The
Coda Minerals Ltd (ASX: COD) share price went gangbusters today. At close of trade, shares in the mineral explorer are sitting at $1.19 each. That’s an incredible 235.21% higher than yesterday’s closing price.
This monumental price rise comes after the company announced a “significant” iron oxide copper-gold (IOCG) result at its South Australian mine. IOCG ore can contain large amounts of copper, gold, and sometimes uranium.
Let’s take a closer look at today’s news.
Why the Coda Minerals share price struck proverbial gold
In a statement to the ASX, Coda Minerals, along with its 30% ownership partner
Torrens Mining Ltd (ASX: TRN) – also up an impressive 106% today, declared “highly encouraging” preliminary results at Emmie Bluffs Deep in its Elizabeth Creek project in SA.