TIDMCOBR
RNS Number : 8987M
Cobra Resources PLC
14 May 2020
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For immediate release
14 May 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Update - Successful Completion of Stage 2
Cobra is an exploration and mining company which today announces
an update on exploration and evaluation of the Wudinna Gold
Project.
The Wudinna Project (the Project) contains a JORC gold resource
estimate of 211,000 ounces and is located on the Eyre Peninsula in
the Central Gawler Gold Province, a 450-kilometre-long arcuate belt
in South Australia which contains numerous mineral occurrences.
Highlights:
-- Stage 2 sampling programme confirms presence of elevated /
anomalous pathfinder elements indicating the potential for
significant resource extensions, particularly at Baggy Green.
-- A regional scale interpretation of aeromagnetic data has
demonstrated a significant relationship between these structures,
pathfinder elements and gold mineralisation.
-- Two new high priority targets have been identified from
structural interpretation where major structures, already
associated with mineralisation, intersect.
-- The newly named Grace prospect, east of Clarke prospect has
returned highly anomalous Molybdenum assays, typically associated
with Iron-Oxide-Copper-Gold (IOCG) mineralisation.
Background
The Wudinna Mineral Resource estimate, as at March 2019, for the
Barns, White Tank and Baggy Green deposits is shown below. This has
been classified and reported in accordance with the guidelines of
the JORC(2012) Code. The Mineral Resources have been reported above
a 0.5 g/t gold cut-off grade to reflect current commodity prices
and extraction by open pit mining.
Deposit Classification Tonnes Grade (g/t Gold ounces
(x1,000) gold)
Barns Indicated 410 1.4 18,000
Inferred 1,710 1.5 86,000
------------------------------ ---------- ----------- ------------
Total 2,210 1.5 104,000
------------------------------ ---------- ----------- ------------
White Tank Inferred 280 1.4 13,000
---------------- ---------- ----------- ------------
Baggy Green Inferred 2,030 1.4 94,000
---------------- ---------- ----------- ------------
Total 4,430 1.5 211,000
---------- ----------- ------------
The Company is earning a 75% interest in the Project by spending
A$5 million over a 6-year period.
In November 2019 the Company announced a three-stage geochemical
(soil) sampling programme with the aim of improving the definition
of gold targets at Wudinna prior to drilling.
These stages include:
Stage 1. Calibration program - Establish new geochemical
relationships that provide improved pathfinders to high grade Gold
mineralisation.
Stage 2. Brownfields / Extensions - Use Stage 1 learnings to
identify priority drill targets to extend mineralisation at Barns,
Baggy Green or White Tank.
Stage 3. Greenfields Targets - Apply results from Stages 1 &
2 to define high priority drilling targets for new Gold and Copper
discoveries at Wudinna.
Stage 2 results:
The Stage 2 soil sampling programme was completed on schedule on
the 28(th) March with 654 samples being sent to ALS laboratories in
Adelaide. The programme saw the collection of 104 new samples at
the Barns prospect - Southern Extension; Baggy Green - South; Baggy
Green South East; and the Clarke prospect, as well as 550 re-assays
of previous samples.
The work programme also included a regional scale interpretation
of the Newcrest Aeromagnetic data and a mineral component analysis
of all Stage 2 soil samples.
From these analyses the following results are evident:
-- A significant number of results with elevated or anomalous
pathfinder elements (Te, W, Bi, Mo) were returned at Baggy Green
North and Grace prospects
-- The Baggy Green North results provide significantly increased
confidence that the existing resource may extend between 800m to
1.2km to the north, potentially tripling the existing strike
length.
-- The Clarke and Barns projects show highly anomalous gold
values, but less pathfinders due to deeper sand cover or more
extensive calcrete
-- A regional scale interpretation of aeromagnetic data has
demonstrated a significant relationship between regional scale
structures, pathfinder elements and gold mineralisation, confirming
that gold mineralisation is structurally controlled.
-- Gold mineralisation in structurally hosted orogenic gold
deposits, such as Wudinna, is typically hosted in adjacent
secondary structures or bends, disruptions, or jogs in the major
structure.
-- The structural interpretation has also identified two new
high priority targets where major structures, already associated
with mineralisation, intersect.
-- The Grace prospect has demonstrated highly anomalous level of
Molybdenum, which requires further investigation, but this is a
known association of IOCG (Olympic Dam-style) mineralisation.
-- Re-assaying historic RAB drilling will provide a means of
identifying further pathfinder anomalies at Barns - Southern Zone,
Clarke and at Benaud where deeper sand cover (3m+) has prevented
effective sampling.
A presentation with further detail is available on the company's
website www.cobraplc.com .
ADI Funding
-- The Company has yet to be notified in relation to its
second-round proposal for co-funding of an exploration programme
targeting large scale IOCG (Olympic Dam-style) mineralisation under
the Department of Mining and Energy's Advanced Discovery
Initiative.
Craig Moulton, Managing Director of Cobra commented:
"The Stage 2 results have confirmed the significant potential we
see at the Wudinna gold project. The pathfinder analysis is
delivering results, and in combination with structural analysis we
are excited to have added two new potential targets. This approach
is adding significant value to the exploration programme, ahead of
commencing the Stage 3 programme and our drilling programme in the
second half of the year.
Regionally we have seen a lot of activity in the Gawler from our
neighbours, with Barton Gold reportedly planning to reopen Tunkilla
and Alliance Resources (ASX:AGS) announcing some impressive grades
at Weednanna, all of which further highlights the potential of this
region as a potentially significant gold producing terrane."
Competent Person Statement - Technical
Technical information in this announcement has been reviewed by
Craig Moulton, the Company's Managing Director. Craig has 27 years'
experience in the industry, having worked for Rio Tinto, Cleveland
Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral
Economist. Craig holds a BSc Hons (Geology), MSc (Min Econs),
MAusIMM, FGS.
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
Craig Moulton +61 (0) 40 6932187
Cobra Resources plc Daniel Maling (UK) +44 (0) 758 003 2520
SI Capital Limited Nick Emerson
(Joint Broker) Sam Lomanto +44 (0) 14 8341 3500
-------------------- ------------------------
Peterhouse Capital Limited Duncan Vasey
(Joint Broker) Lucy Williams +44 (0) 20 7469 0932
-------------------- ------------------------
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END
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