REG - Cobra Resources PLC - Continuation of Resource Drilling at Boland

Cobra ResourcesAnnouncement

13/01/2025 07:00

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RNS Number : 0525T  Cobra Resources PLC  13 January 2025

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
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CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

13 January 2025

 

Cobra Resources plc

("Cobra" or the "Company")

 

Continuation of Resource Drilling at Boland

 

Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, the mineral exploration and development company advancing a potentially
world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project
("Boland") in South Australia, announces that it has re-commenced
resource-focused aircore drilling at Boland following a short pause in
activity during the Christmas period.

 

Prior to Christmas, 20 holes (~1,000m) were completed. Cobra aims to drill a
further ~40 holes during January to complete Stage 1 aircore drilling aimed at
providing sufficient geological definition to support a maiden REE resource
estimation over the greater palaeochannel proximal to the established
wellfield. Stage 1 drilling is the start of a funded, four-stage, 12,000m
programme designed to define and support a resource estimate for ionically
bound REE mineralisation that is hosted within permeable sands and is amenable
to low cost, low disturbance in situ recovery ("ISR") mining.

 

Highlights

 

·    Stage 1 drilling is designed to infill and refine the mineralisation
footprint peripheral to the established Boland wellfield where high grade
mineralisation (0.44% Total Rare Earth Oxides) delivered high recoveries (68%)
of valuable Magnet Rare Earths ("MREOs") at pH3 with low acid consumption and
low levels of impurities in the bench scale ISR studies

 

·    The Pidinga formation which hosts permeable ionic REE mineralisation
has been intersected across broad zones where unit thicknesses exceed the
Company's interpretations

 

·    Stage 1 aircore drilling is anticipated to be completed in
approximately two weeks

 

·    Results from drilling completed in December 2024 are expected in
February 2025

 

·    The Company is working to obtain regulatory approvals to proceed with
Stage 2 drilling to extend the target area of resource drilling

 

·    Precipitation of a maiden mixed rare earth carbonate, assays imminent

 

Rupert Verco, Managing Director & CEO of Cobra, commented:

 

"Resource drilling is progressing rapidly. Initial geological observations are
positive for scale, mineralisation thickness and geological conditions that
support scalable ISR mining. A scalable resource is an important aspect of any
mining asset.

 

As drilling progresses, the Company is approaching another important
milestone, with a maiden mixed rare earth carbonate being precipitated from
liquor produced through our bench scale ISR tests before Christmas from which
results are imminent. This will be the first rare earth product produced
through controlled ISR, signifying a significant step forward in the
advancement of securing critical rare earth metals through low-cost and
environmentally considerate methods. This is a vital advancement to progress
discussions with prospective future offtakers."

 

Figure 1: Drilling plan detailing completed and planned Stage 1 drilling with
defined target areas for Stages 2-4

 

 

Follow this link to watch a short video of Exploration Manager Robert Blythman
providing an update on the Company's drilling programme:
https://investors.cobraplc.com/link/pegRby
(https://investors.cobraplc.com/link/pegRby)

 

Boland Project

 

Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable HREOs
and MREOs occur concentrated in a permeable horizon confined by impermeable
clays. Bench scale ISR testing has confirmed that mineralisation is amenable
to ISR mining. ISR has been used successfully for decades within geologically
similar systems to recover uranium within South Australia. Results of this
metallurgical test work support that, with minor optimisation, ISR techniques
should enable non-invasive and low-cost production of critical REEs from
Cobra's Boland discovery.

 

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

 Global Investment Strategy (Joint Broker)     +44 (0)20 7048 9437

 James Sheehan                                 james.sheehan@gisukltd.com
 Vigo Consulting (Financial Public Relations)  +44 (0)20 7390 0234

 Ben Simons                                    cobra@vigoconsulting.com

 Kendall Hill

 

The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.

 

Information in this announcement relates to exploration results that have been
reported in the following announcements:

 

·    Wudinna Project Update: "Further Positive Metallurgy Results from
Boland Project", dated 16 December 2024

·    Wudinna Project Update: "2(nd) Bench Scale ISR Study & £1.7M
Placing", dated 26 November 2024

 

Competent Persons Statement

 

Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 16 years' industry experience which is
relevant to the style of mineralisation, deposit type, and 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 of JORC. This includes 12 years of Mining, Resource
Estimation and Exploration.

 

About Cobra

 

In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is
Australia's only rare earth project amenable for in situ recovery (ISR) mining
- a low cost, low disturbance method enabling bottom quartile recovery costs
without any need for excavation or ground disturbance. Cobra is focused on
de-risking the investment value of the discovery by proving ISR as the
preferred mining method and testing the scale of the mineralisation footprint
through drilling.

 

Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by
low levels of over-burden, amenable to open pit mining.

 

Regional map showing Cobra's tenements in the heart of the Gawler Craton

 

 

 

 

 

Follow us on social media:

 

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

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

 

Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
https://investors.cobraplc.com/ (https://investors.cobraplc.com/)

 

Subscribe to our news alert service:
https://investors.cobraplc.com/auth/signup
(https://investors.cobraplc.com/auth/signup)

 

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