Coda Minerals (ASX:COD) has resumed its major drilling program at the Elizabeth Creek Copper-Silver Project in South Australia following the holiday break.
The three-rig, 6,000–7,000 metre diamond drilling campaign at the flagship Emmie Bluff deposit is now around 70% complete, with six of twelve planned holes finished and two others well advanced.
Drilling at the MG14 and Windabout deposits has been completed, and core samples from the first batch have been submitted to Adelaide laboratories for assay and geotechnical testing, with the remainder expected later this month.
The ongoing program supports Coda’s pre-feasibility study, providing critical data for resource definition, metallurgical sampling, and geotechnical analysis.
The most recent scoping study estimated a pre-tax NPV(7) of approximately $1.3 billion and an IRR of 39%, with copper and silver prices now significantly higher than the assumptions used, highlighting substantial potential upside.
CEO Chris Stevens said, "With a substantial body of high-quality core now in hand, our focus is converting this work into updated technical and economic outcomes. Combined with stronger commodity prices and improved metallurgical performance, the project is well positioned to deliver enhanced economics and long-term value."
Coda anticipates completing drilling by the end of January, with assay results, updated resource estimates, metallurgical testing, and mine plan optimisation expected to be reported in the coming months.
At the time of reporting, Coda Minerals' share price was $0.18.