etc. and are consider appropriate for the deposit type.
• Nature of quality control procedures adopted (e.g. • Field duplicates and standards were inserted at a 1:20 and a 1:10 ratio
standards, blanks, duplicates, external laboratory respectively (4 field duplicates, 9 standards and 2 blanks over 97 total samples).
checks) and whether acceptable levels of accuracy • Average absolute error for target elements for hole EBD7 against OREAS
(i.e. lack of bias) and precision have been standards was 137.7 ppm Cu, 0.19 ppm Ag and 0.02 ppm Au, with no individual
established. material deviations outside acceptable limits.
• Average absolute error for target elements for hole EBD7 against OREAS
standards was 132.5 ppm Cu, 0.58 ppm Ag and 0.01 ppm Au, with no individual
material deviations outside acceptable limits.
Verification of • The verification of significant intersections by • Significant intersections have been verified against geological logging, portable
sampling and either independent or alternative company XRF results, and have been distributed to field geologists for further review.
assaying personnel. • None of the drillholes reported in this announcement have been twinned in
• The use of twinned holes. the traditional sense, but 7W1 is a wedge from its parent hole. The variation in
• Documentation of primary data, data entry visual appearance of alteration, mineralisation thickness and intensity
procedures, data verification, data storage between the holes means that the wedges cannot be used for verification
(physical and electronic) protocols. purposes, except of gross stratigraphy, which is broadly consistent across the
• Discuss any adjustment to assay data. holes.
• Primary drill data was collected digitally by the field geologist using logging
templates in Excel, before being transferred a master Excel database.
• No adjustments have been made to assay data except to composite for
simplicity in this release.

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

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Criteria Criteria JORC Code explanation Commentary Commentary
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) and ground truthed by Coda field
• Specification of the grid system used. personnel.
• Quality and adequacy of topographic control.
Data
spacing
•		 Data spacing for reporting of Exploration Results. • Data to date consists of publicly available historical data and data received by
and • Whether the data spacing and distribution is Coda as part of its ongoing drill programme (See Table 3 and Table 4).
distribution sufficient to establish the degree of geological and • No sample compositing has been applied, except in the reporting of results as
grade continuity appropriate for the Mineral detailed elsewhere in this table.
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
data in relation unbiased sampling of possible structures and the definitively on the orientation of major structures or the overall trend of the
to geological extent to which this is known, considering the mineralisation at Emmie IOCG beyond the descriptions and images in the main
structure deposit type. body of the report.
• If the relationship between the drilling orientation • At Emmie IOCG, Conduits carrying mineralisation appear to be subvertical (i.e.
and the orientation of key mineralised structures 70 degrees of dip or greater), but these conduits, while critical to the
is considered to have introduced a sampling bias, mineralising system, are not typically themselves mineralised. Mineralisation
this should be assessed and reported if material. is instead largely confined to sub-horizontal stratiform lodes unlikely to
introduce significant bias into sampling.
• It is anticipated that further drilling will assist in clarifying these questions and
will allow Coda to comment more definitively on their materiality.
Sample • The measures taken to ensure sample security. • Samples were taken by representatives of Coda to the transport company’s
security yard in Roxby Downs where they were couriered by truck directly to the assay
lab.
• No additional third party, other than the transport company, had access to the
samples between the field and the assay lab.
6 Altona Street E: [email protected]
West Perth
Western Australia, 6005 ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Audits or • The results of any audits or reviews of sampling
•		 No audits, umpire assays or reviews have yet been undertaken.
reviews techniques and data.

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

Section 2 Reporting of

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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 • Drilling took place on EL 6265.
tenement and ownership including agreements or material issues • EL 6265 is owned by Coda Minerals, formally as a 70:30 split between by Coda
land
status		 tenure with third parties such as joint ventures,
partnerships, overriding royalties, native title		 • Minerals Ltd and Terrace Mining Pty Ltd (a wholly owned subsidiary of Coda).
The tenure is in good standing and is considered secure at the time of this
interests, historical sites, wilderness or national release. No other impediments are known at this time.
park and environmental settings.
• 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 (and associated Emmie IOCG)
done by other other parties. prospect has been undertaken by (among others) Mt Isa Mines, Gunson
parties Resources, Torrens Mining and Gindalbie Metals (Coda’s predecessor
company). Argo Exploration undertook deep drilling immediately north of the
tenement boundary which as also informed work at Emmie IOCG.
• 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 Deeps is a part, sits in the Stuart
mineralisation. Shelf within the broader Olympic Copper Province in South Australia.
• Emmie IOCG mineralisation appears to be hosted in metasiltstones and
sandstones of the Paleoproterozoic Wallaroo Formation, and appears to be
closely associated with a thrust sheet of Donington suite granites and
subvertical conduits. 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 IOCG 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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6 Altona Street E: [email protected] West Perth Western Australia, 6005 ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Drill hole
•		 A summary of all information material to the • See Table 3 and Table 4 in the body of the 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.

