RCS - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

22/06/2022 07:00

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RNS Number : 7028P  Cobra Resources PLC  22 June 2022

22 June 2022

 

Cobra Resources plc

 ("Cobra" or the "Company")

 

Wudinna Project Update

 

Accelerated Discovery Initiative Funding Secured for Cobra Clarke Project
Advancement

 

Cobra, a gold, IOCG, and rare earth exploration company focused on the Wudinna
Project in South Australia, announces that it has been successful in an
application for funding through the South Australian Government's Accelerated
Discovery Initiative ("ADI").

 

Highlights

 

·    Cobra has been successful in securing A$73,250 of funding from the
South Australian State Government, to advance exploration and subsequent
resource definition at the Clarke prospect

 

·   Gold mineralisation has been defined across 400m of strike and is open
at depth and to the north. Gold mineralisation is overlain by clay hosted rare
earth mineralisation. Mineralisation at Clarke sits outside of the project's
existing 211,000 oz gold resource

 

·    The funding comes under the ADI, aimed at accelerating new mineral
discoveries for key commodities in regional and frontier provinces in South
Australia by fast-tracking new exploration ideas and techniques

 

·   The funding will contribute to Controlled Source Audio-frequency
Magnetotelluric (CSMAT) and Loupe TEM geophysical surveys to improve the
definition of structures that control gold mineralisation and promote the
enrichment of Rare Earth Elements within the saprolite horizon

 

·    Cobra is one of 13 companies to secure funding, which includes Oz
Minerals Ltd and IGO Ltd

Rupert Verco, CEO of Cobra, commented:

 

"We are pleased to be supported by the South Australian Government through
this funding. The award to Cobra at this stage carries greater significance
than the quantum itself - it demonstrates recognition of the Company's
progress and technical execution of recent work programmes.

 

The ADI is an exceptional and highly competitive programme that drives
industry innovation and encourages exploration success. We would like to thank
the Minister for Energy and Mining, Mr Koutsantonis, and the South Australian
Government for their support."

 

Enquiries:

 

 Cobra Resources plc                           via Vigo Consulting

 Rupert Verco (Australia)                      +44 (0)20 7390 0234

 Dan Maling (UK)

 SI Capital Limited (Joint Broker)             +44 (0)1483 413 500

 Nick Emerson

 Sam Lomanto

 Peterhouse Capital Limited (Joint Broker)     +44 (0)20 7469 0932

 Duncan Vasey

 Lucy Williams

 Vigo Consulting (Financial Public Relations)  +44 (0)20 7390 0234

 Ben Simons

 Charlie Neish

 Kendall Hill

 

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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