TIDMCOBR
RNS Number : 4807I
Cobra Resources PLC
05 December 2022
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5 December 2022
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Exploration Programme
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, provides an update on
exploration activities.
-- A total of 800m of Reverse Circulation ("RC") drilling have
been completed since the drilling programme began in mid-October of
a planned 1,800m. The programme has:
o Tested strike extensions to gold mineralisation at the Clarke
prospect
o Tested, infilled, and duplicated previous rare earth
intersections proximal to gold mineralisation - this will
contribute to a maiden rare earth mineral resource estimate
o Produced bulk samples for rare earth metallurgical analysis
focusing on pre-leach beneficiation potential
o Provided additional samples to test the Company's thesis that
slightly acidic (pH 6-7) and alkaline (pH 10) chemical conditions
that best promote ionic clay adsorption may provide improved
metallurgical recoveries by standard desorption methods
o Enabled the delivery of samples to the laboratory with results
expected over the next six weeks
-- Due to extreme rainfall, the Company has opted to curtail the
RC programme at 800m to avoid cost overruns and facilitate access
to a larger rig and work programme
-- A drill rig has been booked for late February to complete a
larger 3,000m RC programme. This will provide significantly more
data than originally scoped to feed into an updated gold resource
and to test additional priority targets
-- Work is underway to obtain approvals to execute an extensive
10,000m Air Core drilling programme to coincide with RC drilling
aimed at rapidly expanding rare earth resources by infilling and
expanding defined footprints at Clarke, Baggy Green and Thompson
prospects where rare earth mineralisation remains unconstrained
-- Work is ongoing to publish a maiden rare earth mineral resource estimate this month
-- The South Australia Accelerated Discovery Initiative ("ADI")
co-funded CSAMT geophysical survey aimed at helping delineate
mineralised structures at Clarke is ongoing - the team is currently
in the field collecting data which is expected to be completed in
mid-December
Rupert Verco, CEO of Cobra, commented:
"The work completed through this RC programme to date will be
valuable going forward, with results expected within the next six
weeks which will contribute towards an expanded gold mineral
resource estimate.
Curtailing the RC programme and coming back in February with a
larger rig for a more extensive programme is the smart thing to do
now from a cost exposure perspective as the region is having one of
the wettest springs on record.
Meanwhile, we are eagerly anticipating results that we believe
will highlight the value-add potential that the rare earths provide
to the Wudinna Project and our maiden rare earths mineral resource
estimate remains on track for this month.
The ADI co-funded CSAMT geophysical survey will provide
exceptional geological knowledge that will further de-risk our
future drilling at the Clarke prospect.
Through the work completed in 2022 we have a sound understanding
of the rare earth mineralogy. This will form the basis for
progressing the metallurgical potential which is now an important
component of this exciting aspect of the Company's project."
Enquiries:
Cobra Resources plc
Rupert Verco (Australia)
Dan Maling (UK) via Vigo Consulting
+44 (0)20 7390 0234
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413500
Shard Capital Limited (Joint Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
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.
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