TIDMCOBR
RNS Number : 5127V
Cobra Resources PLC
14 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
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BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
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RELEVANT LAWS OF SUCH JURISDICTION.
14 December 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Initial Gold and Rare Earth Results
Significant zone of gold mineralisation defined at Clarke
REE mineralisation confirmed above gold mineralisation
Cobra, a gold exploration company focused on the Wudinna Gold
Project in South Australia, announces initial gold results from the
first five holes from the Company's recent 14 hole phase of Reverse
Circulation ("RC") drilling on the Clarke prospect.
The Company has intersected a broad zone of mineralisation,
confirming the orientation of mineralisation and demonstrating the
potential for a significant gold mineral system at Clarke.
Furthermore, re-analysis of previous samples defines a broad zone
of elevated Rare Earth Elements ("REE") overlaying the intersected
gold.
Highlights:
-- CBRC0043 intersects 96m at 0.55 g/t gold from 30m including 20m at 1.5 g/t gold from 88m
-- CBRC0042 intersects 19m at 0.79 g/t gold from 83m including 5m at 2.62 g/t gold from 95m
-- Gold mineralisation is associated with diorite granitic
alteration - the broad halo of mineralisation confirms the
potential for a significant gold mineral system at Clarke
-- Re-analysis of the saprolite horizon at Clarke within CBRC009
(which was drilled in 2020 and intersected 31m at 3.06 g/t gold
from 69m) to test for Rare Earth Elements, defines:
o 20m at 550.5 ppm Total Rare Earth Oxides ("TREO") from 30m
including:
- 8m at 874.8 ppm TREO from 31m
-- The presence of elevated REEs within the saprolite zone,
proximal to gold mineralisation, presents a complementary value-add
opportunity to considerably increase the Company's mineral
resources and improve development economics
-- REEs are elevated in valuable 'magnet' elements'* and equate
to 26% of the TREO within the reported intercept
-- Results are pending for an additional nine holes totalling
1,372m from which mineral assemblages and alteration is consistent
with the geology observed within holes CBRC0042 - 43. Both gold and
REE results are expected over the next eight weeks
*Magnet rare earths are: Praseodymium, Neodymium, Terbium and
Dysprosium
Rupert Verco, CEO of Cobra, commented:
"These encouraging preliminary results from Clarke confirm the
potential for mineralisation. The broad halo of mineralisation
demonstrates a potentially significant gold bearing system
containing high-grade zones at relatively shallow depths. The
Clarke prospect continues to deliver and has the potential to add
to the Company's existing 211,000 Oz Mineral Resource Estimate.
The presence of elevated Rare Earth Elements overlaying gold is
quite literally icing on the cake and demonstrates a significant
opportunity to complement the project's gold assets. Whilst we have
work to do to determine the metallurgical properties of
mineralisation, the confirmed spatial proximity to our gold assets
has the potential to positively influence future project
economics.
The remaining holes were designed to test the 1.1km Clarke gold
anomaly, and geological observations are encouraging for further
positive results. We look forward to providing further updates as
results are received.
Our next steps in H1 2022 will be to quantify the gold resource
potential at Clarke, define the extent and minerology of rare earth
mineralisation across our existing gold resources, and continue
with our next phase of exploration drilling to develop known gold
and IOCG targets."
In addition to this release, a version of this report with
supplementary information and images can be found at
http://www.rns-pdf.londonstockexchange.com/rns/5127V_1-2021-12-13.pdf
.
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 Robert Blythman, a Member of the Australian
Institute of Geoscientists ("MAIG"). Mr Blythman is a Consultant to
Cobra Resources Plc and 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
defined by 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.
Information in this announcement has been assessed by Mr Rupert
Verco, a Fellow of the Australasian Institute of Mining and
Metallurgy ("FAusIMM"). Mr Verco an employee of Cobra Resources Plc
has more than 15 years relevant 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). This includes 10 years of Mining, Resource
Estimation and Exploration relevant to the style of
mineralisation.
