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CODA MINERALS LTD — Interim / Quarterly Report 2021
Oct 28, 2021
64682_rns_2021-10-28_beffdb14-ed40-4732-aa3d-9297afd5cb3f.pdf
Interim / Quarterly Report
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ASX RELEASE 29 October 2021
ASX Code: COD
UARTERLY Q
ACTIVITIES REPORT
FOR THE QUARTER ENDED 30 SEPTEMBER 2021
CONTENTS
1.0 Overview 2.0 Projects & Assets 2.1 Tenement Schedule
2.2 Elizabeth Creek Copper Project Update
2.3 Elizabeth Creek Exploration Activities & Results 2.4 Cameron River Farm-in Update 2.5 Cameron River Exploration Activities & Results 2.6 Future Work Programme
3 Corporate 3.1 Finance & Use of Funds
HIGHLIGHTS
-
Multiple drill programmes completed and ongoing across the Elizabeth Creek Project in South Australia, focused on both the Tier-1 IOCG target at Emmie Bluff Deeps and the Emmie Bluff Zambian-style copper-cobalt deposit.
-
Exceptional copper-gold mineralisation encountered in several holes in ongoing drilling at the Emmie Bluff Deeps IOCG target, located 16km south-west of the world-class Oak Dam discovery (BHP).
-
The data being accumulated from the drilling is beginning to reveal the presence of multiple stacked lodes and a high-grade, bornite-dominated core surrounded by classic IOCG copper sulphide zonation.
-
Drilling completed at that Emmie Bluff Zambian-style copper-cobalt deposit, paving the way for a maiden JORC Mineral Resource Estimate which is expected in the December Quarter.
-
Reverse Circulation (RC) drill programme at MG14 North encountered mineralisation to the east of the existing JORC compliant MG14 Mineral Resource, opening up the potential for future expansion of the deposit.
-
New copper, gold and rare earth exploration targets outlined by geochemical surface sampling at the Cameron River Project in North Queensland, with historical anomalism confirmed at other prospect – including the Copper Weed/Rebound prospect area, which has been extended to over 2km of strike.
-
Preparations well under way for drilling at Cameron River in early 2022.
4 Events Subsequent to Quarter End
- Strong financial position, with $17.8 million cash on hand as at 30 September 2021, allowing the Company to continue to progress an aggressive exploration campaign at Elizabeth Creek and Cameron River.
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1. Overview
Coda Minerals Chairman Keith Jones said: “Following the breakthrough IOCG discovery hole at Emmie Bluff Deeps last quarter, we maintained very strong exploration momentum during the September Quarter – with aggressive follow-up drilling programs continuing at our flagship Elizabeth Creek Project in the world-class Olympic Copper Province in South Australia.
“Among the most significant of these tasks we set ourselves at listing was the continued development of the Emmie Bluff Copper-Cobalt deposit, which remains a core asset of the Company. During the quarter, we completed the drilling required to finalise the estimation of a maiden Mineral Resource Estimate at Emmie Bluff, as well as materially advancing our work on mining and metallurgical studies. These studies will allow us to further understand the potential value of the deposit, and the best pathways to unlock this value for our shareholders.
“The Emmie Bluff Deeps IOCG prospect is at a much earlier point in the exploration process. We ended the last quarter with just a single completed drill hole without assays. During the September quarter, we have completed an additional seven drill holes averaging over a kilometre in depth and have now received assays for the first three holes, independently confirming the presence of significant copper mineralisation, including two high-grade bornite dominant zones in the second wedge hole.
“We are seeing a clear trend at Emmie Bluff Deeps with a higher-grade bornite dominant zone extending across multiple drill holes. With eleven holes and wedges complete as of the time of this report, and two more in progress, we are beginning to understand the mineralising system we have encountered but are a long way from determining its total scale and potential. Remaining open in nearly all directions and with highly encouraging local geophysics, the prospect has virtually unconstrained potential for expansion.
“Turning to corporate matters, Coda continued to add talent during the quarter, welcoming Kudzai Mtsambiwa as CFO in September to work alongside our CEO, Chris Stevens. Kudzai brings significant financial and operational experience in the Australian and international mining industry which will be invaluable as Coda continues on its exciting exploration-driven growth trajectory to become a significant mid-tier copper company.
“With a strong cash balance of $ 17.8 million at the end of the quarter, and an enormously talented technical and leadership team, we are in a very strong position to advance our various drilling and development programmes across our entire portfolio of copper assets.”
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6 Altona Street West Perth Western Australia, 6005
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2. Projects & Assets
2.1 Tenement Schedule
In accordance with ASX Listing Rule 5.3.3, Coda provides the following information about its Elizabeth Creek Project tenements located in South Australia for the quarter ended 30 September 2021.
Table 1 Elizabeth Creek project tenement schedule
| Tenement | Holder/Applicant | Percentage Held* | Grant Date | Expiry Date | Area |
|---|---|---|---|---|---|
| EL6141 | Coda Minerals Ltd Terrace Mining Pty Ltd |
70% 30% |
29 October 2017 | 28 October 2022 | 47km2 |
| EL6518 | Coda Minerals Ltd Terrace Mining Pty Ltd |
70% 30% |
25 March 2020 | 24 March 2022 | 363km2 |
| EL6265 | Coda Minerals Ltd Terrace Mining Pty Ltd |
70% 30% |
7 October 2018 | 6 October 2023 | 291km2 |
The ownership structure described in Table 1 reflects the current ownership under that agreement, rather than the records of the South Australian Department of Energy and Mining. At the time of preparing this report, the process to update the current ownership structure with the Department has commenced, and is still ongoing.
