TIDMCOBR
Cobra Resources PLC
13 October 2022
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13 October 2022
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
RC Drilling Forthcoming at Clarke Prospect
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, is pleased to announce
that Wasdrill Pty Ltd is preparing to mobilise to site to commence
Reverse Circulation ("RC") drilling at the Clarke prospect. This
drilling will inform an updated gold Mineral Resource Estimate
("MRE") and a maiden rare earth MRE. The programme will also see
Cobra achieve the stage 3 earn-in milestone of the Wudinna Heads of
Agreement, entitling the Company to 75% project ownership.
A 16-hole, 2,000m programme will be drilled to:
-- Infill existing drilling at the Clarke prospect, where
previous drill programmes have defined clay hosted rare earths
overlaying gold mineralisation intersected across 500m of
strike
-- Test for further Rare Earth Elements ("REE") above gold strike extensions
-- Test an additional 250m of strike north beyond defined
mineralisation, where gold and rare earth mineralisation remains
open
-- Inform a gold resource update, enabling the Clarke prospect
to be incorporated in the Company's gold MRE
-- Contribute to a maiden rare earth MRE
-- Provide samples for further rare earth metallurgical testing
and subsequent process optimisation
The Company has all regulatory and environmental approvals in
place to execute its planned exploration programme.
Rupert Verco, CEO of Cobra, commented:
"The Clarke prospect has demonstrated its potential to add to
Cobra's mineral inventory. We are thrilled to be out drilling
again, and this programme is expected to produce sufficient results
to inform a gold resource estimate and contribute to a maiden rare
earth resource estimate.
Results of the recent aircore programme have defined highly
encouraging indicators for further along-strike gold
mineralisation. This, coupled with broad intersections of
high-value magnet rare earths, indicates that the target area is
compelling for further exploration success.
We look forward to working with Wasdrill, where we endeavour to
be considerate of our environmental impact and will work to reduce
our disturbance footprint whilst yielding high-value
exploration."
Figure 1: 3D interpretation of gold mineralisation highlighting
significant gold and REE intersections and planned RC drill strings
(blue)
Forthcoming newsflow (indicative)
October 2022
-- Results of Accelerated Discovery Initiative ("ADI") co-funded Loupe TEM survey
-- Project JV 75% earn-in milestone
November 2022
-- RC drilling results
-- Results of ADI co-funded Controlled Source Audio-frequency
Magneto-tellurics ("CSAMT") EM survey
December 2022
-- Maiden rare earth MRE
-- Updated gold MRE
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, Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna
Project in South Australia's Gawler Craton, a tier one mining and
exploration jurisdiction which hosts several world-class mines.
Cobra's Wudinna tenements, totalling 3,261 km(2) , contain
extensive orogenic gold mineralisation and are characterised by
potentially open-pitable, high-grade gold intersections, with ready
access to infrastructure. Cobra has 22 orogenic gold targets
outside of a current 211,000 Oz JORC Mineral Resource Estimate. In
2021, Cobra discovered rare earth mineralisation proximal to and
above gold mineralisation. The grades, style of mineralogy and
intersect widths are highly desirable while the mineralisation has
been demonstrated to be regionally scalable. The Company is also
advancing a pipeline of IOCG targets.
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
Twitter: https://twitter.com/Cobra_Resources
Subscribe to our news alert service:
https://cobraplc.com/news/
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 16 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 11 years of Mining, Resource
Estimation and Exploration.
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