Further information on the Clarke Drilling Programme
Interpretation of Results
Cobra's first phase of drilling (reverse circulation) was
designed to test extensions to previously intersected gold
mineralisation at the Clarke prospect, which is situated
approximately 1.8km north of the 94K oz Mineral Resource Estimate
of Baggy Green Deposit. A total of 14 holes were drilled totalling
2,144m testing northern and southern extensions. The results
presented within this announcement represent 36% of the expected
results. Multi-element and lanthanide analyses are outstanding for
all drilled holes and gold results are outstanding for a further
nine holes. The preliminary results confirm that:
-- Scissored holes drilled directly north of drill hole CBRC0009
(intersecting 31m at 3.06 g/t) confirm a NW strike
-- Mineralisation is associated with diorite intrusive
alteration proximal to a major NW trending fault
-- Higher grade staked lodes exist within a greater alteration halo
-- Mineralisation is open to the north where additional drill
holes have intersected zones of similar alteration
-- A total of 150m of strike has been defined through the
reported holes; a total of 550m of strike will have been tested
through the completion of this programme
-- The southern fence of holes will test mineralisation
continuity some 200m south of previously intersected mineralisation
and follows up the 0.76 g/t Au identified within the pathfinder
drilling programme
These results from Clarke define a significant zone of
mineralisation and continue to support the potential for resource
expansion through the ongoing definition drilling at Clarke. The
broad widths of mineralisation and relatively shallow intersection
depths justify further drilling.
Appendix
Table 1 . Tabled significant intercepts(1)
Hole
ID From To Interval Au (g/t) Including
===== ==== ========= =========
CBRC0042 83 102 19 0.79 Including 5m at 2.65 g/t Au [83-87m]
============= ===== ==== ========= ========= ========================================
CBRC0043 30 126 96 0.55 Including 8m at 0.61 g/t Au [32-40m]
============= ===== ==== ========= ========= ========================================
Including 20m at 1.5 g/t Au [88-108m]
============= ===== ==== ========= ========= ========================================
Including 10m at 0.92 g/t Au [114-124m]
============= ===== ==== ========= ========= ========================================
CBRC0044 109 118 9 0.23
============= ===== ==== ========= ========= ========================================
CBRC0009(2) 69 100 31 3.06 Including 15m at 5.25 g/t Au [83-98m]
============= ===== ==== ========= ========= ========================================
(1) Reported as downhole widths (2) Drilled in 2020: Re-analysed for IAC hosted Rare Earths
Rare Earth Results
In follow-up to the elevated REE results identified within the
recent pathfinder drilling programme, retained sample pulps from
CBRC0009 were analysed for the 18 lanthanide elements. Results
demonstrate elevated rare earths within the kaolinised portion of
the weathered saprolite horizon. In response to these encouraging
results Cobra will analyse all holes from the 2021 programme for
lanthanides within the saprolite horizons.
The rare earths are considered to occur as Ion Absorbed Clay
("IAC") mineralisation. Further testing including XRD spectroscopy
and HyLogger spectral analysis are underway to confirm REE
mineralogy.
The zone of potential IAC Rare Earth mineralisation is
considered significant with all holes from this programme
intersecting similar saprolite profiles. Kaolinised clays are
present at existing gold resources at Baggy Green, Barns and White
Tank. Pending results from XRD spectroscopy, samples from previous
drilling will be re-analysed to further evaluate the scale and
potential for a Rare Earth resource to complement existing gold
mineral resource estimates.
Table 2. Significant downhole occurrences of Rare Earth Oxide
results in CBRC0009.