2.2 Elizabeth Creek Copper Project Update
Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest with Torrens holding a 30% interest. Coda also holds an irrevocable option to acquire an additional 5% interest in the Project for a payment of A$1.5 million. This option may be exercised at any time up to 60 days from the parties reaching a Decision to Mine.
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Figure 1 Drilling at the Emmie Bluff prospect at Elizabeth Creek in South Australia.
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Figure 2: Tenement location and surrounding owners and mining activities.
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2.3 Elizabeth Creek Exploration Activities & Results
Emmie Bluff Deeps
During the June quarter, Coda continued to intersect significant IOCG mineralisation in drilling at the Emmie Bluff Deeps prospect at its Elizabeth Creek Project. At the end of that quarter, Coda had reached a down-hole depth of 731m in the first wedge hole DD21EB0018EW1, having completed its first parent hole, DD21EB0018, which encountered an approximately 200m thick sequence of IOCG alteration.
Drilling continued during the September quarter, and as of the 30[th] of September, the Company had completed three additional parent holes (DD21EBD0001-0003) and five additional wedges (DD21EB0018W1-3, DD21EBD0003W1 and DD21EBD0002W1), and had made material progress on two further wedges (DD21EBD0003W2 and DD21EBD2W2).
Assay Results
Assay results for three holes were released during the quarter. For full details, including Table 1, please see the relevant announcements outlined the footnotes below.
DD21EB0018
Mineralisation in DD21EB0018 was located in three separate zones:
-
An upper zone of disseminated and blebby chalcocite/bornite in massive haematite followed by a narrow zone of chloritic and haematised sediment;
-
A strongly haematised middle zone, dominated by chalcopyrite and accessory bornite in blebs and accumulations typically aligned with the remnant sedimentary structures, which makes up the bulk of the mineralisation; and
-
A lower zone, including both bornite and chalcopyrite, again primarily in blebs and veinlets.
Assay results associated with this mineralisation were as follows[1] :
-
4.69m at 1.01% Cu, 0.17g/t Au and 3.6g/t Ag from 797.45m down-hole
-
28.14m at 1.21% Cu, 0.37g/t Au and 2.3g/t Ag from 810.79m down-hole, including
-
4.83m at 2.16% Cu, 0.63g/t Au and 4.3g/t Ag from 816.8m
-
2.57m at 2.11% Cu, 0.30g/t Au and 13.2g/t Ag from 842.03m down-hole, including
o1.45m at 3.44% Cu, 0.42g/t Au and 22.1g/t Ag from 842.77m
DD21EB0018W1
Mineralisation in DD21EB0018W1 was similar to the parent hole but slightly less intense, with rare to absent bornite and less distinct zonation. The mineralisation was similar for the most part to the central, main zone in the parent hole (chalcopyrite dominated mineralisation typically aligned with remnant sedimentary structures).
Assay results reported were 17.1m @ 1.2% Cu, 0.3 g/t Au, 1.3g/t Ag from 824m[2] .
1 For full details, please see ASX Announcement “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-atEmmie-Bluff-Deeps_RELEASE.pdf
2 For full details, please see ASX Announcement “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-BorniteZone-at-Emmie-Bluff-Deeps_RELEASE.pdf
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DD21EB0018W2
Mineralisation in DD21EB0018W2 was split in two lodes, an upper and lower, which were separated by approximately 60m of unmineralized material. The thicker upper zone included a narrow chalcocite zone overlying a chalcopyrite zone, followed by approximately 23m of bornite dominated sediment aligned mineralisation with accessory covellite and minor chalcopyrite.
The narrower lower zone was almost entirely dominated by bornite, and had higher grades when assayed as a result.
Upper Zone:
- 24.0m @ 2.2% Cu, 0.3 g/t Au, 8.9g/t Ag from 815m, including:
o3.0m @ 4.2% Cu, 0.3 g/t Au, 10.5 g/t Ag from 830m
Lower Zone:
- 12.9m @ 3.5% Cu, 0.6 g/t Au, 25.4 g/t Ag from 902m, including:
o3.2m @ 4.9% Cu, 1.3 g/t Au, 41.8 g/t Ag from 905m and,o2.9m @ 4.8% Cu, 0.3 g/t Au, 33.8 g/t Ag from 911m
Geological Results[3]
The remaining holes have not yet been assayed but have been logged in detail by Coda’s field personnel and results are pending.
DD21EB0018W3
DD21EB0018W3 was drilled to the north-east of the parent hole DD21EB0018. The hole encountered a substantially thicker sequence of mafic and granite which the Company interprets to represent structural thickening. No significant sulphides were encountered.
DD21EBD0001
DD21EBD0001 was drilled commencing 470m to the north of the parent hole, terminating 350m to the north-north-east of the parent hole. The hole encountered an extended cover sequence (Pandurra formation) and a very narrow sequence of haematised basement sediments intercalated with intrusive granites and mafics before encountering basal Donington granite. Again, no material sulphides were encountered.
DD21EBD0002
DD21EBD0002 was drilled approximately 300m ESE of Coda’s original deep drill-hole in the area, DD21EB0018, and was designed to target the area in between that hole and historic hole MGD 55, which encountered 15m @ 1.21% Cu & 0.24g/t Au from 974m when it was drilled by a previous explorer in 2009.
A broad zone of mineralisation was encountered from roughly 874m to 932m down-hole, placing it roughly level in RL terms with the lower lode encountered in DD21EB0018W2. The mineralisation was of a lower tenor than that hole however, with a significant pyrite component, which had been largely absent from drill-holes up until this point.
As with previous drill-holes, mineralisation was associated with haematised Wandearah metasediments and appeared to partially follow remnant sedimentary structures in several instances. Due to the presence of pyrite, this intercept has been preliminarily assumed to be of lower copper tenor than previous intercepts, and is assumed to be somewhat more distal from the mineralising structure than previous drilling.
