Why the Coda Minerals (ASX:COD) share price is surging 16% today

Many global commodities are trading near record high prices.

| More on:
A woman sitting in her lounge room punches the air in a gesture of success, having seen the rising IAG share price on her laptop

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Coda Minerals Ltd (ASX: COD) share price has enjoyed a day in the green. Coda's shares are up 16.11% at the time of writing, having earlier posted gains of more than 20%.

Below, we take a look at the ASX resource explorer's latest drill results that appear to be driving investor interest.

What drill results were announced?

Coda Minerals' share price is surging after the company reported promising results from its ongoing drilling program at Emmie Bluff Deeps, located in South Australia.

According to the release, new data from visual logging of core from the exploration campaign, conducted along with Coda's joint venture partner Torrens Mining Ltd (ASX: TRN), has "significantly increased the interpreted scale of the copper-bearing mineralisation" at the project.

(The Torrens share price is up 10% at this same time.)

Coda said it has now intersected iron oxide copper gold ore (IOCG) style mineralisation over a significant area at Emmie Bluff Deeps. Its exploration model continues to evolve as new results come in.

One of the recent holes highlighted by the company encountered 67 metres of mineralisation over 2 vertically stacked lodes, including:

  • 27 metres of bornite-chalcocite-covellite mineralisation from 803 metres down hole in the upper lode immediately adjacent to a significant fault zone
  • 40 metres of blebby chalcopyrite dominated mineralisation (with trace disseminated bornite) from 913 metres down hole

Commenting on the drill results, Coda CEO Chris Stevens said:

These new results substantially increase the mineralised footprint of the system and show that there is a significant amount of copper present. We are also seeing increased thicknesses of potentially economic mineralisation and, importantly, the presence of a higher grade bornite core.

We are particularly encouraged by the intensity of alteration and abundance of sulphides which are being reported by our field team, as well as the fact that we are seeing far greater lateral extensions to the mineralisation than we have seen before.

There are 2 drill rigs on the site digging wedge holes to follow up on recent promising drill holes.

"Our task now is to continue to test the areas of open mineralisation as we seek to extend the copper-rich bornite zones and to further test areas for vertical extension and additional stacked lodes," Stevens said.

Coda Minerals share price snapshot

The Coda Minerals share price is up a stellar 226% year to date, well outpacing the ~8% gain posted by the All Ordinaries Index (ASX: XAO) so far in 2021.

Over the past month, Coda's shares are up 0.48%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

A boy stands firm on a rocky cliff holding a rocket in each hand and looking up toward the sky, anticipating flying into space.
Resources Shares

Up 864% in a year, how this ASX mining stock is primed to keep rocketing in 2025

The ASX mining stock looks to be in a sweet spot amid export bans from China and Russia.

Read more »

Miner looking at a tablet.
Resources Shares

2 small-cap ASX mining shares exploding 40%+ on China tariff news

Investors are sending the small-cap ASX mining shares flying higher on Wednesday.

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Resources Shares

Why are ASX mining shares falling this week?

The tumultuous start to the week for mining shares could be a sign of things to come. 

Read more »

Three miners looking at a tablet.
Resources Shares

Did you catch what happened with the BHP share price in January?

BHP shares saw plenty of trading action in January.

Read more »

Man standing in a mine with mining vehicles.
Resources Shares

Sayona Mining share price charging higher on 33% revenue boost

ASX investors are reacting very positively to Sayona Mining’s December results.

Read more »

A happy construction worker or miner holds a fistfull of Australian money, indicating a dividends windfall
Resources Shares

How does the Fortescue dividend yield compare to other ASX mining shares?

Fortescue typically pays excellent dividend yields, but can it do so again in 2025?

Read more »

Miner looking at a tablet.
Resources Shares

Forget gold! Why this soaring ASX silver share is still trading at 'good value' today

A leading expert has a bullish outlook on this rocketing ASX silver miner.

Read more »

Female miner in hard hat and safety vest on laptop with mining drill in background.
Resources Shares

As Lynas shares fall another 5% in 2025, what should investors do?

Let's see what the experts think.

Read more »