BHID From To Intercept TREO (ppm) Praseodymium Neodymium Terbium Dysprosium
Pr6O11 Nd2O3 Tb4O7 Dy2O3
=============== =============== ============= ==============
ppm % TREO ppm % TREO ppm % TREO ppm % TREO
====== ======= ====== ======= ==== ======= ===== =======
CBRC0009 30 50 20 550 28 5.0% 101 18.3% 2 0.4% 13 2.3%
===== === ========== =========== ====== ======= ====== ======= ==== ======= ===== =======
Inc 31 39 8 874.8 48.3 5.5% 175.6 20.1% 3.7 0.4% 20.6 2.4%
===== === ========== =========== ====== ======= ====== ======= ==== ======= ===== =======
Max 1m Int 37 38 1 1408.7 92.9 6.6% 341.2 24.2% 7.2 0.5% 39.4 2.8%
===== === ========== =========== ====== ======= ====== ======= ==== ======= ===== =======
Table 3 . Drill hole Collar details for all drill holes whose
intercepts have been reported within this announcement
Hole ID Easting Northing RL Depth Dip Azimuth Assays Received/ Reported
=============== ============== ====== ====== ==== ======== --------------------------------
Au Multi Element Lanthanide
=============== ============== ====== ====== ==== ======== === ============== ===========
CBRC009 547,047 6,364,928 105.9 123 -80 180 Y Y Y
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0042 546,945 6,364,933 105.6 162 -65 60 Y X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0043 547,065 6,364,940 105.6 126 -70 240 Y X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0044 547,107 6,364,965 104.9 190 -70 240 Y X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0045 547,151 6,364,992 104.7 138 -70 240 Y X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0046 546,903 6,364,963 104.8 156 -70 240 Y X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0047 546,993 6,365,014 106.2 138 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0048 547,025 6,365,037 106.1 144 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0049 547,080 6,365,065 104.3 144 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0050 546,942 6,365,104 104.1 156 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0051 546,985 6,365,128 104.3 156 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0052 547,028 6,365,152 105.2 160 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0053 546,906 6,364,667 107.1 150 -65 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0054 547,356 6,364,707 109.6 162 -70 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
CBRC0055 547,311 6,364,682 108.4 162 -65 240 X X X
========== =============== ============== ====== ====== ==== ======== === ============== ===========
Y - Received, X - Assays outstanding
Table 4. Drill hole assays through reported mineralised
intercepts
Hole ID From [m] To [m] Au (g/t) Hole ID From [m] To [m] Au (g/t)
CBRC0042 83 84 0.115 CBRC0043 72 73 0.057
CBRC0042 84 85 0.081 CBRC0043 73 74 0.035
CBRC0042 85 86 0.359 CBRC0043 74 75 0.113
CBRC0042 86 87 0.175 CBRC0043 75 76 0.368
CBRC0042 87 88 0.203 CBRC0043 76 77 0.275
CBRC0042 88 89 0.09 CBRC0043 77 78 0.009
CBRC0042 89 90 0.039 CBRC0043 78 79 0.283
CBRC0042 90 91 0.061 CBRC0043 79 80 0.02
CBRC0042 91 92 0.105 CBRC0043 80 81 0.044
CBRC0042 92 93 0.057 CBRC0043 81 82 0.006
CBRC0042 93 94 0.023 CBRC0043 82 83 0.023
CBRC0042 94 95 0.007 CBRC0043 83 84 0.006
CBRC0042 95 96 0.687 CBRC0043 84 85 0.365
CBRC0042 96 97 4.058 CBRC0043 85 86 0.058
CBRC0042 97 98 5.722 CBRC0043 86 87 0.039
CBRC0042 98 99 1.963 CBRC0043 87 88 0.163
CBRC0042 99 100 0.811 CBRC0043 88 89 0.68
CBRC0042 100 101 0.34 CBRC0043 89 90 0.613
