Enova Mining Ltd (ASX: $ENV) announces commitment to acquire CODA project tenements

Enova Mining Ltd (ASX: $ENV) has confirmed its commitment to proceed with the acquisition of the CODA project tenements. The due diligence program on the CODA tenements has de-risked the project opportunity and provided positive guidance to the Board, leading to the decision to exercise the Option Agreement and proceed with the acquisition of the CODA Project. The study included geological field investigations, sighting of historical drill collars, research of available data, and checks regarding the status/ownership of tenements.

Executive Commentary on CODA Project Acquisition

The due diligence program on the CODA tenements has confirmed the regional prospectivity of the CODA tenements, observing the presence of important geological features that correlate with mineralized high-grade surface/near surface rare earth element (REE) zones identified from historical drilling information. The initial review of CODA suggests the ore is amenable to Ionic Clay Extraction. Enova is in discussions with leading rare earth technology companies and will explore conventional and non-conventional proprietary technology to extract maximum value. The CODA project tenements include extensive historical drilling with continuous geological/mineralized structures that could support a district-sized IAC REE system across all tenements. Enova Directors confirm the CODA land package to be highly prospective and of exceptional exploration value, providing a sound basis to expand the company's operations in a positive mining business environment like Minas Gerais, Brazil.

Summary of Enova's Acquisition of CODA Tenements

Enova Mining Ltd (ASX: $ENV) has announced its commitment to proceed with the acquisition of the highly prospective CODA project tenements. The due diligence program has de-risked the project opportunity and provided positive guidance to the Board, leading to the decision to exercise the Option Agreement and proceed with the acquisition of the CODA Project. The CODA tenements have been confirmed to be highly prospective, with extensive historical drilling and continuous geological/mineralized structures that could support a district-sized IAC REE system across all tenements. Enova is fully funded to carry out phase 1 drilling and will promptly commence resource delineation drilling and nearby exploration drilling to determine the extent of the identified mineralized zones. The company's commitment to the development of the Charley Creek rare earth project continues, and it remains open to reviewing further projects and business opportunities as they arise.