RCS - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

13/10/2022 07:00

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RNS Number : 7058C  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)             +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

 

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
(https://www.linkedin.com/company/cobraresourcesplc)

Twitter: https://twitter.com/Cobra_Resources
(https://twitter.com/Cobra_Resources)

 

Subscribe to our news alert service: https://cobraplc.com/news/
(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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