CBRC0042 101 102 0.197 CBRC0043 90 91 0.06
CBRC0043 30 31 0.309 CBRC0043 91 92 0.07
CBRC0043 31 32 0.388 CBRC0043 92 93 0.211
CBRC0043 32 33 0.621 CBRC0043 93 94 1.22
CBRC0043 33 34 1.533 CBRC0043 94 95 1.375
CBRC0043 34 35 0.262 CBRC0043 95 96 0.509
CBRC0043 35 36 0.513 CBRC0043 96 97 0.267
CBRC0043 36 37 0.487 CBRC0043 97 98 6.972
CBRC0043 37 38 0.424 CBRC0043 98 99 2.231
CBRC0043 38 39 0.312 CBRC0043 99 100 1.511
CBRC0043 39 40 0.752 CBRC0043 100 101 1.762
CBRC0043 40 41 0.334 CBRC0043 101 102 1.167
CBRC0043 41 42 0.136 CBRC0043 102 103 1.106
CBRC0043 42 43 0.32 CBRC0043 103 104 3.253
CBRC0043 43 44 0.102 CBRC0043 104 105 2.145
CBRC0043 44 45 0.116 CBRC0043 105 106 1.56
CBRC0043 45 46 0.056 CBRC0043 106 107 2.661
CBRC0043 46 47 0.072 CBRC0043 107 108 0.64
CBRC0043 47 48 0.272 CBRC0043 108 109 0.069
CBRC0043 48 49 0.042 CBRC0043 109 110 0.043
CBRC0043 49 50 0.044 CBRC0043 110 111 0.07
CBRC0043 50 51 0.167 CBRC0043 111 112 0.028
CBRC0043 51 52 0.191 CBRC0043 112 113 0.115
CBRC0043 52 53 0.053 CBRC0043 113 114 0.058
CBRC0043 53 54 0.091 CBRC0043 114 115 1.318
CBRC0043 54 55 0.104 CBRC0043 115 116 0.153
CBRC0043 55 56 0.095 CBRC0043 116 117 0.519
CBRC0043 56 57 0.375 CBRC0043 117 118 3.33
CBRC0043 57 58 0.923 CBRC0043 118 119 0.427
CBRC0043 58 59 0.054 CBRC0043 119 120 0.838
CBRC0043 59 60 0.018 CBRC0043 120 121 0.307
CBRC0043 60 61 0.07 CBRC0043 121 122 0.125
CBRC0043 61 62 0.117 CBRC0043 122 123 1.756
CBRC0043 62 63 0.431 CBRC0043 123 124 0.416
CBRC0043 63 64 0.523 CBRC0044 109 110 0.453
CBRC0043 64 65 0.014 CBRC0044 110 111 0.025
CBRC0043 65 66 0.009 CBRC0044 111 112 0.131
CBRC0043 66 67 0.291 CBRC0044 112 113 0.034
CBRC0043 67 68 0.017 CBRC0044 113 114 0.559
CBRC0043 68 69 0.01 CBRC0044 114 115 0.3
CBRC0043 69 70 0.032 CBRC0044 115 116 0.218
CBRC0043 70 71 0.229 CBRC0044 116 117 0.264
CBRC0043 71 72 0.045 CBRC0044 117 118 0.064
========= ======= ========= =======
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Sampling during Cobra Resources' 2021 RC drilling
random chips, or specific specialised industry programme at the Clarke prospect was obtained through
standard measurement tools appropriate to the reverse circulation (RC) drilling methods.
minerals under investigation, such as downhole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Historic RC and RAB drilling methods have been
meaning of sampling. employed at Clarke and Baggy Green prospects since
2000. Rotary air-core drilling occurred earlier in
2021 and was used to aid in the programme design but
* Include reference to measures taken to ensure sample have not been used for grade estimations or defining
representivity and the appropriate calibration of any results that are reported in this announcement.
measurement tools or systems used.
* Samples were collected via a Metzke cone splitter
* Aspects of the determination of mineralisation that mounted to the cyclone. One metre samples were
are Material to the Public Report. managed through chute and butterfly valve to produce
a 2-4 kg sample. Samples were taken from the point of
collar, but only samples from the commencement of
* In cases where 'industry standard' work has been done saprolite were selected for analysis.
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g * Samples submitted to the Genalysis Intertek
charge for fire assay'). In other cases, more Laboratories, Adelaide and pulverised to produce the
explanation may be required, such as where there is 50 g fire assay charge.
