Titanium Discovery at CODA North Boosts Enova’s Multi-Commodity Risk Profile

A Major Titanium Discovery at CODA North

Enova Mining Limited (ASX: ENV) has announced a significant advancement in its exploration program at the CODA North project in Minas Gerais, Brazil. The company revealed outstanding drill results with multiple intercepts exceeding 15% titanium dioxide (TiO2), a grade considered high for titanium mineralisation. These findings not only add substantial value to the project's rare earth element (REE) potential but also underscore CODA North’s promise as a multi-commodity resource.

With a total of 3,101 meters drilled through both reverse circulation (RC) and diamond drilling methods, Enova has established continuity in mineralisation across the Patos Formation. The drilling campaign has delivered consistent high-grade TiO2 intercepts, including standout results such as 54 meters at 9.03% TiO2 with 16 meters at 16.1% TiO2 from surface, and 48 meters at 12.1% TiO2 including 14 meters at 19.2% TiO2. These grades are complemented by significant REE mineralisation, reinforcing the co-mineralisation potential.

Multi-Commodity Potential and Strategic Implications

CEO Eric Vesel emphasised the strategic importance of these results, noting the discovery of significant titanium alongside rare earths, scandium, and niobium. This co-mineralisation opens avenues for by-product credits that could enhance the economics of any future mining operation. The positive correlation between TiO2 and total rare earth oxide (TREO) concentrations, with an R-squared of 0.59, suggests that titanium enrichment is closely associated with REE mineralisation zones, particularly within the 1,000 to 3,000 ppm TREO range.

The CODA North tenements, covering over 3,500 hectares, lie within a geologically prospective setting characterized by the Upper Cretaceous Patos Formation, dominated by alkaline-ultramafic kamafugite rocks. The weathering and saprolitisation processes have enriched these rocks with REEs and titanium, creating a favourable environment for clay-hosted REE deposits with titanium co-mineralisation.

Industrial Relevance and Market Outlook

Titanium’s industrial applications are diverse and growing, spanning aerospace, automotive, medical implants, and pigments. Titanium dioxide, in particular, is a critical pigment with a global market valued at over USD 20 billion in 2023 and expected to grow at a CAGR of 6.2% through 2032. Enova’s discovery positions CODA North to potentially supply both titanium and rare earths, commodities that are strategically important for sustainable technologies and supply chain diversification away from dominant producers.

Enova’s exploration strategy is cost-efficient and leverages a skilled local Brazilian technical team, ensuring high-quality data and operational excellence. The company is progressing with metallurgical test work to assess the feasibility of extracting titanium as a by-product, alongside advancing resource modelling and further drilling to upgrade resource confidence.

Next Steps and Broader Project Potential

Beyond CODA North, Enova is actively exploring adjacent tenements including CODA Central, East, XN, XS, and South, which hold additional high-grade REE and lithium targets. The company’s broader portfolio in Brazil’s Lithium Valley complements its rare earth ambitions, reflecting a diversified approach to critical metals exploration.

Enova’s management team brings proven experience in project development and rare earth supply chains, including refining and technical separation expertise. This network could facilitate strategic partnerships and market entry, particularly in light of global efforts to secure critical mineral supplies.

While the current results are promising, Enova cautions that the project remains at an exploration stage, with further evaluation required to confirm economic viability. Nonetheless, the titanium breakthrough at CODA North marks a pivotal milestone, enhancing the project’s value proposition and positioning Enova as a notable player in the critical minerals sector.