TIDMCOBR
RNS Number : 9573M
Cobra Resources PLC
17 January 2023
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,
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.
17 January 2023
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
RC Drilling Results - Expanding Gold and Rare Earth Occurrence
at Clarke Prospect Position Cobra for Dual Resource Expansion
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, is pleased to announce
results from 800m of Reverse Circulation ("RC") drilling completed
in November 2022, where drilling has expanded the intersected
strike of gold mineralisation and defined further Rare Earth
Elements ("REE") mineralisation at the Clarke prospect.
Highlights(1)
-- The strike of intersected gold mineralisation at Clarke now
exceeds 600m and sits outside of the defined 211,000 Oz JORC Gold
Resource. Gold intersections include:
o 6m at 4.15 g/t gold from 34m, including 4m at 5.74 g/t gold
from 34m
o 18m at 0.6 g/t gold from 57m, including 1m at 1.80 g/t gold
from 58m and 2m at 2.16 g/t gold from 68m
o 8m at 0.6 g/t gold from 58m, including 2m at 1.31 g/t gold
from 62m
-- REE mineralisation intersected peripheral to expanded gold
strike further supports the Company's dual resource strategy. REE
intersections include:
o 24m at 1,093 ppm Total Rare Earth Oxides ("TREO") from 26m,
where the Magnet Rare Earth Oxides ("MREO") equates to 26% of the
TREO, including 19m at 1,243 ppm TREO from 29m (MREO: 26%)
o 20m at 683 ppm TREO from 31m, where the MREO equates to 22% of
the TREO, including 2m at 2,249 ppm TREO (MREO: 19%)
o 31m at 514 ppm TREO from 36m, where the MREO equates to 22% of
the TREO
o 21m at 519 ppm TREO from 13m, where MREO equates to 23% of the
TREO
-- REE drilling results demonstrate the growth potential of the
recently published maiden 20.9 Mt REE JORC Mineral Resource
Estimate ("MRE")
-- Planning is underway to execute 5,000-10,000m of drilling
scheduled to commence in March 2023, aimed at expanding both REE
and gold JORC resources at Clarke, Barns, and Thompson
prospects
Rupert Verco, CEO of Cobra, commented:
"These intersections demonstrate the growth potential of our
unique dual resource at the Clarke prospect, where results suggest
a significant gold system, overlain by an expanding rare earth
resource.
The results of this programme provide an exceptional platform
for further exploration success in our upcoming - much larger -
drilling programme, which is aimed at expanding both gold and rare
earth JORC resources.
A rising gold market, coupled with the demand for ethically and
environmentally sourced rare earths, places Cobra in an enviable
position as we are poised to grow these geologically and spatially
related resources."
Figure 1: Plan section detailing the spatial location of RC gold
and REE results represented at grade thickness intersections
(1) All results reported as downhole intersections
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
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 the current 211,000 Oz gold JORC Mineral Resource
Estimate. In 2021, Cobra discovered rare earth mineralisation
proximal to and above the gold mineralisation which has been
demonstrated to be regionally scalable. In 2023, Cobra published a
maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt at 658
ppm Total Rare Earth Oxides enabling a strategic baseline to
advance an economically beneficial combination of gold and rare
earth resources.
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 has more than
16 years' 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.