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Drilling completed by Bullion Drilling Pty Ltd using
hammer, rotary air blast, auger, Bangka, sonic, etc) 5 3/4 " reverse circulation drilling techniques from
and details (eg core diameter, triple or standard a Schramm T685WS rig with an auxiliary compressor.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc). * 2020 RC Drilling was undertaken by Hagstrom Drilling
using an Austrex AC/RC rig using a 140 mm bit.
Drill sample
recovery * Method of recording and assessing core and chip * Sample recovery was generally good with water being
sample recoveries and results assessed. intersected in 10% of the drilled holes. All samples
were recorded for sample type, quality and
contamination potential and entered within a sample
* Measures taken to maximise sample recovery and ensure log.
representative nature of the samples.
* In general, sample recoveries were good with 35-50 kg
* Whether a relationship exists between sample recovery for each one metre interval being recovered.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material. * No relationships between sample recovery and grade
have been identified.
Logging
* Whether core and chip samples have been geologically * All drill samples were logged by an experienced
and geotechnically logged to a level of detail to geologist at the time of drilling. Lithology, colour,
support appropriate Mineral Resource estimation, weathering and moisture were documented.
mining studies and metallurgical studies.
* All drilled metres were logged.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* Logging is generally qualitative in nature.
* The total length and percentage of the relevant
intersections logged. * All RC drill metres have been geologically logged
(2,144 m in total).
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Sample recovery from hole CBRC0042 was considered
and sample half or all core taken. excessive. All samples were split using a secondary
preparation riffle splitter to obtain a 50% sample reduction to
produce a more manageable sample. Once chute and
* If non-core, whether riffled, tube sampled, rotary valve settings were adjusted to provide suitable
split, etc and whether sampled wet or dry. sample returns, no further sub-sampling was required
.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * Additional sub-sampling was performed through the
preparation and processing of samples according to
the laboratory's internal protocols.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples. * Duplicate samples were collected from the second
chute on the cyclone splitter at a 1 in 20 sample
frequency.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field * Sample sizes were appropriate for the material being
duplicate/second-half sampling. sampled.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality
of assay * The nature, quality and appropriateness of the * Samples were submitted to Genalysis Intertek
data and assaying and laboratory procedures used and whether Laboratories, Adelaide for preparation and analysis.
laboratory the technique is considered partial or total.
tests
* Gold quantity was analysed using 50 g fire assay
* For geophysical tools, spectrometers, handheld XRF techniques (FA50/OE04) that utilises a 50 g lead
instruments, etc, the parameters used in determining collection fire assay with ICP-OES finish to deliver
the analysis including instrument make and model, reportable precision to 0.005 ppm.
reading times, calibrations factors applied and their
derivation, etc.
* Multi-element geochemistry were digested by four acid
ICP-MS and analysed for Ag, As, Bi, Ca, Cd, Ce, Co,
* Nature of quality control procedures adopted (eg Cr, Cs, Cu, Fe, Li, Mg, Mn, Mo, Ni, Pb, Pd, Pt, Sb,
standards, blanks, duplicates, external laboratory Se, S, Sn, Sr, Te, U, V, W, Y and Zn.
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
* Saprolite zones of all holes drilled in 2021 were
identified and highlighted to analyse for lanthanide
elements.
* 40 additional pulp samples were identified from
CBRC0009 (drilled in 2020) to analyse for additional
lanthanide elements by 4-acid ICP-MS and analysed for
Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
* Field blanks and standards were submitted at a
frequency of 1 in 20 samples.
* Field duplicate samples were submitted at a frequency
of 1 in 20 samples
* Reported assays are to acceptable levels of accuracy
and precision.
* Samples from the 2020 RC programme analysed by ALS,
Adelaide using AU-GA22 50g charge. Muti-elements (48)
for all samples we analysed using ME-MS61, a 4-acid
digest method with an ICP-MS finish.
