Key Highlights

•  Coda is moving its rig to Oakden after finishing a hydrogeological drilling programme at the Elizabeth Creek Copper-Silver Project.

•  RC drilling will test whether a historical copper intersection at Oakden can be verified and extended, about 15km south-southwest of the MG14 resource.

•  Phase 2 work depends on Phase 1 results, and pump testing at Windabout and Emmie Bluff is expected later in 2026.

Coda Minerals (ASX:COD) is moving its drill rig to the Oakden copper prospect in South Australia after finishing a hydrogeological drilling programme at its Elizabeth Creek Copper-Silver Project. The company will use reverse circulation (RC) drilling to test whether a historical copper intersection at Oakden can be verified and extended.

Oakden lies about 15km south-southwest of the MG14 mineral resource, at Elizabeth Creek, a project Coda owns 100%.

The historical intercept being tested

The target is historical hole OK36, which reportedly returned 3m at 1.15% copper from 39m. The intersection sits in shallow black shale of the Tapley Hill Formation, a unit Coda also references in its Emmie Bluff drilling.

Coda has been careful to note that the historical result lacks detailed assay and quality assurance and quality control (QA/QC) information. Verifying that result is therefore the first goal of the new drilling.

"The rig will now move directly to Oakden for a focused, low-cost test," CEO Chris Stevens said. He added that the first objective is to verify the result and establish whether mineralisation extends beyond the original intersection.

Planned drilling

Phase 1 consists of five to six shallow RC holes totalling roughly 300m to 400m, designed to test continuity over roughly 50m to 200m. If results warrant it, a Phase 2 programme of 12 to 22 holes would test the broader corridor.

Because the historical intercept is only 3m long and its data quality is uncertain, the outcome is open. A failure to reproduce the grade, or evidence that it is isolated, would limit Oakden's significance. Conversely, confirmation of shallow mineralisation could add a new exploration area close to existing resources.

Hydrogeology work completed

The rig move follows completion of six water bores totalling 1,378m at the Windabout and Emmie Bluff prospects. These comprised 764m of monitoring bores and 614m of production bores.

Pump testing is scheduled for later in 2026, after onsite earthworks including "turkey's nest" dams to manage saline runoff. Data from the testing will feed into a regional hydrogeological model supporting the company's mining lease application and its ongoing Prefeasibility Study (PFS).

Water supply and management are important inputs for any mine plan in arid South Australia, so this work underpins the development case for the project's existing deposits rather than exploration growth.

One monitoring bore, MB26EB0001, did not intersect the Tapley Hill Formation black shale. Coda said the hole was drilled well outside the Emmie Bluff mineral resource outline and does not affect the resource estimate.

Why it matters

Coda is pursuing two tracks at once: advancing studies and permitting for known deposits, and testing nearby targets that could add to the resource base. The Oakden programme is small and relatively inexpensive, which keeps the exploration cost of testing an unverified historical result limited. If Oakden proves to host shallow copper, its proximity to MG14 could be relevant to future planning, although that remains largely speculative.

The announcement did not include the size or grade of the MG14 or Emmie Bluff resources, nor details of the company's funding position. The PFS is still in progress, and no development decision has been made. A mining lease application also remains subject to regulatory assessment, and its timing is not set out in the material reviewed.

Next steps

Drilling at Oakden is set to proceed with the Phase 1 holes, with any Phase 2 work dependent on those results. Pump testing at Windabout and Emmie Bluff is expected later in 2026, with the hydrogeological data to support both the PFS and the mining lease application. Assay timing for Oakden was not stated, but results will indicate whether the prospect earns a larger follow-up programme.