3 For full details, please see ASX Announcement “Emmie Bluff Deeps Mineralised Zone Substantially Expanded”, released to the market on 6 October 2021, available at https://www.codaminerals.com/wp-content/uploads/2021/10/20211006_Coda_ASX-ANN_Emmie-Bluff-Deeps-Mineralised-Zone- Substantially Expanded_RELEASE.pdf
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DD21EBD0002 encountered the following sequence of rocks:
| From (m) |
To | Int. (m) Comp. Int |
Int. (m) Comp. Int |
Estimated Sulphide Assemblage | |
|---|---|---|---|---|---|
| (m) | Description | ||||
| 663.5 | 2 | Moderately haematite altered basal Pandurra Formation sandstones and conglomerates. |
|||
| 665.5 | |||||
| 665.5 | 62.5 | Haematised brecciated metasediments and Hiltaba granite, patchy replacement by steely haematite. |
|||
| 728 | |||||
| 728 | 799 | 71 | Variable steely haematite replacement of sandstone. | ||
| 799 | 31 | Variably haematite and potassium feldspar-altered granite interspersed by moderately chloritised dolerite dykes. |
|||
| 830 | |||||
| 830 | 874 | 44 | Massive steely haematite replacement of sediments. | ||
| 874 | 1-3% Chalcopyrite 1-3% Pyrite, <1% Bornite |
Moderately chloritic haematised sediments,trace bornite and pyrite, minor chalcopyrite as blebs and disseminations. |
|||
| 878 | 4 | 4m | |||
| 878 | 881 | 3 | Highly siliceous haematised sediments. | ||
| 881 | 1-3% Chalcopyrite 1-3% Pyrite |
Haematised sediments, occasional replacement by steely haematite.Trace to minor disseminated and blebby chalcopyrite, minor pyrite. |
|||
| 890.5 | 9.5 | ||||
| 890.5 | 1-3% Chalcopyrite 3-5% Pyrite |
Massive steely haematite replacement of sediments withminor chalcopyrite and minor pyrite. |
|||
| 899 | 8.5 | ||||
| 51m | |||||
| 899 | 1-2% Chalcopyrite 1-3% Pyrite |
Haematised metasediments, occasional replacement by steely haematite withminor disseminated and blebby chalcopyrite, minor pyrite. |
|||
| 925 | 26 | ||||
| 925 | 1-3% Chalcopyrite 3-5% Pyrite |
Weak to moderate chlorite-haematite altered metasediments withminor disseminated and blebby chalcopyrite, minor pyrite. |
|||
| 932 | 7 | ||||
| 932 | 63 | Variably siliceous sediments interspersed with granite intrusions. |
|||
| 995 | |||||
| 995 | 1039.2 | 44.2 | Presumed Donington suite weakly altered granitoid. |
DD21EBD0002W1
On the basis of results in the parent hole, a wedge was drilled to the WSW from DD21EBD0002, commencing at 489.3m down-hole. The hole achieved approximately 50m of separation at the mineralised zone, and encountered a materially different sulphide assemblage within broadly similar stratigraphy. The primary mineralised zone consisted of approximately 24m of principally chalcopyrite located as blebs and veinlets, often paralleling remnant sedimentary structures, and rare blebs and disseminations of bornite. Pyrite was largely absent in this interval, in contrast to the parent hole, suggesting closer proximity to the source of mineralisation.
The wedge hole was extended beyond the typical depth to mineralisation in the area in an attempt to intersect the mineralising structure directly, and was terminated at a depth of 1,492m. The hole encountered several hundred metres of highly altered Donington Suite granitoids cut by Gairdner dykes. Alteration included abundant sericite, biotite and “red rock” (K Feldspar and minor haematite) alteration, with persistent trace chalcopyrite, typically occurring as disseminations and very small blebs, though larger accumulations were encountered, especially in association with vein selvedges or particularly intense patches of red rock alteration.
Alteration of this nature is not typical of the Donington Suite granites in this region, and in particular the persistent lowgrade chalcopyrite encountered over such an extended interval strongly suggest proximity to a vertical or sub-vertical hydrothermally active, copper carrying structure which extends deep into the basement.
