Enova Mining's CODA North Project Shows Strong Growth Potential
ENV (ENV) Share Update September 2024 Monday 23rd
Enova Mining Announces Major Progress at CODA North
Enova Mining Limited (ASX: ENV) has announced significant progress in its drilling campaign at CODA North, revealing high-grade rare earth element (REE) mineralization that underscores the project's substantial growth potential.
Instant Summary:
- 21 diamond drill holes and 32 reverse circulation holes completed.
- High-grade assays include 20m @ 3,476 ppm TREO and 19m @ 3,281 ppm TREO.
- Over 1,500 samples undergoing assay analysis.
- Wide distribution of high-grade intercepts suggests extensive mineralization.
- Positive results support future exploration and development plans.
Drilling Campaign Overview
Since the commencement of the drilling campaign, Enova Mining has successfully completed 21 diamond drill (DD) holes totaling 1,107 meters and 32 reverse circulation (RC) holes totaling 1,445 meters. Over 1,500 samples are currently undergoing assay analysis at the SGS Geosol laboratory in Vespasiano, Minas Gerais, Brazil.
Significant Total Rare Earth Oxide (TREO) results include:
- 20.4m @ 1,648 ppm TREO and NdPr Ratio 19.6% in drill hole CDN-DD-0001
- 42m @ 2,407 ppm TREO and NdPr Ratio 22.4% in drill hole CDN-DD-0003, including 20m @ 3,476 ppm TREO and NdPr Ratio 23.2%
- 58m @ 2,003 ppm TREO and NdPr Ratio 21.3% in drill hole CDN-DD-0004, including 21m @ 2,601 ppm TREO and NdPr Ratio 21.9% and 11m @ 2,302 ppm TREO and NdPr Ratio 21.7%
- 43m @ 2,051 ppm TREO and NdPr Ratio 22.6% in drill hole CDN-RC-0003, including 28m @ 2,426 ppm TREO and NdPr Ratio 23.2%
- 7m @ 2,665 ppm TREO and NdPr Ratio 21.5% in drill hole CDN-RC-0004, including 5m @ 3,135 ppm TREO and NdPr Ratio 21.6%
- 52m @ 2,286 ppm TREO and NdPr Ratio 21.8% in drill hole CDN-RC-0005, including 19m @ 3,281 ppm TREO and NdPr Ratio 22.1%
Significance of Findings
The highest REE assay intervals to date include 20m @ 3,476 ppm TREO in drill hole CDN-DD-0003 and 19m @ 3,281 ppm TREO in drill hole CDN-RC-0005. These results demonstrate that high-grade mineralization spans the tenement area, suggesting that the mineralization extends across a larger area, boosting project scalability.
The current announcement covers data for six additional drill holes, with ongoing evaluations expected to reveal further resource potential. Positive assay results strengthen confidence in the geological continuity, supporting future exploration, resource classification, and development plans.
CEO's Comments
Enova CEO Eric Vesel commented, 'Our recent drilling results at CODA North again reinforce our belief in the project's exceptional potential. The mineralized zone thickness and high-grade REE intercepts we've encountered not only validate our exploration strategy but also highlight the significant resource potential across the tenement area.'
The high-grade drilling results at CODA North are likely to have a positive impact on Enova Mining's stock as they demonstrate the project's strong potential. The confirmation of extensive mineralization could attract investor interest and support the company's future exploration and development plans.
Investor Reaction:
Analysts are expected to react positively to the high-grade drilling results, as they indicate a significant resource potential at CODA North. The wide distribution of high-grade intercepts suggests that the project could scale up, which is likely to boost investor confidence.
Conclusion:
Investors should keep an eye on further announcements from Enova Mining as the company continues its exploration efforts at CODA North. The high-grade drilling results reinforce the project's strong potential and could lead to significant resource expansion and long-term economic extraction opportunities.