Key Highlights

  • Six-bore hydrogeological program completed at Elizabeth Creek, establishing three production bores and three monitoring bores
  • Drill rig to shift immediately to Oakden for a six-hole RC program targeting shallow copper mineralisation
  • Pump testing of newly constructed bores to commence following onsite earthworks, delivering critical data for mine dewatering and environmental approvals
  • Hydrogeological data will feed the regional model supporting Elizabeth Creek's Mining Lease Application and PFS

Groundwater Work Clears a Critical Milestone

Coda Minerals Limited (ASX:COD) has completed the hydrogeological component of its technical program at the Elizabeth Creek Copper-Silver Project in South Australia, closing out a programme that was essential for both environmental approvals and mining engineering studies. The six-bore program — comprising three production bores and three monitoring bores across the Windabout and Emmie Bluff prospects — delivers the groundwater infrastructure needed for the next phase of permitting and prefeasibility work.

The total program encompassed 1,378 metres of drilling across six drillholes, with monitoring bores accounting for 764 metres and production bores for 614 metres. All six bores were completed and constructed as designed, according to CEO Chris Stevens, who framed the outcome as foundational to mine design and environmental approvals.

Why Groundwater Data Matters Here

Understanding hydrogeological conditions is not a procedural formality at Elizabeth Creek — it directly shapes the technical and economic viability of mining. The Emmie Bluff underground prospect and the Windabout open-pit prospect both require detailed knowledge of groundwater inflows and pressures to design effective dewatering systems, determine water Supply for future processing operations, and satisfy regulatory requirements under the project's Mining Lease Application.

The pump testing phase, which will follow completion of onsite earthworks, will extract water from each of the three production bores for up to 48 hours at a time, with groundwater responses recorded via the monitoring bores. Stevens described this as the step that will "provide the data needed to plan mine dewatering, assess water supply and support the PFS and approvals process."

The data from pump testing feeds into a regional hydrogeological model Coda is constructing to support the Mining Lease Application and the project's environmental approvals pathway. Surveys conducted to date have not identified any groundwater-dependent ecosystems at Elizabeth Creek, which removes one potential complication from the approvals process.

Drill Rig Pivots to Oakden Exploration

With the hydrogeological work concluded, Coda's drill rig is moving to the Oakden prospect for a focused, low-cost exploration program. A six-hole RC program is planned to test shallow copper mineralisation intersected in historical drilling — Coda's first objective being to verify that historical result and determine whether mineralisation extends beyond the original intersection.

Stevens outlined the strategic rationale: positive results at Oakden could establish whether the prospect is capable of contributing early, near-surface feed to the Elizabeth Creek processing operation. This potential satellite feed is commercially attractive because it would not require major Capital Investment to bring into production if the shallow mineralisation proves to be sufficiently thick and grade-consistent.

The Oakden mineralisation sits within the same geological context as the MG14 and Windabout prospects — shallow copper occurrences of the same style that have already been defined at Elizabeth Creek. The geological analogy supports the exploration case, though the historical data remains limited.

Pre-Feasibility Study on Track

Elizabeth Creek's Pre-Feasibility Study is progressing alongside the technical fieldwork, with the hydrogeological data now feeding into dewatering and depressurisation parameters within the study. The combination of the PFS, the Mining Lease Application, and the environmental approvals pathway represents a significant amount of concurrent technical work, and the completion of the hydrogeological program removes one of the key outstanding data gaps.

Risks

Elizabeth Creek is a copper-silver project at a point in the development cycle where technical and regulatory milestones are frequent but outcomes are not guaranteed. Pump testing may reveal groundwater conditions more complex or costly to manage than current models suggest, which could affect mine design economics. Oakden exploration is speculative until results are in hand, and historical single intersections carry significant geological risk if shallow mineralisation is not consistent. South Australian environmental approvals can be time-consuming and subject to conditions that affect project scope.

What to Watch Next

Pump test results from the Elizabeth Creek hydrogeological bores will be a key technical release. Exploration assays from the Oakden RC program, expected in the near term following the drill rig's arrival at site, will determine whether a new ore source can be added to the Elizabeth Creek development equation. Progress on the PFS and any update to the project's permitting timeline will also be closely watched.

Sector Context

The copper market outlook remains constructive, supported by long-run Demand from electrification and data centre infrastructure. South Australian copper projects have historically attracted institutional interest given the state's established mining regulatory framework and infrastructure links. Elizabeth Creek's combination of an open-pit and underground development scenario, with potential for satellite feed, positions it within a development template that has been successfully executed elsewhere in the state.