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DD21EBD0002W1 encountered the following sequence of rocks:
| From (m) |
To | Comp. Int |
Estimated Sulphide Assemblage | ||
|---|---|---|---|---|---|
| Int. | Description | ||||
| (m) | |||||
| 489.3 | Minimally altered Pandurra Formation sandstones and conglomerates, with a basal conglomerate containing steely haematite clasts from 660.75. |
||||
| 661 | 171.7 | ||||
| 661 | 677 | 16 | Sill of mod. haematite-chlorite altered granite, dolerite. | ||
| 677 | 713 | 36 | Intense steely haematite altered brecciated sandstone. | ||
| 713 | 720 | 7 | Mod. to strongly haematised granite and dolerite dykes. | ||
| 720 | Variably haematite altered brecciated sandstone, patchy steely haematite replacement and intense silicification. |
||||
| 812 | 92 | ||||
| 812 | 860 | 48 | Mod. haematised and potassium feldspar alt. granite. | ||
| 860 | Moderately haematite altered sandstone, steely haematite increasing with depth, associated with moderately to strongly chloritised dolerite dykes.. |
||||
| 867.5 | 7.5 | ||||
| 867.5 | 3m | <1% Chalcopyrite, <1% Bornite | Steely haematite and red rock altered brecciated sandstone withtrace chalcopyrite and bornite blebs. |
||
| 870.5 | 3 | ||||
| 870.5 | 884.5 | 14 | Silicified sediments with pronounced remnant texture. | ||
| 884.5 | 24m | 5-10% Chalcopyrite, <1% Bornite | Moderately chlorite-haematite altered sandstone, intruded by variably chloritised dolerite dykes,minor to moderate blebby chalcopyrite, trace bornite. |
||
| 908.5 | 24 | ||||
| 908.5 | Moderately chlorite-haematite altered sandstone, intruded by weakly chloritic dolerite dykes. |
||||
| 934 | 25.5 | ||||
| 934 | Moderately siliceous and variably potassium feldspar altered sandstones intruded by dolerite dykes. |
||||
| 1094.5 | 160.5 | ||||
| 1094.5 | 322.5m | <1-2% Chalcopyrite | Presumed Donington suite moderately sericite altered granitoid, intruded by Gardiner dolerite dykes,trace to minor disseminated chalcopyrite. |
||
| 1345.5 | 251 | ||||
| 1345.5 | <1-1% Chalcopyrite | Presumed Donington suite moderately sericite-biotite alt. granitoid,trace to minor disseminated chalcopyrite. |
|||
| 1417 | 71.5 | ||||
| 1417 | Presumed Donington suite moderately haematite- potassium feldspar altered granitoid. |
||||
| 1441.5 | 24.5 | ||||
| 1441.5 | 5.5m | <1% Chalcopyrite | Presumed Donington suite moderately altered granitoid intruded by dolerite dykes,trace chalcopyrite as blebs. |
||
| 1447 | 5.5 | ||||
| 1447 | Presumed Donington suite moderately haematite- potassium feldspar altered granitoid. |
||||
| 1492 | 45 | ||||
DD21EBD0003
DD21EBD0003 was drilled approximately 300m to the south of DD21EB0018 and angled slightly to the north, targeted to extend the bornite mineralisation encountered in DD21EBD0018W2. Lithologies encountered were broadly similar as would be expected, but with certain key differences, most notably the haematite cap material was significantly thicker, and as a result encountered at a higher RL than in previous drillholes.
Mineralisation was encountered from approximately 901-921m down-hole and consisted of bornite dominated sulphides in variably steely and earthy haematite altered metasediments. This mineralisation was approximately level with the lower lode encountered in DD21EB0018W2, and is believed to be an extension of that mineralisation. Sulphides were not noted in significant quantities from 800-850m, which would approximately correspond with the upper lode in DD21EB0018W2.
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This was initially interpreted to suggest that that lode had pinched out, but future drilling (See DD21EBD0003W1 and DD21EBD0003W2, below) indicated that this may not be the case. The factors determining the precipitation of copper sulphides at a given location are yet to be determined.
DD21EBD0003 encountered the following sequence of rocks:
| From (m) |
To | Int. (m) Comp. Int |
Int. (m) Comp. Int |
Estimated Sulphide Assemblage | |
|---|---|---|---|---|---|
| Description | |||||
| (m) | |||||
| 542.75 | 18.75 | Minimally altered Pandurra Formation sandstones and conglomerates. |
|||
| 561.5 | |||||
| 561.5 | 108.5 | Strongly haematised metasediment with development of steely haematite bands. |
|||
| 670 | |||||
| 670 | 43.5 | Moderately to strongly haematised sandstone, patchy replacement by steely haematite. |
|||
| 713.5 | |||||
| 713.5 | 96 | Variably haematite and potassium feldspar-altered granite. |
|||
| 809.5 | |||||
| 809.5 | 51.5 | Haematised metasediments, occasional replacement by steely haematite. |
|||
| 861 | |||||
| 861 | 13.5 | Variably haematite and potassium feldspar altered granite. |
|||
| 874.5 | |||||
| 874.5 | 901 | 26.5 | Weakly haematised metasediments. | ||
| 901 | 1 - 2% Bornite <1 - 1% Chalcopyrite |
Strong to intense haematite altered metasediments, patches of steely haematite, withtrace disseminated and blebby chalcopyrite and trace to minor bornite. |
|||
| 903.5 | 2.5 | ||||
| 903.5 | 1 - 2% Bornite | Earthy red haematite with patches of steely,minor bornite in blebs. |
|||
| 911.5 | 8 | 20m | |||
| 911.5 | <1 - 1% Bornite | Massive earthy red and patchy steely haematite, completely overprinting sedimentary texture.Trace disseminated and patchy minor blebby bornite. |
|||
| 921 | 9.5 | ||||
| 921 | 21.5 | Moderately to strongly haematised and chloritised metasediments. |
|||
| 942.5 | |||||
| 942.5 | 996 | 53.5 | Variably siliceous and haematitic sediments. | ||
| 996 | 33.1 | Variably siliceous and potassium feldspar altered presumed Donington suite granitoid. |
|||
| 1029.1 | |||||
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DD21EBD0003W1
The first wedge from hole DD21EBD0003 was drilled to the north-west, and achieved approximately 58m of lateral separation at 814m, where mineralisation was first encountered in the wedge. Sulphides were encountered in multiple discrete layers between 814 and 876m, and were dominated by chalcopyrite. Though roughly on a level with the upper lode encountered in DD18EB0018 and its wedges, the mineralisation in DD21EBD0003W1 does not appear to fully conform with the previous paradigm of an upper and lower lateral lode, and may represent a merger of the two lodes, or a diffusion of sulphides into a broader mineralised zone. Further drilling west of this intersection may assist in determining the nature of the mineralisation and will be undertaken as the next surface hole.