Information in this announcement relates to exploration results
that have been reported in the following announcements:
-- "Wudinna Project Update - Initial Gold and Rare Earth Results", dated 14 December 2021
-- "Wudinna Project Update - Northern Drillholes at Clarke
Intersect Additional Gold Mineralisation, Additional Rare Earth
Intersections Directly Above Gold Zones", dated 7 February 2022
-- "Wudinna Project Update - Re-Analysis Defines Large Rare
Earth Mineralisation Footprint Above Baggy Green and Clarke Gold
Mineralisation", dated 4 May 2022
-- "Wudinna Project Update - Aircore Drilling Yields Exceptional
Gold and Rare Earth Results at Clarke" dated 16 August 2022
-- "Wudinna Project Update - Additional High-Grade Rare Earths
Defined Across Regional Targets" dated 12 September 2022
-- "Wudinna Project Update - Exceptional Rare Earth Scale
Potential at Thompson Prospect Increases REE Footprint from 4 km
(2) to 22.5 km (2) " dated 26 September 2022
-- "Wudinna Project Update - Maiden Rare Earth Resource Estimate
- Unique and Unconstrained" dated 9 January 2023
Definitions
REE - Rare Earth Elements
REO - Rare Earth Oxides
MREO - Magnet Rare Earth Oxides (dysprosium + terbium +
praseodymium, neodymium)
TREO - Total Rare Earth Oxides plus yttrium
TREO-Ce - Total Rare Earth Oxides plus yttrium and minus
cerium
Next Steps
The Company is funded to complete the following work scope to
advance the Wudinna Project towards feasibility evaluation:
-- Metallurgical evaluation of a range of samples selected at
varying pH conditions - an important catalyst for ionic REE
adsorption
-- Evaluate beneficiation and metallurgical optimisation
processes to enable the development of a commercial flowsheet
evaluation
-- Further Scanning Electron Microscope ("SEM") analyses to
evaluate quantities of REE mineral phases at various pH
conditions
-- A drilling programme of 5,000-10,000m scheduled to commence
in March 2023, aimed at growing both gold and REE Mineral Resources
at Clarke, Barns, and Thompson prospects
-- Update to existing 211,000 Oz gold MRE to incorporate the
Clarke prospect and over 5,000m of additional drilling undertaken
across existing gold Mineral Resource prospects
Further Information Regarding the RC Drilling Results
In 2022, a total of 800m of RC drilling was completed, aimed
at:
-- Testing NW strike extensions to gold mineralisation at the Clarke prospect
-- Testing, infilling, and duplicating previous rare earth
intersections proximal to gold mineralisation, to confirm the
repeatability of REE mineralisation
-- Producing bulk samples for rare earth metallurgical analysis,
focusing on pre-leach beneficiation potential
-- Providing additional samples to test the Company's thesis
that slightly acidic (pH 6-7) and alkaline (pH 10) chemical
conditions (thought to promote ionic clay adsorption) may provide
improved metallurgical recoveries by standard desorption method
Interpretation of Results
The RC drilling programme has:
-- Extended the WNW strike of gold mineralisation by a further
125m beyond CBRC0050 that intersected 33m at 1.03 g/t drilled in
November 2021
-- Confirmed down dip mineralisation continuity to the
intersection of CBAC0014 that intersected 12m at 1.25 g/t from 18m
(Figure 2)
-- Highlighted changes in mineralised dip and strike north of a
EW offsetting dip-slip fault, where a steeper dip and rotated
strike are interpreted
CBRC0066 was drilled as CBRC0059 and failed to achieve design
depth. Upper samples of CBRC0056 are in the process of being
re-assayed to validate the interpretation when compared to the
intersection of CBRC0059 .
The REE results expand, infill, and validate the recent MRE
estimation.
Significant intercepts from the programme include:
Table 1 : Significant gold results from the 2022 exploration
programme, reported as downhole intersections
BHID DH DH Interval Au g/t
From To (m) (m)
(m)
====== ======== =========
CBRC0057 58 66 8 0.60
====== ======== ========= =======
inc 62 64 2 1.31
====== ======== ========= =======
CBRC0059 34 40 6 4.15
====== ======== ========= =======
inc 34 38 4 5.74
====== ======== ========= =======
CBRC0066 57 75 18 0.60
====== ======== ========= =======
inc 58 59 1 1.80
====== ======== ========= =======
inc 68 70 2 2.16
====== ======== ========= =======
Significant intersections calculated using Datamine downhole
compositor with a cut-over grade of 0.3 g/t Au and a maximum
internal dilution of 2m
Table 2: Significant REE results from the 2022 exploration
programme, reported as downhole and true width intersections
(greater than 350 ppm TREO)
BHID DH TREO Neodymium Praseodymium Terbium Dysprosium MREO%
From + Y
(m) (ppm)
Nd2O3 Pr6O11 Tb4O7 Dy2O3
