TIDMCOBR
RNS Number : 8896U
Cobra Resources PLC
08 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
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(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
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8 December 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
IOCG Ground Gravity Survey Results
All three targets validated for follow-up exploration
activity
Three key targets with gravity highs and associated magnetic
features identified
Cobra, a gold exploration company focused on the Wudinna Gold
Project in South Australia, announces that results of a ground
gravity survey over three iron oxide copper gold ("IOCG") targets
have confirmed gravity anomalies, defining priority targets for
drilling.
Highlights:
-- All targets have associated geochemistry anomalism that is
supportive of IOCG mineralisation and follow up exploration is
warranted
-- IOCG target 1 comprises a high intensity gravity anomaly,
primarily sourced to the immediate west of a nearby magnetic
anomaly
-- IOCG target 2 comprises a strong coincident gravity and magnetic anomaly
-- IOCG target 3 comprises a moderate gravity anomaly adjacent
to a low order magnetic anomaly and immediately north of a large
area of elevated magnetic relief
-- Modelled target depths are relatively shallow and range from 80 - 100m
The gravity response of IOCG deposits is generally elevated due
to the elevation of dense iron oxide minerals relative to host
rocks. The magnetic response of IOCG deposits varies considerably
due to the degree of chemical oxidation of iron oxide minerals,
magnetite and hematite, and in some instances the presence and
strength of remnant magnetism. In the Gawler Craton, economic IOCG
deposits are predominantly hematite hosted and associated with
gravity and magnetic anomalies which are non-coincident. However,
other IOCG deposits, such as Ernest Henry - Cloncurry, Queensland,
show more coincident gravity and magnetic responses and magnetite
is more common in the host sequence. Therefore, all three of the
Company's IOCG targets surveyed to date have geophysical responses
that may reflect varying styles of IOCG mineralisation.
Detailed information relating to the gravity and magnetic
targets appears in the appendix below.
The Company's next steps will be:
-- Refine exploration models of these targets through domain
modelling of associating geochemical results to the geophysical
models
-- Drill programme design to access and test targets
-- Seek departmental and regulatory approval
-- Drill programme planning and execution
Rupert Verco, CEO of Cobra, commented:
"The gravity survey results have affirmed these targets as
exciting opportunities for Cobra. All three targets have differing
magnetic and gravity anomalies that are analogous to magnetic and
gravity signatures of differing styles of IOCG mineralisation.
These are relatively shallow targets that are supported by
saprolite geochemistry, providing economic benefits both in terms
of exploration costs and ultimately of any possible future
development. We consider these targets as exciting opportunities
for Cobra to discover a tier-one IOCG deposit within South
Australia's world-class Gawler Craton - home to some of the
country's largest IOCG discoveries - and we look forward to
drilling them."
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
The geophysical data in this announcement have been compiled and
approved by Mr Chris Anderson, a Fellow of the Australasian
Institute of Mining and Metallurgy ("FAusIMM"). Mr Anderson acts as
a consultant to Cobra Resources Plc and has more than 40 years'
industry 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). Mr Anderson
consents to inclusion within this document of the information in
the form and context in which it appears.
In addition to this release, a PDF version of this report with
supplementary information can be found at the Company's website:
www.cobraplc.com/
Appendix
Further information relating to the Gravity and Magnetic
targets
The Company's IOCG targets 1-3 are located within the 65% Cobra
owned exploration licence EL6131 (Corrobinnie). The gravity survey
was aimed at testing three discrete magnetic anomalies that occur
proximal to a large Hiltaba Suite granitic intrusion, interpreted
as a likely member of the Hiltaba Suite intrusions associated with
IOCG deposits in the Gawler Craton. Follow up pathfinder drilling
defined anomalous copper, Rare Earth Elements ("REE") and
Pathfinder geochemistry proximal to targets. Prospective targets
are summarised below:
IOCG target 1
-- High intensity, bulls-eye gravity anomaly, proximal to but
not directly associated with a coincident magnetic anomaly on its
eastern margin
-- High-density contrast (0.69g/cc) supportive of IOCG gravity signature
o Host lithology expected to have a density of 2.7 - 2.8g/cc;
this implies a target density of 3.4 - 3.5 g/cc which is consistent
with hematite rich IOCG host breccia complex
-- Forward modelling for the gravity anomaly indicates
dimensions of 330m in length and 440m width, with extensive
(>500m) depth extent
-- Depth to target 80m
-- Elevated REEs and pathfinders in saprolite proximal to gravity anomaly
IOCG target 2
-- Near coincident gravity anomaly to a highly anomalous magnetic feature
-- Magnetic susceptibility (0.22 SI) indicative of strongly
elevated magnetite content directly contributing to the observed
gravity response
-- Depth to target 60m
-- Elevated copper and pathfinders defined proximal to both
gravity and magnetic geophysical anomalies
IOCG target 3
-- Moderate gravity anomaly not directly associated with a coincident magnetic anomaly
-- Moderate density contrast (0.3g/cc) to surrounding geology
-- Pathfinder drilling south of gravity anomaly elevated in tellurium and bismuth
Details of Ground Gravity Survey
A PDF version of this announcement with figures illustrating
further details of the ground gravity survey can be found here:
http://www.rns-pdf.londonstockexchange.com/rns/8896U_1-2021-12-7.pdf
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