Torrens Mining Ltd’s (ASX:TRN) shares more than doubled after joint venture partner Coda Minerals Ltd (ASX:COD) intersected thick zones of IOCG mineralisation at Emmie Bluff Deeps within the Elizabeth Creek Copper Project in South Australia.
The JV partner for the project, in which where Torrens has a 30% interest, has provided an update on exploration drill testing of IOCG targets with drill core to be processed and assayed as soon as practicable.
IOCG deposits of this type in the immediate region include BHP Group Ltd’s (ASX:BHP) Oak Dam West discovery and OZ Minerals Ltd (ASX:OZL) Carrapateena mines.
The news was cheered by investors pushing Torrens shares more than 117% higher to 31.5 cents before closing at 30 cents on volume of more than 33 million.
Coda is preparing to mobilise an additional diamond rig to follow up on these results.
“Encouraging mineralisation”
Torrens’ managing director Steve Shedden said: “The deep IOCG diamond drill hole DD21EB0018 has intersected very encouraging copper sulphide mineralisation.
“This is an excellent result for the first joint venture drill hole to test the IOCG mineralised system and, against a background of steadily rising copper prices, is most heartening.
“Torrens shares Coda’s enthusiasm for these results and highly anticipates the assay results.
“We look forward to more positive developments at the Elizabeth Creek Project, which the JV is energetically pursuing.”
Emmie Bluff Deeps
Emmie Bluff Deeps is a geophysically targeted IOCG prospect, which forms part of the Elizabeth Creek Project in the heart of the Olympic Copper Province in South Australia.
Coda is the operator and majority owner of the project, holding a 70% interest alongside Torrens.
Elizabeth Creek Project encompasses two priority targets - the Emmie Bluff Copper-Cobalt Deposit and The Emmie Bluff IOCG Deeps.
Coda is also drilling the overlying copper-cobalt deposit with the expectation of delivering a maiden resource in the third quarter of this year.
Emmie Bluff Deeps has been known for some time as a potential IOCG prospect, with historical drilling in the area dating back to at least 1980.
Typical of IOCG targets
With the assistance of Perth-based geophysical consultants Resource Potentials, hole DD21EB0018 was designed to target an area of high gravity anomalism associated with low magnetic anomalism.
This hole encountered a 200-metre sequence of intense haematisation and alteration, including a 50-metre sequence of zoned copper sulphide mineralisation, consisting of chalcocite, chalcopyrite and bornite zones.
The host-rock alteration assemblage encountered includes chlorite, baryte, sericite and potassium feldspar, all typical of IOCG deposits in the region.
Portable XRF readings have confirmed the presence of copper, as well as highly elevated levels of pathfinder elements such as lanthanum, cerium, cobalt and molybdenum.
According to Coda, the drill core will be processed and assayed as soon as practicable.