============ =============== ============ =============
DH DH ppm % ppm % ppm % ppm %
To Int
(m) (m)
CBRC0057 13 34 21 519 85 16.3% 23 4.5% 2.0 0.4% 12 2.2% 23%
====== ===== ===== =======
inc 13 18 5 944 154 16.3% 43 4.5% 3.6 0.4% 21 2.2% 23%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
CBRC0058 26 50 24 1,093 200 18.3% 54 4.9% 4.0 0.4% 23 2.1% 26%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
inc 28 47 19 1,243 234 18.8% 63 5.1% 4.5 0.4% 25 2.0% 26%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
CBRC0059 40 54 14 611 97 15.9% 25 4.2% 2.1 0.3% 13 2.1% 23%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
and 60 64 4 411 60 14.6% 17 4.2% 1.1 0.3% 7 1.7% 21%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
CBRC0062 31 51 20 683 102 14.9% 26 3.9% 3.0 0.4% 19 2.8% 22%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
inc 48 50 2 2,249 269 12.0% 66 2.9% 12.0 0.5% 81 3.6% 19%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
CBRC0066 12 16 4 434 84 19.3% 26 5.9% 1.6 0.4% 8 1.9% 28%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
and 36 67 31 514 80 15.5% 21 4.1% 2.0 0.4% 12 2.3% 22%
====== ===== ===== ======= ==== ====== ====== ======= ===== ===== ===== ====== ======
Significant intersections calculated using Datamine downhole
compositor with a cut-over grade of 350ppm TREO and a maximum
internal dilution of 4m
Figure 2: Section 1 (azimuth 330 degrees, midpoint 546,845mE
& 6365185mN) demonstrating the interpreted steeper dip of gold
mineralisation, overlain by the REE resource.
Location and Land Tenure
The Wudinna Project is located on the northern Eyre Peninsula,
within South Australia, a tier 1 mining jurisdiction. The defined
REE MRE occurs within EL6131 (Corrobinnie) and lies within the
Pinkawillinie Conservation Park (dual proclamation land). The
tenement is held by Peninsula Resources, a subsidiary of Andromeda
Metals. Cobra has the right to earn up to 75% in the project
through the Wudinna Heads of Agreement. In October 2021, the
Company announced it had achieved its 65% earn-in obligation.
Figure 3 : Locality plan
Geology and Nature of the REE Mineralisation
The gold and REE deposits at the Wudinna Project are considered
to be related to the structurally controlled basement weathering of
epidote-pyrite alteration related to the 1590 Ma Hiltaba/GRV
tectonothermal event of the Gawler Craton. Gold and REE
mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with
metasomatic alteration of host rocks. Epidote alteration associated
with gold mineralisation is REE enriched and believed to be the
primary source.
The REE mineralisation is regionally extensive in weathered
(saprolite and saprock) zones developed on basement rocks. The
nature of controlling structures that act as conduits for gold
mineralisation are also thought to act as catalysts for the
secondary processes that promote weathering and subsequent
mobilisation of REEs to the saprolite and saprock.
The following simplified model is proposed for ionic REEs and
the Clarke and Baggy Green prospects:
-- Gold and sulphide mineralisation is directly associated with
Hiltaba Suite volcanics (1590-1575 Ma)
-- WNW redial shears under NS compression (craton emplacement)
act as dilatational conduits through Kimbian and Sleaford age
granitoids
-- Hiltaba suite mafics are enriched in light REEs
-- Gold and sulphide mineralisation forms along sheeted
granitoid "dome" joints, bound within shear zones
-- Sericite and epidote alteration halos form peripheral to gold mineralisation
-- Epidote alteration is enriched in REEs providing an enriched source
-- Supergene enrichment of gold occurs at the base of oxidation,
where the weathering of primary sulphides generates acidic
conditions
-- Primary REE phases are weathered to secondary REE phases through prolonged weathering
-- Acidic conditions generated by the weathering of sulphides re-mobilises REEs
-- Near redox boundaries (pH 6-7) a greater component of REE is absorbed to clay particles
-- Colloidal phases occur as conditions become alkaline
Figure 4 : Proposed geological model for gold and REE
mineralisation at the Clarke and Baggy Green prospects
Table 3 : Collar location data
Hole Hole Easting Northing Depth Dip Assays Received/ Reported
ID type (m)
Multi-Element
Au REE (XRF)
===== ====== ===============