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 Data • In reporting Exploration Results, weighting • Significant intercepts are reported using a 0.3% Cu cut-off grade. Calculations of these aggregation averaging techniques, maximum and/or minimum intervals take the length weighted average of the assay results using a 0.3% Cu lower methods grade truncations (e.g. cutting of high grades) and cut-off grade and allowing no more than 1m of contiguous material of below the 0.3% Cu cut-off grade as internal dilution.

  • cut-off grades are usually Material and should be • Where >1m of contiguous internal dilution splits a mineralised intersection, the

  • stated. company may report “anomalous zones” which include the mineralised material and

  • • Where aggregate intercepts incorporate short the internal dilution to better reflect realistic grades in a non-selective or bulk mining

  • lengths of high grade results and longer lengths of scenario.

• Significant intercepts are reported using a 0.3% Cu cut-off grade. Calculations of Significant intercepts are reported using a 0.3% Cu cut-off grade. Calculations of Significant intercepts are reported using a 0.3% Cu cut-off grade. Calculations of Significant intercepts are reported using a 0.3% Cu cut-off grade. Calculations of these
intervals take the length weighted average of the assay results using a 0.3% Cu lower
cut-off grade and allowing no more than 1m of contiguous material of below the 0.3%
• Cu cut-off grade as internal dilution.
Where >1m of contiguous internal dilution splits a mineralised intersection, the
company may report “anomalous zones” which include the mineralised material and
the internal dilution to better reflect realistic grades in a non-selective or bulk mining
scenario.
• Where <1m of unmineralized (sub-0.3% Cu) material separates <1m of mineralised (i.e.
> 0.3% Cu) material at the top or bottom of a larger mineralised intercept, this material
is excluded from aggregation and is reported separately.
• Intervals are rounded to the nearest 10cm for reporting purposes.
• Selection of the 0.3% Cu value as a cut-off grade was determined based on comparison
with nearby geologically comparable deposits and after considering current
commodity prices. Given the generally (but not ubiquitously) strong correlation
between copper and gold, and the lack of metallurgical test work undertaken on the
deposit, no attempt has been made to calculate a copper equivalent grade.
• Typical example of an aggregate intercept is included below:
DD22EBD0008: [email protected]% Cu,0.15g/t Au and 0.8g/t Ag
From
To
Length
Cuppm
Auppm		 Ag ppm
873
874
1
5850
0.17		 2.4
874
875
1
9060
0.21		 2.6
875
876
1
4200
0.13		 1
876
877
1
4600
0.25		 1.4
877
878
1
2640
0.13		 1.2
878
879
1
2030
0.11		 0.4
879
880
1
7230
0.47		 1
880
881
1
3390
0.16		 1.4
881
882
1
2890
0.13		 0.4
882
883
1
1890
0.08		 0.4
883
885
2
2010
0.11		 0.2
885
887
2
3060
0.11		 0.2
887
889
2
6330
0.17		 0.6
889
891
2
5460
0.11		 0.2
891
892
1
5430
0.16		 0.4
892
893
1
2740
0.09		 <0.2

  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

  • The assumptions used for any reporting of metal equivalent values should be clearly stated.

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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 Deeps, nor the relationship between those features and the
orientation of drilling to date, beyond the hypotheses put forward in graphics
and text in the body of the announcement, which remain speculative until
• If it is not known and only the down hole lengths further drilling can be completed.
are reported, there should be a clear statement to • It is anticipated that further drilling will assist in clarifying these questions and
this effect (e.g. ‘down hole length, true width not will allow Coda to comment on their materiality.
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 where available, provided representative photographs of relevant
of both low and high grades and/or widths should mineralisation.
be practiced to avoid misleading reporting of • All assays >0.3% Cu are reported in this announcement. Intersects not
Exploration Results. specifically reported on in this announcement can be assumed to be <0.3% Cu.
• Coda believes that this announcement represents an accurate and balanced
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 E: [email protected] 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;
geophysical
survey
results; geochemical survey results; bulk samples –
size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or
contaminating substances.
Further work • The nature and scale of planned further work (e.g. • Ongoing and planned work in the short term, principally the proposed ANT
tests for lateral extensions or depth extensions or survey, is detailed in the body of the announcement. Longer term, Coda will
large-scale step-out drilling). undertake additional drilling as is appropriate based on ongoing exploration
• Diagrams clearly highlighting the areas of possible results.
extensions,
including
the
main
geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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