Cobra Resources PLC Exploration Tenement Granted (5060T)
25 Juli 2022 - 8:00AM
UK Regulatory
TIDMCOBR
RNS Number : 5060T
Cobra Resources PLC
25 July 2022
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 (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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.
25 July 2022
Cobra Resources plc
("Cobra" or the "Company")
Exploration Tenement Granted
Cobra (LSE: COBR), a gold, IOCG, and rare earth exploration
company focused on the Wudinna Project in South Australia, is
pleased to announce it has been granted a package of exploration
tenements under EL 6806 totalling 893 km(2) that are proximal to or
contiguous with the Wudinna Project. EL 6806 complements the
Company's existing strategy, with the newly acquired ground
considered highly prospective for gold and clay hosted rare earth
mineralisation.
Tenement EL 6806 is held 100% by Cobra's wholly owned Lady Alice
Mines Pty Ltd subsidiary. The addition of the tenement consolidates
Cobra's position as a major land holder within the Gawler Craton,
the oldest and largest geological province in South Australia, with
exclusive exploration rights across 1,429 km(2) of highly
prospective ground, and a further 1,832 km(2) of exploration rights
held under the Wudinna Heads of Agreement with Andromeda Metals
Limited.
The Company's application for EL 6806 was previously announced
on 13 April 2022 under the application code ELA 2022/00006, with
the total area granted having been revised from 925 km(2) to 893
km(2) following a revision of boundaries.
Rupert Verco, CEO of Cobra, commented:
"EL 6806 consolidates Cobra Resources' position as a major
player in the highly prospective Gawler Craton, a tier 1 mining
jurisdiction of South Australia. Whilst the southern Gawler Craton
has already produced several defined precious metal resources, its
extent remains largely under explored, and this creates a massive
opportunity for our company.
Our immediate focus remains on defining value through ongoing
exploration at the Wudinna Project, however, the addition of EL
6806 enables the Company to strategically define a pipeline of
high-value new exploration targets which are capable of
contributing to the multi-commodity resource we are aiming to
establish, including critical minerals that can assist in driving
global decarbonisation."
A summary of the Company's Gawler Craton tenement interests
appears below:
Tenement Area km(2) Cobra Interest
EL 6131 1,303 65%*
----------- ---------------
EL 6317 156 65%*
----------- ---------------
EL 5953 184 65%*
----------- ---------------
EL 6489 42 65%*
----------- ---------------
EL 6001 147 65%*
----------- ---------------
EL 6718 536 100%**
----------- ---------------
EL 6806 893 100%**
----------- ---------------
*Held under the Wudinna Heads of Agreement with Andromeda Metals
Limited whereby Cobra, through its wholly owned subsidiary Lady
Alice Mines Pty Ltd, is earning up to 75% ownership (expected to be
achieved during 2022)
**Held through the Company's wholly owned subsidiary Lady Alice
Mines Pty Ltd
A plan detailing the locations of the Gawler Craton tenements
can be viewed in the appendix (Figure 1) of a supplementary PDF
version of this announcement at
http://www.rns-pdf.londonstockexchange.com/rns/5060T_1-2022-7-22.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 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 stand-out grades of 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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END
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