DD21EBD0003W1 encountered the following sequence of rocks:
| From (m) |
To | Int. | Comp. | Estimated Sulphide Assemblage | |
|---|---|---|---|---|---|
| Description | |||||
| (m) | (m) | Int | |||
| 547.8 | 561.5 | 13.7 | Base of Pandurra Formation. | ||
| 561.5 | 613 | 51.5 | Variably haematised metasediments. | ||
| 613 | <1 Pyrite, <1% Chalcopyrite | Massive steely haematite replacement of metasediments.Trace pyrite and chalcopyrite. |
|||
| 615 | 2 | 2m | |||
| 615 | Haematised metasediments, occasional replacement by steely haematite. |
||||
| 714 | 99 | ||||
| 714 | 738 | 24 | Variably haematite-chlorite altered granite. | ||
| 738 | 812.5 | 74.5 | Variably chlorite-haematite altered granite. | ||
| 812.5 | 814.5 | 2 | Altered haematised Wandearah metasediments. | ||
| 814.5 | <1 - 2% Chalcopyrite | Patchy steely haematite alteration withminor blebby chalcopyrite. |
|||
| 818 | 3.5 | 3.5m | |||
| 818 | 830 | 12 | Red rock and chlorite altered sandstone. | ||
| 830 | <1 - 2% Chalcopyrite, <1% Pyrite | Steely haematite altered sandstone withminor chalcopyrite. |
|||
| 847.5 | 17.5 | ||||
| 847.5 | <1% Chalcopyrite | Haematite and chlorite altered sandstone,trace chalcopyrite as blebs. |
|||
| 862 | 14.5 | 46m | |||
| 862 | <1 - 1% Chalcopyrite, <1% Pyrite | Increasingly altered, partially brecciated sandstone, minor chalcopyrite. |
|||
| 876 | 14 | ||||
| 876 | Strongly siliceous, variably potassium feldspar altered sandstone. |
||||
| 996.2 | 120.2 | ||||
DD21EBD0003W2
The second wedge from DD21EBD0003 was oriented north-east and achieved approximately 49m of lateral separation from the parent hole at 803.45, where major mineralisation was first encountered in the wedge. The wedge was designed to target a structure hypothesised to be feeding the system with copper based on the sulphide assemblages encountered in earlier drillholes.
An unusual vein of native copper, bornite and chalcocite was encountered at 615m, well above typical mineralised depths and within the (typically) barren haematite cap. The mineralisation appears primary, but it is not extensive and is likely anomalous rather than representative of potential for mineralisation in the cap more broadly.
The hole also encountered the first unambiguous evidence of major faulting with a 20-25m wide interval of broken ground, clays etc from 772.27. No evidence was directly observed for mineralisation within this fault, though rocks associated with it were notably altered, but proximal mineralisation (commencing at 803.45m) included some of the most intense and abundant sulphides of the program to date, possibly as a consequence of proximity to the fault if it is indeed the mineralising structure which this hole was targeted at. This mineralisation, extending over approximately 27m, was dominated by bornite and chalcocite with considerable covellite associated.
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A second zone of mineralisation was encountered from 912m, dominated by chalcopyrite with minor bornite and extending over approximately 40m. Drilling is ongoing as of the time of this release.
DD21EBD0003W2 encountered the following sequence of rocks:
| From (m) |
To | Int. | Comp. | Estimated Sulphide Assemblage | Description |
|---|---|---|---|---|---|
| (m) | (m) | Int | |||
| 547.8 | 564.5 | 16.7 | Base of Pandurra Formation. | ||
| 564.5 | Variably haematised metasediments, including massive haematite cap.Native copper encountered in narrow vein along with copper sulphides approx. 615m. |
||||
| 723 | 158.5 | ||||
| 723 | Intercalated metasediments, narrow granitic sills and dolerite. |
||||
| 729 | 6 | ||||
| 729 | 737.5 | 8.5 | Haematite altered Hiltaba suite granite. | ||
| 737.5 | Weakly haematised and altered dolerite, presumed to be Gairdner. |
||||
| 760.5 | 23 | ||||
| 760.5 | Increasingly altered Hiltaba suite granite. Increasing epidote, chlorite k feldspar and haematite alteration with depth. |
||||
| 772.5 | 12 | ||||
| 772.5 | Broken zone within strongly haematised granite transitioning into clayey puggy fault zone. |
||||
| 794 | 21.5 | ||||
| 794 | Fractured haematitsed (occasionally steely) chloritized Wandearah sediments. |
||||
| 803.5 | 9.5 | ||||
| 803.5 | <1% Bornite, <1% Chalcopyrite | Steely haemtite altered metasediments, partially chloritized.Trace bornite, chalcopyrite. |
|||
| 810.5 | 7 | ||||
| 810.5 | 5 - 10% Bornite, 1-3% Chalcopyrite, <1% Covellite |
Steely haematite altered strongly mineralised metasandstone,moderate bornite, minor chalcopyrite, trace covellite. |
|||
| 819 | 8.5 | ||||
| 819 | 27m | 5 - 10% Bornite, 1-3% Covellite, <1% Chalcopyrite |
Less intensely altered, strongly mineralised sandstone, blebs and bands of moderate to intense bornite, covellite, trace chalcopyrite. |
||
| 824 | 5 | ||||
| 824 | 3 - 5% Bornite, 1-3% Chalcopyrite | Earthy red to steely haematite altered metasediments. Moderate disseminated bornite, rare blebs, minor chalcopyrite. |
|||
| 830.5 | 6.5 | ||||
| 830.5 | Haematised metasediments, occasional replacement by steely haematite. |
||||
| 846 | 15.5 | ||||
| 846 | K Feldspar, chlorite and haematite altered granites with partial melt pegmatites, narrow granitised sediment bands at contacts. |
||||
| 876.5 | 30.5 | ||||
| 876.5 | Intercalated granite, mafic and minor granitised sediment, all altered, haematised. |
||||
| 812.5 | -64 | ||||
| 812.5 | 912.5 | 100 | Altered haematised Wandearah metasediments. | ||
| 912.5 | 3 - 8% Chalcopyrite, 1 - 3% Bornite | Haematite altered Wandearah,minor to moderate blebby and bedding parallel chalcopyrite, disseminated bornite. |
|||
| 941.5 | 29 | ||||
| 40m | |||||
| 941.5 | 3 - 5% Chalcopyrite, <1 - 2% Bornite | Patchy siliceous and haematite altered metasediments withtrace to minor blebby chalcopyrite, bornite. |
|||
| 952.5 | 11 | ||||
| 952.5 | Ongoing | Red rock and chlorite altered sandstone. |
This drill-hole was ongoing at the end of the quarter.
