TIDMCOBR
RNS Number : 5618E
Cobra Resources PLC
14 March 2022
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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14 March 2022
Cobra Resources plc
("Cobra" or the "Company")
Work Programme Update
Cobra (LSE: COBR), an exploration company focused on advancing
the Wudinna Project in South Australia, provides further detail
regarding the next phase of the Company's 2022 exploration
programme, including its strategy to advance the rare earths
discovery announced in February 2022.
A presentation explaining the exploration programme with
management commentary and associated indicative timelines is
available to view on the Company's website at:
www.cobraplc.com/category/presentations/
Rupert Verco, CEO of Cobra, commented:
"Cobra's planned 2022 work programme is fully funded and focuses
on rapidly expanding the rare earths discovery and updating the
gold mineral resource estimate. We are pursuing a three-pronged
strategy of gold, rare earths, and iron oxide copper gold, with
highly encouraging indicators across all three. This intense period
of activity is also expected to see Cobra achieve its 75% earn-in
to the Wudinna Project milestone in Q3 2022."
Rare Earths Work Programme
Cobra has to date defined potential ionic clay rare earth
mineralisation over a 0.5 km(2) area at the Clarke prospect where
the average true width Rare Earth Oxide ("REO") intercept is 18.7m
and the average Total Rare Earth Oxides ("TREO") intercept is 597
ppm(1) .
The Company has initiated a ccelerated definition works to test
the extent of Rare Earth Element ("REE") mineralisation proximal to
existing gold occurrences. This is being done through re-analysis
of retained samples from previous drilling programmes in stages, e
xpanding the tested REE mineralisation footprint from 0.5 km(2) to
4.4 km(2) by the end of April 2022, and generating results
intermittently from the end of March through to June 2022.
Stage 1: Re-analysis of Cobra 2020 drilling
-- Metallurgical testing is underway to test recovery through standard desorption leach methods
-- 14 holes from Baggy Green (550 samples)
-- Two holes from Barns (67 samples)
-- One hole from White Tank (39 samples)
-- All samples from 1m downhole samples
-- Validation of REE potential at existing defined gold resources
-- Results to demonstrate true REE grade potential
Stage 2: Re-analysis of historic drilling at Clarke
-- 200m x 200m definition
-- Variable downhole composite lengths (2-6m) limits resolution
of true grades but provides an indication of spatial continuity
-- 38 holes (272 samples)
-- Stage 2 increases tested area from 0.5 km(2) to 1.8 km(2)
Stage 3: Re-analysis of historic drilling at Baggy Green
-- 200 x 200m definition
-- Variable downhole composite lengths (2-6m) limits resolution
true of grades but provides an indication of spatial continuity
-- 66 holes (551 Samples)
-- Tests 2.6 km(2)
Stage 4: Re-analysis of drilling at Barns and White Tank
(subject to Stage 1 results)
-- 50 - 70 holes (600 - 800 samples)
Stage 5: Test regional targets
-- Re-analysis of pervious drilling - approximately 100 holes (1,200 - 1,400 samples)
Field Work Phase 1 :
-- Rotary Air Blast ("RAB") saprolite drilling programme to test
for REEs across regional targets and testing the northern
continuity of Clarke mineralisation
-- Pathfinder and multi-element analysis of basement with the
aim of de-risking follow-up Reverse Circulation ("RC") drilling
Field Work Phase 2:
Cobra intends to commence RC drilling of gold and IOCG priority
targets in Q3 2022, including:
-- Testing the northern continuity of mineralisation at Clarke
beyond drillhole CBRC0050 (33m at 1.03 g/t gold)
-- Drilling resource extensions at Barns, including infill
drilling of high-grade zones to improve resource confidence
-- Testing anomalous pathfinder results at Benaud
-- Maiden drill testing of IOCG targets 1-3
The Company's intention is to further de-risk and refine targets
through the planned RAB rare earths drilling programme where
pathfinder and basement chemistry can be tested. The Company also
intends to commission a ground gravity survey of IOCG targets 4 and
5 as the next phase of the IOCG exploration strategy.
(1) Refer to 7 February 2022 RNS announcement: "Wudinna Project
Update"
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 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. Recent
drilling has discovered Rare Earth Mineralisation proximal to and
above gold mineralisation. The grades, style of mineralogy and
intercept widths are highly desirable. In addition, 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.
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