Coda Minerals Ltd (ASX:COD) in conjunction with its joint venture partner Torrens Mining Ltd (ASX:TRN) has announced an update on recent drilling and development studies at its flagship Elizabeth Creek Copper Project in the Olympic Copper Province in South Australia. New, geologically distinct, copper-rich bornite dominated zone intercepted in EBD7. EBD7 and earlier EBD4 and EBD2W4 intersections indicate potential southeast expansion of the IOCG mineralisation.
Following the announcement, shares in Coda Minerals Ltd traded flat at $0.64/share.
When a mining company announces a new resource discovery it?s exciting times for shareholders.
A lot of capital goes into exploration and when a new deposit is found there?s usually a share price boost.
Discovery is the reward stage for investors, particularly of junior mining stocks, searching for undiscovered deposits of natural resources.
When discussing new resource discoveries it?s beneficial to know the difference between greenfield and brown exploration.
Greenfield exploration is looking for mineral deposits in areas that have not been explored.
In brownfield exploration deposits are being sought near or next to an already existing mine.