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6 Altona Street West Perth Western Australia, 6005
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Figure 3 Collar locations for recent and historical drilling at Emmie Bluff Deeps. White drill traces represent holes completed subsequent to the end of the September quarter.
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Emmie Bluff
During the quarter, Coda completed a drill programme consisting of a planned total of 12 holes (principally RC pre-collars, diamond tails) at the Emmie Bluff prospect. This programme was designed to allow the Company to estimate a Mineral Resource at Emmie Bluff covering the highly prospective southern and eastern portions of its Emmie Bluff Exploration Target.
The planned drilling, along with one additional hole, was completed on September 2[nd] 2021. Collar locations can be seen in Figure 4. Drill core was logged in the field, and extensive downhole surveying was undertaken subsequent to the completion of the drillhole programme. Drill core has been sent to Adelaide and, as of the time of this report, the majority of which, has been cut and submitted for assay and/or physical property testing for geotechnical analysis.
The company expects to receive final assays in the coming weeks, along with preliminary metallurgical variability analysis to satisfy RPEEE requirements to estimate an Inferred Mineral Resource, which remains on track to be released in the December quarter of 2021.
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Figure 4 Collar locations for recent and historical drilling at Emmie Bluff.
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Table 2 Recent collar locations for Mineral Resource drill out at Emmie Bluff.
| HoleID | East | North | RL | Dip | Azimuth | EOH | Comment |
|---|---|---|---|---|---|---|---|
| DD21EB0019 | 704836 | 6556477 | 171.8 | -78 | 90 | 430 | |
| DD21EB0020 | 705135 | 6556381 | 167 | -60 | 90 | 450.67 | |
| DD21EB0020A | 705135 | 6556381 | 167 | -60 | 90 | 516.7 | Redrill of DD21EB0020 (Hole abandoned) |
| DD21EB0021 | 705430 | 6555520 | 177 | -60 | 45 | 403 | |
| DD21EB0021A | 705430 | 6555520 | 177 | -60 | 45 | 462.7 | Redrill of DD21EB0021 (Hole abandoned) |
| DD21EB0022 | 705570 | 6557240 | 150.8 | -60 | 90 | 491 | |
| DD21EB0023 | 705550 | 6557240 | 150.8 | -60 | 270 | 452.8 | |
| DD21EB0024 | 705990 | 6557025 | 165.2 | -60 | 225 | 458.8 | |
| DD21EB0025 | 706395 | 6557025 | 171.44 | -60 | 225 | 519.5 | |
| DD21EB0026 | 706645 | 6557023 | 176 | -60 | 225 | 528.5 | |
| DD21EB0027 | 706040 | 6556640 | 165.6 | -88 | 90 | 440 | |
| DD21EB0028 | 705830 | 6555990 | 158.11 | -80 | 270 | 456 | |
| DD21EB0029 | 706490 | 6556220 | 171.7 | -60 | 315 | 420.5 | |
| DD21EB0029W1 | 706490 | 6556220 | 171.7 | -60 | 315 | 504.3 | Wedge from DD21EB0029, required to complete hole and avoid redrill. |
| DD21EB0030 | 706183 | 6555780 | 158.11 | -75 | 180 | 444.5 | |
| DD21EB0031 | 705585 | 6556910 | 154.67 | -90 | 0 | 435.7 |
Other Exploration
During the quarter, the company undertook RC drill programmes at the Hannibal, MG14 North and Powerline prospects.
The Hannibal programme consisted of four holes testing an MT anomaly. The holes identified Whyalla sandstone, suggesting the presence of a local depression in the palaeosurface consistent with a nearby basin, but did not encounter Tapley Hill Formation shale. More detailed geophysics (airborne EM) may assist in pinpointing any local Tapley Hill Shale and assist in targeting future programmes.
Ground conditions at MG14 North and Powerline were not favourable, resulting in the MG14 North programme taking longer than expected and curtailing the Powerline project entirely after three holes, two completed without intersecting significant mineralisation and one abandoned. The Company intends to drill the Powerline prospect again at a later date using a different drill technique.
MG14 North was more successful, with a total of 1,039m drilled across 20 holes. Mineralised Tapley Hill Fm shale was encountered to the east of the known mineralisation at MG14. Assays are pending, but field logging indicates the tenor and mineralogy of the encountered mineralisation to be similar to that at MG14 itself.
Assuming comparable assay results, the Company will consider further drilling and/or the integration of the additional mineralisation into the MG14 Mineral Resource.
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Figure 5 Mineralised RC chip from RC21MG140020. Rock chip is approx. 15mm across.
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Figure 6 Collar locations for recent drilling at MG14 North
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2.4 Cameron River Farm-in Update
There is no update to the status of the Cameron River Farm-in, and to date Coda Minerals has yet to meet its first expenditure milestone to acquire a formal interest in the tenements.