CBRC0057 RC 546,763 6,364,519 76 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0058 RC 546,729 6,364,615 52 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0059 RC 546,848 6,364,656 69 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0060 RC 546,948 6,364,681 81 -65 Y N N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0061 RC 546,824 6,364,730 63 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0062 RC 547,033 6,365,380 58 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0063 RC 546,887 6,365,294 59 -65 Y N N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0064 RC 546,833 6,365,265 57 -65 Y N N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0065 RC 546,787 6,365,239 54 -65 N N N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0066 RC 546,744 6,365,213 87 -65 Y Y N
======= ======== ========== ====== ==== ===== ====== ===============
CBRC0067 RC 546,779 6,365,151 47 -70 N N N
======= ======== ========== ====== ==== ===== ====== ===============
REE Mineral Resource update
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Pre 2021
techniques * Nature and quality of sampling (eg cut channels, * Historic RC and RAB drilling methods have been
random chips, or specific specialised industry employed at Clarke and Baggy Green Prospects since
standard measurement tools appropriate to the 2000.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Pulp samples from pre-Cobra Resources' drilling were
meaning of sampling. collected with intervals of 1-6 m. Samples were
riffle split if dry or sub split using a trowel if
wet.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Pulp samples were obtained from Challenger geological
services using a combination of logging and
geochemical selection criteria. Samples pulled from
* Aspects of the determination of mineralisation that storage were re-pulverised at the laboratory prior to
are Material to the Public Report. further analysis.
* In cases where 'industry standard' work has been done 2021 - onward
this would be relatively simple (eg 'reverse * Sampling during Cobra Resources 2022 aircore ("AC")
circulation drilling was used to obtain 1 m samples drilling programme at all Prospects were obtained
from which 3 kg was pulverised to produce a 30 g through AC drilling methods.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * 2 m samples were collected in 20l buckets via a rig
Unusual commodities or mineralisation types (eg mounted cyclone. An aluminum scoop was used to
submarine nodules) may warrant disclosure of detailed collect a 2-4 kg sub sample from each bucket. Samples
information. were taken from the point of collar, but only samples
from the commencement of saprolite were selected for
analysis.
* Samples submitted to the Genalysis Intertek
Laboratories, Adelaide and pulverised to produce the
25g fire assay charge and 4 acid digest sample.
* A summary of previous RC drilling at the Wudinna
Project is outlined in the Cobra Resources' RNS
number 7923A from 7 February 2022.
============================================================ =======================================================================
Drilling Pre 2021
techniques * Drill type (eg core, reverse circulation, open-hole * Drill methods include AC, RH and RAB in
hammer, rotary air blast, auger, Bangka, sonic, etc) unconsolidated regolith and aircore hammer in hard
and details (eg core diameter, triple or standard rock. Some shallow RC holes have been drilled in
tube, depth of diamond tails, face-sampling bit or place of AC and RAB, a single diamond drillhole has
other type, whether core is oriented and if so, by been incorporated in the estimate.
what method, etc).
2021- onward
* Drilling completed by McLeod Drilling Pty Ltd using
75.7 mm NQ air core drilling techniques from an ALMET
Aircore rig mounted on a Toyota Landcruiser 6x6 and a
200psi, 400cfm Sullair compressor.
* Slimline RC drilling was completed by Wuzdrill pty
limited and Indicator drilling services Pty Ltd using
a 400D and Mantis C60R drill rigs using a 4" hammer
and 78mm drill rods.
============================================================ =======================================================================
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 less than 10% of the drilled holes.
All samples were recorded for sample type, quality
and contamination potential and entered within a
* Measures taken to maximise sample recovery and ensure sample log.
representative nature of the samples.
* In general, sample recoveries were good with 20-25 kg
* Whether a relationship exists between sample recovery for each 2 m 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.
* R C d rilling completed by Bullion Drilling Pty Ltd
using 5 3/4 " reverse circulation drilling techniques
from a Schramm T685WS rig with an auxiliary
compressor
* Sample recovery f or RC was generally good with water
being intersected in 10% of the drilled holes. All
samples were recorded for sample type, quality and
contamination potential and entered within a sample
log.