Verification
of sampling * The verification of significant intersections by * Sampling data was recorded in field books, checked
and assaying either independent or alternative company personnel. upon digitising and transferred to database.
* The use of twinned holes. * Compositing of assays was undertaken and reviewed by
Cobra staff.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and * Original copies of lab assay data are retained
electronic) protocols. digitally on the Cobra server for future reference.
* Discuss any adjustment to assay data. * Physical copies of field sampling books and field
geological logs are retained by Cobra for future
reference.
* Significant intercepts have been prepared by Mr
Rupert Verco and reviewed by Mr Robert Blythman.
Location
of data * Accuracy and quality of surveys used to locate drill * Collar locations were surveyed using Leica CS20 GNSS
points holes (collar and downhole surveys), trenches, mine base and rover with 0.05 cm instrument precision.
workings and other locations used in Mineral Resource
estimation.
* Locations are recorded in geodetic datum GDA 94 zone
53.
* Specification of the grid system used.
* Downhole surveys were undertaken by Bullion Drilling
* Quality and adequacy of topographic control. using a Reflex TN14 Gyro compass and were taken at 10
m intervals at the completion of the hole.
* Downhole survey azimuths have been converted from
true north to geodetic datum GDA 94 zone 53.
Data spacing
and * Data spacing for reporting of Exploration Results. * Hole CBRC0042 was drilled 75 m north of CBRC0009 and
distribution was drilled to the northeast.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Transect CBRC0043 was collared 25 m north and 50 m
grade continuity appropriate for the Mineral Resource east of CBRC0009 and drilled to the southwest. All
and Ore Reserve estimation procedure(s) and other holes were drilled to the southeast on
classifications applied. northwest transects at a spacing of 50 m by 100 m.
* Whether sample compositing has been applied. * Hole dips varied between 60 and 70 degrees.
* No sample compositing has been applied.
Orientation
of data * Whether the orientation of sampling achieves unbiased * The programme was designed to test alternate
in relation sampling of possible structures and the extent to interpretations on structural orientation.
to which this is known, considering the deposit type.
geological
structure * Holes CBRC0042 and CBRC0043 were scissored to test
* If the relationship between the drilling orientation the orientation of mineralisation. The results
and the orientation of key mineralised structures is support a northwest strike and an apparent northeast
considered to have introduced a sampling bias, this dip. Further results are required to confirm the
should be assessed and reported if material. continuity and validity of the current
interpretation.
* Drilling results are not presented as true width but
are not considered to present any down-dip bias.
Sample
security * The measures taken to ensure sample security. * Transportation of samples to Adelaide was undertaken
by a competent independent contractor. Samples were
packaged in zip tied polyweave bags in bundles of
five samples and transported in larger bulka bags by
batch while being transported.
Audits or
reviews * The results of any audits or reviews of sampling * No audit or review has been undertaken.
techniques and data.
* Genalysis Intertek Laboratories Adelaide are a NATA
(National Association of Testing Authorities)
accredited laboratory, recognition of their
analytical competence.
============= ============================================================ ======================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/number, location and ownership * This drilling programme has been carried out on EL
and land including agreements or material issues with third 6131, currently owned 100% by Peninsula Resources
tenure status parties such as joint ventures, partnerships, limited, a wholly owned subsidiary of Andromeda
overriding royalties, native title interests, Metals Limited.
historical sites, wilderness or national park and
environmental settings.
* Newcrest Mining Limited retains a 1.5% NSR royalty
over future mineral production from both licences.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area. * Baggy Green, Clarke, Laker and the IOCG targets are
located within Pinkawillinnie Conservation Park.
Native Title Agreement has been negotiated with the
NT Claimant and has been registered with the SA
Government.
* Aboriginal heritage surveys have been completed over
the Baggy Green project area, with no sites located
in the immediate vicinity.
* A Native Title Agreement is in place with the
relevant Native Title party.