2.5 Cameron River Exploration Activities & Results
Fieldwork was undertaken at the Cameron River Project by geological contractors in July and September 2021. 624 rock chip samples and 4 soil samples were collected at 100m intervals along 300m and 150m spaced sampling traverses targeting areas of Cameron River that have been under-explored, as well as areas of historically known copper-gold mineralisation at the Copper Weed and Rebound prospects (Figures 7 and 8 belowFigure 7Figure 8). These were submitted to Intertek Genalysis and ALS for analysis, and the results from these sampling programmes were received in September and October 2021.
The assay results returned several samples strongly anomalous for copper, gold, and silver (Table 2 below). Samples R21CR0142 (2.72g/t Au, 12.55% Cu) and R21CR0143 (2.74g/t Au, 9.15% Cu, 156.71g/t Ag) were collected from the area of the Copper Weed and Rebound prospects, other anomalous samples came from several previously unsampled areas within the project.
Samples R21CR0310 (0.29g/t Au, 22.89% Cu) and R21CR0550 (0.23g/t Au, 12.15% Cu) were taken from outcropping calcsilicate in the northeast corner of the project, and sample R21CR0074 is an example of magnetite altered Corella Formation associated with the Cameron Fault in the south-east of the project. Sample R21CR0414 (0.95g/t Au, 14.90% Cu) was taken from an outcrop of gossan associated with the ridge in the centre of the project. None of these areas had been explored prior to the entry of Coda Minerals.
Table 3 Cameron River project significant assay results
| Prospect | Cu (%) | Ag (g/t) | ||
|---|---|---|---|---|
| Sample ID | Au (g/t) | |||
| Toto | R21CR0074 | 2.54 | 0.24 | 0.29 |
| Rebound | R21CR0102 | 0.08 | 5.02 | 3.72 |
| Rebound | R21CR0142 | 2.72 | 12.55 | 4.26 |
| Rebound | R21CR0143 | 2.74 | 9.15 | 156.71 |
| Clifford | R21CR0285 | 0.01 | 5.14 | 1.13 |
| Clear Waters | R21CR0310 | 0.29 | 22.89 | 4.11 |
| Clear Waters | R21CR0311 | 0.69 | 0.63 | 0.48 |
| Scooby | R21CR0414 | 0.95 | 14.90 | 2.20 |
| Amy and Dianne | R21CR0468 | 0.05 | 1.08 | 1.49 |
| Rebound | R21CR0470 | 0.48 | 1.73 | 11.30 |
| Clear Waters | R21CR0550 | 0.23 | 12.15 | 2.91 |
| Wishbone | R21CR0601 | 0.15 | 2.62 | 1.08 |
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Figure 7 Sample locations and copper assays for recent surface sampling at Cameron River.
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Figure 8 Sample locations and gold assays for recent surface sampling at Cameron River.
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2.6 Future Work Programme
Elizabeth Creek: Emmie Bluff Deeps
Drilling is ongoing, with wedge holes currently being drilled from DD21EBD0002 and DD21EBD0003. Further drilling is anticipated, with the precise locations to be determined in part based on the results of these holes.
The Company has engaged external experts to assist in a review of the overall exploration programme and potential for expansion. The Company has also engaged with the Traditional Owners of the area around its Elizabeth Creek Project, the Kokatha people, to assist in heritage clearance of additional drill pads which, once approved, should allow for drilling across a wider area.
Elizabeth Creek: Emmie Bluff
With drilling now concluded at the Emmie Bluff Copper Cobalt deposit (but ongoing at the Emmie Bluff Deeps IOCG deposit), Coda’s focus has shifted to estimation of a Mineral Resource (anticipated in the December quarter of 2021), and studies into the mining, processing and engineering of the deposit, as well as other nearby deposits such as MG14 and Windabout. It is hoped that these studies will provide the Company with sufficient encouragement to launch a formal feasibility or scoping study in the coming months.
The Company is also considering opportunities to expand the deposit to the east in line with recent data provided by detailed re-processing of seismic data originally collected in 2020 and historical magnetotelluric data collected in 2010. Encouraging coincident anomalism has been seen in both forms of geophysics which suggests the potential for a second basin which may host Tapley Hill Formation shale, although this hypothesis remains untested.
Elizabeth Creek: Regional Exploration
The Company’s key short term drill target at Elizabeth Creek away from the Emmie Bluff/Emmie Bluff Deeps area remains the Elaine IOCG prospect, located approximately 30km south of the Emmie Bluff Deeps IOCG discovery and distinguished by a very similar geophysical signature. Although no final date for commencement has yet been set, given resource constraints associated with ongoing drilling, the Company remains committed to the Elaine prospect and expects to set a date to test the anomalism in either late 2021 or early 2022.
Medium term drill targets have been identified at the Cattlegrid South prospect, which historical drilling suggests may host an extension of the historically mined Cattlegrid deposit onto the Company’s tenure. Heritage and government approvals will be sought in the December quarter, and the Company hopes to progress it as soon as practicable.
Cameron River
Coda’s detailed desktop studies conducted earlier in the year defined several geophysical targets, their prospectivity was confirmed by the positive assay results which were received from the two rock chip sampling programmes undertaken in the July quarter. The confirmation of the broad extent and mineral tenor of the Copper Weed-Rebound trend has made the planning and execution of a follow-up reverse circulation drill programme a priority, with approximately 50 holes being planned, the bulk of these holes are intended to test the Copper Weed/Rebound trend, with the remainder testing the other recently identified prospect areas.
The initial stages required to undertake follow-up work at Cameron River have begun, with the negotiation of an Access and Compensation Agreement with the landholders (as required under Queensland legislation) commencing earlier this year. Heritage surveys and government approvals for drilling will commence as soon as practicable, with the aim of undertaking drilling immediately following the end of the wet season (expected to be February or March of 2022).