* In general, R C sample recoveries were good with
35-50 kg for each 1 m interval being recovered.
* 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.
* Logging is generally qualitative in nature.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* All drill metres have been geologically logged on s
ample intervals (1-2 m) .
* The total length and percentage of the relevant
intersections logged.
============================================================ =======================================================================
Sub-sampling Pre-2021
techniques * If core, whether cut or sawn and whether quarter, * Samples from AC, RAB and "bedrock" RC holes have been
and sample half or all core taken. collected initially as 6 m composites followed by 1 m
preparation re-splits. Many of the 1 m re-splits have been
collected by riffle splitting.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* RC samples have been collected by riffle splitting if
dry, or by trowel if wet
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Pulverised samples have been routinely checked for
size after pulverising
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples. * Pulp samples were re- pulverised after storage to
re-homogenise samples prior to analysis.
* Measures taken to ensure that the sampling is
representative of the in situ material collected, 2021-onward
including for instance results for field * The use of an aluminum scoop to collect the required
duplicate/second-half sampling. 2-4 kg of sub-sample from each 2 m AC sample length
controlled the sample volume submitted to the
laboratory.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
* Additional sub-sampling was performed through the
preparation and processing of samples according to
the Intertek Genalysis internal protocols.
* Duplicate AC samples were collected from the sample
buckets using an aluminium scoop at a 1 in 50 sample
frequency.
* Sample sizes were appropriate for the material being
sampled.
* Assessment of duplicate results indicated this
sub-sample method provided good repeatability for
rare earth elements.
* RC drill samples were sub-sampled using a cyclone rig
mounted splitter with recoveries monitored using a
field spring scale.
* Manual re-splitting of RC samples through a riffle
splitter was undertaken where sample sizes exceeded 4
kg.
* RC field duplicate samples were taken nominally every
1 in 20 samples. These samples showed good
repeatability for REE.
============================================================ =======================================================================
Quality of
assay data * The nature, quality and appropriateness of the * Samples were submitted to Genalysis Intertek
and assaying and laboratory procedures used and whether Laboratories, Adelaide for preparation and analysis.
laboratory the technique is considered partial or total.
tests
* Multi element geochemistry were digested by four acid
* For geophysical tools, spectrometers, handheld XRF ICP-MS and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd,
instruments, etc, the parameters used in determining Ho, La, Lu, Na, Nd, Pr, Sc, Sm, Tb, Th, Tm, U, Y and
the analysis including instrument make and model, Yb.
reading times, calibrations factors applied and their
derivation, etc.
* Field gold blanks and rare earth standards were
submitted at a frequency of 1 in 50 samples.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * Field duplicate samples were submitted at a frequency
lack of bias) and precision have been established. of 1 in 50 samples
* Reported assays are to acceptable levels of accuracy
and precision.
* Internal laboratory blanks, standards and repeats for
rare earths indicated acceptable assay accuracy.
============================================================ =======================================================================
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. * Geological logging was undertaken digitally via the
MX Deposit logging interface and synchronised to the
database at least daily during the drill programme.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * Compositing of assays was undertaken and reviewed by
Cobra Resources staff.
* Discuss any adjustment to assay data.
* Original copies of laboratory assay data are retained
digitally on the Cobra Resources server for future
reference.
* Samples have been spatially verified through the use
of Datamine and Leapfrog geological software for pre
2021 and post 2021 samples and assays.
* Twinned drillholes from pre 2021 and post 2021 drill
programmes showed acceptable spatial and grade
repeatability.
* Physical copies of field sampling books are retained
by Cobra Resources for future reference.
* Significant intercepts have been prepared by Mr
Rupert Verco and reviewed by Mr Robert Blythman.
============================================================ =======================================================================
Location of Pre 2021
data points * Accuracy and quality of surveys used to locate drill * Collar locations were pegged using DGPS to an
holes (collar and down-hole surveys), trenches, mine accuracy of +/-0.5 m.
workings and other locations used in Mineral Resource
estimation.
* Downhole surveys have been completed for deeper RC
and diamond drillholes
* Specification of the grid system used.
* Collars have been picked up in a variety of
* Quality and adequacy of topographic control. coordinate systems but have all been converted to MGA
94 Zone 53. Collars have been spatially verified in
the field.
