TIDMCOBR
RNS Number : 1964U
Cobra Resources PLC
01 April 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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.
1 April 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update:
2021 Work Programme
&
Directorate Change
Cobra, the gold explorer focused on the Wudinna Gold Project in
South Australia, is pleased to provide an update on its intended
work programme for 2021 following the completion of the analysis of
data acquired from the 6,090 metres of Reverse Circulation drilling
undertaken between September and November 2020 (the "2020 Work
Programme").
Significantly, the 2020 Work Programme successfully identified a
strike extension of mineralisation at the Clarke prospect, with an
intersection in Hole CBRC009 of 31 metres at 3.06 g/t of gold
(including 15 metres at 5.2 g/t).
The 2020 Work Programme has provided further data on the
orientation and continuity of the mineralisation at Clarke and
Baggy Green, leading to a new model and a revised structural
interpretation. Important outcomes of this revised structural
interpretation are that:
-- the mineralisation is now thought likely to persist downdip
to depths not previously drilled; and
-- the mineralisation is now thought likely to persist along
strike into areas not previously drilled or geochemically
sampled.
In line with the Board's strategy to deliver incremental
resource expansion, this year's work programme will focus on
drilling for further strike extensions to the Clarke mineralised
trend sufficient to deliver an initial Mineral Resource for this
prospect, as well as drilling strike extensions of existing Mineral
Resources at Baggy Green.
The Company is presently finalising a work programme which will
include:
-- auger geochemical sampling at Barns and White Tank to guide future drilling work;
-- air-core geochemical sampling at Clarke and Baggy Green to guide drilling work;
-- air-core geochemical sampling to define drilling targets at
the Benaud prospect (1 km north of Barns), three iron
oxide-copper-gold (IOCG) targets, and an extension of the Laker
prospect in preparation for drill testing later in the year;
and
-- Reverse Circulation drilling at Clarke and Baggy Green.
The first stage of geochemical sampling work is expected to
begin next week and further details in respect of this work
programme will be announced once necessary approvals have been
granted and contracts have been negotiated.
Directorate Change
Cobra also announces that Craig Moulton has resigned from his
position of Managing Director and as a member of the Board of
Directors of the Company.
Mr Moulton will stay on as Managing Director and as a member of
the Board of Directors of the Company for up to six months to
assist the Company in an orderly transition of executive
responsibilities.
The Board will immediately commence a process to identify and
select a Chief Executive Officer to lead the next phase of
expansion of the Wudinna Project Mineral Resource inventory and
will provide further updates in due course.
Greg Hancock, Chairman of Cobra, commented:
"This year's work programme will capitalise on the favourable
results of the 2020 drilling which point to exciting opportunities
for Mineral Resource inventory expansion both along strike and at
depth. Accordingly, the 2021 work programme will focus on defining
these resource extensions by continuing to methodically apply
pathfinder geochemistry followed by Reverse Circulation
drilling.
On behalf of the Board, I would like to thank Craig Moulton for
his service as Managing Director over the past two years. During
this time he has helped Cobra undertake a substantial initial work
programme which secured the Company's initial 50% stake in the
Wudinna Project and positioned it for this next operational phase.
We look forward to Craig's continued support during his handover of
executive responsibilities."
End
Enquiries:
Cobra Resources plc Via Vigo Communications
Greg Hancock (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
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 km2 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.
The person who arranged for the release of this information is
Greg Hancock, the Company's Chairman.
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