TIDMCOBR
RNS Number : 4278T
Cobra Resources PLC
24 November 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
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24 November 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
RC Drilling Update
Initial Observations Positive for Further Gold Mineralisation at
Clarke
Cobra, a gold exploration company focused on the Wudinna Gold
Project in South Australia, announces the completion of the
Company's latest phase of field operations. This phase included
Reverse Circulation ("RC") drilling of priority gold targets at the
Clarke prospect and a detailed ground gravity geophysical survey of
IOCG targets 1-3.
RC Drilling
Drilling at Clarke comprised 14 holes totalling 2,187 metres,
designed to test the continuity of mineralisation where recent
pathfinder drilling defined a significant 1.1 km anomalous gold
zone over last year's intercept of 31m at 3.06 g/t of gold.
The Company is pleased to note that drill chips from Clarke
contain sulphide mineralisation, sericite alteration and key
geological domains that are considered supportive of gold
mineralisation. Samples are now at the laboratory and results are
expected to be received for the first two holes within 2-3 weeks,
with further results to be received throughout
December/January.
The Company is further pleased to note that follow-up analysis
of rare earth elements ("REE") from the recent pathfinder drilling
programme which completed last month has demonstrated the potential
for Ion Absorbed Clay ("IAC") hosted rare earth mineralisation
where a maximum Total Rare Earth Oxide ("TREO") result of 2,177 ppm
was intersected at Clarke, proximal to previously defined gold
mineralisation. REEs are strategically important minerals,
essential to technological advancements in clean energy technology.
Whilst early stage, these results may demonstrate the potential for
IAC hosted Rare Earth Mineralisation to complement the project's
gold resource. Further test work is required to confirm the style
and metallurgical potential of REE mineralisation.
Two unseasonal rain events impacted access to Benaud and, as
such, a single hole at Benaud has been deferred until the next
phase of RC drilling.
Geophysical Survey
A detailed ground gravity survey was completed on a 250m x 250m
grid over IOCG targets 1-3. Preliminary results are currently being
interpreted by the Company's consultants; final orbit corrections
are anticipated to be confirmed within weeks. The Company
anticipates that the results of the survey can be released once
these corrections are confirmed.
Rupert Verco, CEO of Cobra, commented:
"Our exploration programme has progressed on schedule and within
budget. We are grateful to Bullion Drilling for their
professionalism and look forward to having them back at site as
soon as possible.
Initial geological observations are positive for further gold
mineralisation at Clarke, and we are eagerly anticipating
results.
The ground gravity geophysical programme is a significant step
forward in maturing our IOCG targets. Combined with the pathfinder
chemistry results, the detailed gravity survey will enable the
Company to advance these to drill testing."
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (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 Consulting (Financial Public
Relations)
Ben Simons
Charlie Neish
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, CEO of the Company.
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 16 g/t up to 37.4 g/t gold outside of the
current 211,000 oz JORC Mineral Resource Estimate, as well as one
copper-gold prospect, and five 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.
Competent Persons Statement
Information and data presented within this announcement has been
compiled by Mr Rupert Verco, a Fellow of the Australasian Institute
of Mining and Metallurgy ("FAusIMM"). Mr Verco an employee of Cobra
Resources Plc has sufficient experience, which is relevant to the
style of mineralisation, deposit type and to the activity which he
is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the Australasian Code for Reporting Exploration
Results, Mineral Resources and Ore Reserves (the "JORC" Code). This
includes 10 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.
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