* Collar elevations were historically projected to a
geophysical survey DTM. This survey has been adjusted
to AHD using a Leica CS20 GNSS base and rover survey
with a 0.05 cm accuracy. Collar points have been
re-projected to the AHD adjusted topographical
surface.
2021- onward
* Collar locations were initially surveyed using Google
Pixel 6 mobile phone utilising the Avenza Map app.
Collar points recorded with a horizontal accuracy
within 5 m.
* Collar locations were picked up using a Leica CS20
base and Rover with an instrument precision of 0.05
cm accuracy.
* Locations are recorded in geodetic datum GDA 94 zone
53.
* No downhole surveying was undertaken on AC holes. All
holes were set up vertically and are assumed
vertical.
* RC holes have been down hole surveyed using a Reflex
TN-14 true north seeking downhole survey tool.
* All surveys are corrected to MGA 94 Zone 53 within
the MX Deposit database.
* The quality and accuracy of the topographic control
is considered sufficient for the Mineral Resource
estimation and classification applied.
============================================================ =======================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillhole spacing was designed on transects 50-80 m
distribution apart. Drillholes generally 50-60 m apart on these
transects but up to 70 m apart.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Additional scouting holes were drilled
and Ore Reserve estimation procedure(s) and opportunistically on existing tracks at spacings
classifications applied. 25-150 m from previous drillholes.
* Whether sample compositing has been applied. * Regional scouting holes are drilled at variable
spacings designed to test structural concepts
* Data spacing is considered adequate for a saprolite
hosted rare earth Mineral Resource estimation.
* No sample compositing has been applied
* Drillhole spacing does not introduce any sample bias.
* The data spacing and distribution is sufficient to
establish the degree of geological and grade
continuity appropriate for interpretation of the REE
mineralised horizon and the classification applied.
============================================================ =======================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * The REE mineralisation is expected to be controlled
relation to sampling of possible structures and the extent to by vertical weathering profiles.
geological which this is known, considering the deposit type.
structure
* Vertical drill holes are expected to be perpendicular
* If the relationship between the drilling orientation to rare earth mineralisation.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material. * It is not expected that the angled RC holes have
introduced any bias to the rare earth mineralisation
interpretation.
* Drilling results are presented as true width.
============================================================ =======================================================================
Sample Pre 2021
security * The measures taken to ensure sample security. * Company staff collected or supervised the collection
of all laboratory samples. Samples were transported
by a local freight contractor
* No suspicion of historic samples being tampered with
at any stage.
* Pulp samples were collected from Challenger
Geological Services and submitted to Intertek
Genalysis by Cobra Resources' employees.
2021 - onward
* Transport of samples to Adelaide was undertaken by a
competent independent contractor. Samples were
packaged in zip tied polyweave bags in bundles of 5
samples at the drill rig and transported in larger
bulka bags by batch while being transported.
* There is no suspicion of tampering of samples.
============================================================ =======================================================================
Audits or
reviews * The results of any audits or reviews of sampling * No laboratory 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.
============================================================ =======================================================================
Appendix 2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * RC drilling occurred on EL 6131, currently owned 100%
land tenure including agreements or material issues with third by Peninsula Resources limited, a wholly owned
status parties such as joint ventures, partnerships, subsidiary of Andromeda Metals Limited.
overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * Alcrest Royalties Australia Pty Ltd retains a 1.5%
NSR royalty over future mineral production from
licenses EL6001, EL5953, EL6131, EL6317 and EL6489.
* 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 Prospect 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 other * Acknowledgment and appraisal of exploration by other * On-ground exploration completed prior to Andromeda
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 gold and REE deposits are considered to be
mineralisation. related to the structurally controlled basement
weathering of epidote- pyrite alteration related to
the 1590 Ma Hiltaba/GRV tectonothermal event.
* Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated
with metasomatic alteration of host rocks. Epidote
alteration associated with gold mineralisation is REE
enriched and believed to be the primary source.
* Rare earth minerals occur within the saprolite
horizon. XRD analysis by the CSIRO identifies kaolin
and montmorillonite as the primary clay phases.