Exploration
done by * Acknowledgment and appraisal of exploration by other * On-ground exploration completed prior to Andromeda
other parties parties. Metals' work was limited to 400 m spaced soil
geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
* Other than the flying of regional airborne geophysics
and coarse spaced ground gravity, there has been no
recorded exploration in the vicinity of the Baggy
Green deposit prior to Andromeda Metals' work.
Geology
* Deposit type, geological setting and style of * The deposits are considered to be either lode gold or
mineralisation. intrusion type mineralisation related to the 1590 Ma
Hiltaba/GRV tectonothermal event.
* Gold mineralisation has a spatial association with
mafic intrusions/granodiorite alteration and is
associated with metasomatic alteration of host rocks.
* Rare earth minerals occur within the kaolinised
saprolite horizon. Preliminary work supports IAC (Ion
Adsorbed Clay) mineralisation. Further work is
planned to define mineralogy and nature of mineral
occurrence.
* A summary of all information material to the * The report includes a tabulation of drill hole collar
understanding of the exploration results including a information and associated interval grades to allow
tabulation of the following information for all an understanding of the results reported herein.
material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation
above sea level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Reported summary intercepts are weighted averages
methods techniques, maximum and/or minimum grade truncations based on length.
(eg cutting of high grades) and cut-off grades are
usually material and should be stated.
* No maximum/minimum grade cuts have been applied.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade * No metal equivalent values have been calculated.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * Rare earth element (REE) analysis was originally
reported in elemental form and has been converted to
relevant oxide concentrations in line with industry
* The assumptions used for any reporting of metal standards. Conversion factors tabulated below:
equivalent values should be clearly stated.
Element Oxide Factor
Cerium CeO2 1.2284
Dysprosium Dy2O3 1.1477
Erbium Er2O3 1.1435
Europium Eu2O3 1.1579
Gadolinium Gd2O3 1.1526
Holmium Ho2O3 1.1455
Lanthanum La2O3 1.1728
Lutetium Lu2O3 1.1371
Neodymium Nd2O3 1.1664
Praseodymium Pr2O3 1.1703
Scandium Sc2O3 1.5338
Samarium Sm2O3 1.1596
Terbium Tb2O3 1.151
Thulium Tm2O3 1.1421
Yttrium Y2O3 1.2699
Ytterbium Yb2O3 1.1387
=======
* The reporting of REE oxides is done so in accordance
with industry standards with the following
calculations applied:
o TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3
+ Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3
+ Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
o CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
o LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
o HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3
+ Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
o NdPr = Nd2O3 + Pr6O11
o TREO-Ce = TREO - CeO2
o % Nd = Nd2O3/ TREO
o %Pr = Pr6O11/TREO
o %Dy = Dy2O3/TREO
o %HREO = HREO/TREO
o %LREO = LREO/TREO
Relationship
between * These relationships are particularly important in the * This drilling programme is designed to confirm the
mineralisation reporting of Exploration Results. orientation and continuity of mineralisation.
widths and Preliminary results support unbiased testing of
intercept mineralised structures.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * Previous holes drilled have been drilled in several
orientations due to the unknown nature of
mineralisation.
* If it is not known and only the downhole lengths are
reported, there should be a clear statement to this
effect (eg 'downhole length, true width not known'). * The work completed to date is not considered robust
to adequately define mineralisation geometry.
Diagrams
* Appropriate maps and sections (with scales) and * Plan and section maps are referenced that demonstrate
tabulations of intercepts should be included for any results of interest.
significant discovery being reported. These should
include, but not be limited to, a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * Referenced Plans detail the extent of drilling and
Results is not practicable, representative reporting the locations of both high and low grades.
of both low and high grades and/or widths should be Comprehensive results are reported.
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * Significant intercepts of reported previous drilling
exploration should be reported including (but not limited to): is tabulated (CBRC0009).
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further
work * The nature and scale of planned further work (eg * Further RC drilling is planned to test for both
tests for lateral extensions or depth extensions or lateral and depth extensions. The complete results
large-scale step-out drilling). from this programme will form the foundation for a
maiden resource estimation at Clarke.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== ===========================================================================
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