TIDMCOBR
RNS Number : 8021J
Cobra Resources PLC
24 December 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
24 December 2020
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update:
Baggy Green Gold Deposit Assay Results
Cobra, the gold exploration and mining company focused on the
Wudinna Gold Project in South Australia, is pleased to announce
significant gold intercepts at the Baggy Green deposit. The Baggy
Green JORC resource is currently estimated at 94,000 oz and occurs
as two deposits as shown in Figure 2 of the accompanying pdf
version only . 13 holes were drilled to the north and south of, and
in between, the existing JORC resource zones, with a further six
exploration holes targeting new mineralisation.
Highlights from the Baggy Green gold intercepts include:
-- 9m at 1.07 g/t to the north of the southern JORC resource zone
-- 1m at 3.73 g/t in an exploration hole approximately 300m to the north of the northern JORC resource zone
-- Two thick low-grade intercepts of 13m at 0.33 g/t and 10m at 0.29 g/t both to the south of the southern JORC
resource zone
A full summary of significant gold intercepts from Baggy Green
follows below. These results are associated with the 19 reverse
circulation (RC) holes (totalling 2,504m) which were drilled during
the Company's recent drilling programme. Generally, holes were
spaced at approximately 50m east-west and 200m north-south in an
aim to establish the orientation of the mineralisation and any
potential extensions or connections. A plan showing hole collar
location is also shown in Figure 2 and drillhole traces in Figure 3
in the accompanying PDF version only.
Summary of significant gold intercepts
Hole ID From (m) To (m) Interval Gold (g/t) Silver
(m) (g/t)
CBRC0001 57 59 2 1.05 0.07
--------- ------- --------- ----------- -------
Incl. 57 58 1 1.41 0.06
--------- ------- --------- ----------- -------
CBRC0002 62 65 3 0.47 0.26
--------- ------- --------- ----------- -------
CBRC0003 48 50 2 0.74 0.20
--------- ------- --------- ----------- -------
incl. 48 49 1 1.19 0.22
--------- ------- --------- ----------- -------
CBRC0003 103 105 2 0.46 0.75
--------- ------- --------- ----------- -------
CBRC0012 23 24 1 0.72 0.02
--------- ------- --------- ----------- -------
and 48 49 1 0.78 0.06
--------- ------- --------- ----------- -------
CBRC0014 44 45 1 1.06 0.08
--------- ------- --------- ----------- -------
CBRC0015 45 58 13 0.33 0.05
--------- ------- --------- ----------- -------
CBRC0015 82 83 1 1.30 0.24
--------- ------- --------- ----------- -------
CBRC0016 56 57 1 0.85 1.08
--------- ------- --------- ----------- -------
CBRC0018 83 92 9 1.07 1.19
--------- ------- --------- ----------- -------
Incl. 84 85 1 1.15 1.35
--------- ------- --------- ----------- -------
and 90 92 2 2.63 2.57
--------- ------- --------- ----------- -------
CBRC0018 105 107 2 0.91 0.41
--------- ------- --------- ----------- -------
Incl. 105 106 1 1.39 0.50
--------- ------- --------- ----------- -------
CBRC0019 48 58 10 0.29 0.11
--------- ------- --------- ----------- -------
Incl. 56 58 2 0.60 0.12
--------- ------- --------- ----------- -------
CBRC0020 62 63 1 3.73 0.17
--------- ------- --------- ----------- -------
CRBC0022 49 51 2 0.47 0.03
--------- ------- --------- ----------- -------
These Baggy Green assay results, together with the Clarke assay
results announced on 3 December 2020, represent approximately half
of the total assay results awaited from the programme. The Company
continues to await assay results from drilling at the Barns and
White Tank deposits which are now expected to be announced in
January 2021.
Craig Moulton, Director of Cobra, commented:
"We are currently focused on the geochemical and structural
interpretation of these results, and expect that, when combined
with the borehole wireline logging data, they will provide a strong
indication on the orientation of the mineralisation at Baggy Green.
This has positive implications for defining further extensions to
the resource. It is encouraging to see relatively thick low-grade
intercepts to the south of the existing JORC resource as well as a
high-grade intercept well to the north. We now eagerly await the
remaining assays at Barns. "
A PDF version of the announcement, inclusive of images, can be
accessed via the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8021J_1-2020-12-24.pdf
End
Enquiries:
Cobra Resources plc
Craig Moulton (Australia)
Dan Maling (UK) +44 (0)20 7390 0234
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413 500
Peterhouse Capital Limited (Joint Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Communications (Financial Public Relations)
Ben Simons
Simon Woods +44 (0)20 7390 0234
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton
which is home to some of the largest IOCG discoveries in Australia
including Olympic Dam, as well as Prominent Hill and Carrapateena.
Cobra's Wudinna tenements contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to nearby
infrastructure. In total Cobra has over 22 orogenic gold prospects,
with grades of between 16g/t up to 37.4g/t outside of the current
211,000 oz JORC resource, as well as one copper-gold prospect, and
four IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,928 km 2
land holding in the Gawler Craton. The Wudinna Gold Project within
the Joint Venture tenement holding comprises a cluster of gold
prospects which includes the Barns, White Tank and Baggy Green
deposits.
Figure 1: Wudinna Gold Project location plan
[PDF Version Only]
The Central Gawler Gold Province is a belt of gold-dominant
mineralisation which formed approximately 1,590 million years ago
during the regionally extensive Hiltaba/GRV tectonothermal event.
Gold mineralisation at the Barns, White Tank and Baggy Green
deposits is hosted by variably deformed granodiorite/gneiss
interpreted to belong to the Tunkillia Suite, a group of 1,690 Ma
granitoids that form important host rocks in the Central Gawler
Gold Province. The PDF version includes a map with Figure 1.
Current Wudinna Gold Camp Mineral Resource
Deposit Classification Mt Grade (g/t Gold ounces
Au)
Barns Indicated 0.41 1.4 18,000
Inferred 1.71 1.5 86,000
------------------------------ ----- ----------- ------------
Total 2.12 1.5 104,000
------------------------------ ----- ----------- ------------
White Tank Inferred 0.28 1.4 13,000
---------------- ----- ----------- ------------
Baggy Green Inferred 2.03 1.4 94,000
---------------- ----- ----------- ------------
Total 4.43 1.5 211,000
----- ----------- ------------
Note: Inconsistencies in totals due to rounding
Competent Person Statement
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 information is
Craig Moulton, the Company's Managing Director.
Appendix 1: JORC Code Data (PDF Version Only)
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