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3. Corporate
3.1 Finance & Use of Funds
The Company issued a Prospectus dated 4[th] September 2020 (and Supplementary Prospectus dated 18[th] September 2020) with ASIC and ASX seeking to raise a total of $8.5 million before costs. The Company closed its heavily oversubscribed Initial Public Offer on 29[th] September 2020. The Company was officially admitted on ASX on the 26[th ] October 2020 and commenced trading on the 28[th] of October 2020 under the ASX ticker COD.
In June 2021 the Company raised $14.4 million through a placement to institutional and sophisticated shareholders under Coda’s Listing Rule 7.1 placement capacity resulting in the issuance of 12 million new shares. There were no special terms or features attached to the shares on offer.
In accordance with ASX Listing Rule 5.3.4, the Company provides a summary of the expenditure to date against the Use of Funds Statement outlined in the Supplementary Prospectus.
| Use of Funds | Prospectus | Actual To Date |
|---|---|---|
| Exploration and Technical Studies | 8,799,388 | 7,252,451 |
| Costs of the IPO and Listing1 | 890,128 | 1,889,011 |
| General Working Capital | 3,729,844 | 1,761,915 |
Note:
- Actual cost to date includes IPO and listing expenses of $966,117 and share placement expenses of $922,894.
Total cash outflow from operating activities for the quarter was $4.0 million. This included $3.4 million in exploration and evaluation expenditure. The remaining expenditure was attributed to corporate and administration costs. Of the remaining expenditure, $69k was for Directors’ fees paid during the period (refer Appendix 5B 6.1).
Coda ended the September 2021 quarter with $17.8 million in cash and deposits.
Total expenditure by Coda for the next quarter is estimated to be approximately $3.9 million which will fund Coda’s 70% share of Elizabeth Creek exploration expenditure, as well as expenditure on Cameron River and normal working capital. The actual expenditure for the quarter will be dependent on progress of the drilling programme.
4. Events Subsequent to Quarter-End
Drilling continued at Emmie Bluff Deeps, with the Company concluding DD21EBD0002W2 and commencing DD21EBD0002W3, oriented NNW from parent hole DD21EBD0002.
DD21EBD0003W2 was abandoned early and redrilled at the drill contractor’s expense at DD21EBD0003W2A. This hole was concluded late in October and DD21EBD0003W3 was commenced, oriented ESE from parent hole DD21EBD0003.
Both DD21EBD0002W2 and DD21EBD0003W2A encountered copper sulphide mineralisation broadly comparable to nearby holes and wedges and added to the Company’s understanding of the mineralising system. Full details for both holes will be released in subsequent announcements accompanied by appropriate Table 1 disclosures.
On 25 October 2021, the Company announced the establishment of a small holdings sale facility to provide shareholders with small holdings (parcels of fully paid ordinary shares valued at less than $500) the opportunity to sell their shares without incurring any brokerage or handling costs.
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This announcement has been authorised for release by the Board of Coda Minerals Ltd
For more information, please contact [email protected]
Further Information:
Media Enquiries:
Chris Stevens Nicholas Read Chief Executive Officer Read Corporate [email protected] [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 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 2012-compliant 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 demonstrated 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 in Joint Venture with Torrens Mining Limited (ASX:TRN).
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 implementing a substantial drill programme at Emmie Bluff Deeps to rapidly and efficiently evaluate the potential for a Tier-1 IOCG system following a major mineralised intercept in June 2021.
The company listed on the ASX in October 2020 after a successful, heavily oversubscribed IPO which is funding an aggressive exploration campaign across the Elizabeth Creek project tenure. Further information may be found at www.codaminerals.com
Confirmatory Statement
The information is extracted from the report entitled “Confirmation Statements JORC” created on 26[th] October 2020 and is available to view on https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASXANN_Confirmation-Statements-JORC.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, in the case of estimates of Mineral Resources or Ore Reserves, 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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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.
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Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity Coda Minerals Ltd ABN Quarter ended (“current quarter”) 49 625 763 957 September 2021
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities |
- (3,403) - - (391) (184) - 4 - - - - |
- (3,403) - - (391) (184) - 4 - - - - |
| (3,974) | (3,974) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets |
- - (28) - - - |
- - (28) - - - |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 1
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities |
- - - - - - - - |
- - - - - - - - |
| (28) | (28) | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities |
- - - - - - - - (23) |
- - - - - - - - (23) |
| (23) | (23) |
|
| 4. Net increase / (decrease) in cash and cash equivalents for the period |
||
| 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) |
21,788 (3,974) (28) (23) |
21,788 (3,974) (28) (23) |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 2
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
- | - |
| 17,763 | 17,763 |
|
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
17,763 - - - |
21,788 - - - |
| 17,763 | 21,788 |
|
| 6. Payments to related parties of the entity and their associates |
Current quarter $A'000 |
|
| 6.1 Aggregate amount of payments to related parties and their associates included in item 1 69 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
69 | |
| - |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 3
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. 7.1 7.2 7.3 7.4 7.5 7.6 |
Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
|---|---|---|---|
| - | - | ||
| - | - | ||
| - | - | ||
| - | - | ||
| 8. | Estimated cash available for future operating activities | $A’000 |
|---|---|---|
| 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 |
Net cash from / (used in) operating activities (item 1.9) (3,974) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (3,974) Cash and cash equivalents at quarter end (item 4.6) 17,763 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 17,763 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.5 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? |
(3,974) - (3,974) 17,763 - |
| 17,763 | ||
| Answer: N/A | ||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? |
||
| Answer: N/A |
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
Page 4
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
2 This statement gives a true and fair view of the matters disclosed.
Date: 29 October 2021
Authorised by: The Board of Coda Minerals Ltd
(Name of body or officer authorising release – see note 4)
Notes
-
This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
-
If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.
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If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.
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