Heres the problem. In the announcement they failed to put MGD 69...

Heres the problem. In the announcement they failed to put MGD 69 in the announcement.

A screenshot from SARIG showing historical drillholes over the Gravity 1VD. Coda's latest drillhole is not shown here but its pretty much directly west of MGD55/SAE3.



Compare this to Coda's picture (note that this picture is overlain on the Gravity HP5000, so the values cant be compared). Note those two drillholes directly east of DD21EB0018 is MGD55/SAE3.


Its not there!

You can see more about MGD 69 here: (https://minerals.sarig.sa.gov.au/Details.aspx?DRILLHOLE_NO=340224)
Part of the summary of the drillhole is listed below:
"It is generally these breccia zones which contains the better mineralisation, which is again the case in MGD69, with a zone 946-958m (12m @ 0.39%Cu; includes 2m @ 0.97%Cu) comprising of black to steely hematite ±magnetite and chlorite with disseminated to blebby and vein chalcopyrite-pyrite (also sparse bornite) in the lower 10 metres of the iron-oxide horizon (refer Figure 10). The Fe oxide alteration is also probably at its most intense, with almost total replacement/infill with steely hematite. A second (or upper) zone showed some gold enrichment within the iron-oxide horizon, perhaps related to paleo-topography and enrichment which returned 12m @ 0.24g/tAu from 908m. "

Now this is only 12m of alteration, and its also ~850m away, but they logged bornite. And when COD notes the lack of bornite in MGD55, I feel the implication that DD21EB0018 has bornite is supposed to be positive. But bornite has been logged in MGD69!

So with the knowledge that MGD69 exists you have the following situation
- MGD 55 is to the east of DD21EB0018 by ~500m with 80m at 0.4% Cu
- MGD 69 is to the NW of DD21EB0018 by ~850m with 12m at 0.39% Cu
So basically COD have to hope that
a) The grades at DD21EB0018 are incredible
b) The mineralisation holds for a few 100m to the NW/NE/E to create a sizeable resource before it decreases in thickness at MGD69/55.

This can definitely happen. But beware the risks.