* SEM analysis identified REE bearing mineral phases in
hard rock:
* Zircon, titanite, apatite, andradite and epidote.
* SEM analyses identifies the following secondary
mineral phases in saprock:
* Monazite, bastanite, allanite and rutile.
* Elevated phosphates at the base of saprock do not
correlate to rare earth grade peaks.
* Upper saprolite zones do not contain identifiable REE
mineral phases, supporting that the REEs are adsorbed
to clay particles.
* Acidity testing by Cobra Resources supports that
REDOX chemistry may act as a catalyst for Ionic and
Colloidal adsorption.
* REE mineral phase changes with varying saprolite
acidity and REE abundances support that a component
of REE bursary is ionically adsorbed to clays.
=============================================================== =======================================================================
Drillhole
Information * A summary of all information material to the * Exploration results are not being reported as part of
understanding of the exploration results including a the Mineral Resource area.
tabulation of the following information for all
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 analyses were originally reported
in elemental form and have been converted to relevant
oxide concentrations in line with industry standards.
* The assumptions used for any reporting of metal Conversion factors tabulated below:
equivalent values should be clearly stated.
Element Oxide Factor
Cerium CeO(2) 1.2284
Dy(2)
Dysprosium O(3) 1.1477
Er(2)
Erbium O(3) 1.1435
Eu(2)
Europium O(3) 1.1579
Gd(2)
Gadolinium O(3) 1.1526
Ho(2)
Holmium O(3) 1.1455
La(2)
Lanthanum O(3) 1.1728
Lu(2)
Lutetium O(3) 1.1371
Nd(2)
Neodymium O(3) 1.1664
Pr(6)
Praseodymium O(11) 1.2082
Sc(2)
Scandium O(3) 1.5338
Sm(2)
Samarium O(3) 1.1596
Tb(4)
Terbium O(7) 1.1762
Tm(2)
Thulium O(3) 1.1421
Y(2)
Yttrium O(3) 1.2699
Yb(2)
Ytterbium O(3) 1.1387
========
* The reporting of REE oxides is done so in accordance
with industry standards with the following
calculations applied:
* TREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
+ Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) +
Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* CREO = Nd(2) O(3) + Eu(2) O(3) + Tb(4) O(7) + Dy(2)
O(3) + Y(2) O(3)
* LREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
* HREO = Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4)
O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2)
O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* NdPr = Nd(2) O(3) + Pr(6) O(11)
* TREO-Ce = TREO - CeO(2)
* % Nd = Nd(2) O(3) / TREO
* %Pr = Pr(6) O(11) /TREO
* %Dy = Dy(2) O(3) /TREO
* %HREO = HREO/TREO
* %LREO = LREO/TREO
=============================================================== =======================================================================
Relationship
between * These relationships are particularly important in the * Preliminary results support unbiased testing of
mineralisation reporting of Exploration Results. mineralised structures.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Previous holes have been drilled in several
the drill hole angle is known, its nature should be orientations due to the unknown nature of
reported. mineralisation.
* If it is not known and only the down hole lengths are * Most intercepts are vertical and reflect true width
reported, there should be a clear statement to this intercepts.
effect (eg 'down hole length, true width not known').
* Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =======================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Relevant diagrams have been included in the
tabulations of intercepts should be included for any announcement.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional * Exploration results are not being reported for the
views. Mineral Resources area.
=============================================================== =======================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * Not applicable - Mineral Resource and Exploration
Results is not practicable, representative reporting Target are defined.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results. * Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =======================================================================
Other
substantive * Other exploration data, if meaningful and material, * Refer to previous announcements listed in RNS for
exploration should be reported including (but not limited to): reporting of REE results and metallurgical testing
data geological observations; geophysical survey results; and detailed gold intersections.
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 * Infill and extensional drilling aimed at growing the
tests for lateral extensions or depth extensions or Mineral Resource and converting Inferred Resources to
large-scale step-out drilling). Indicated Resources is planned.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============================================================== =======================================================================
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUBOBROOUAARR
(END) Dow Jones Newswires
January 17, 2023 02:36 ET (07:36 GMT)
Cobra Resources (LSE:COBR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Cobra Resources (LSE:COBR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
