REG - Cobra Resources PLC - Drilling Commences at Boland Rare Earths Prospect

Cobra ResourcesAnnouncement

07/02/2024 09:00

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RNS Number : 3230C  Cobra Resources PLC  07 February 2024

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7 February 2024

 

Cobra Resources plc

("Cobra" or the "Company")

 

Sonic Drilling Commences at Boland Rare Earths Prospect

 

Cobra (https://cobraplc.com/) , an exploration company focused on the Wudinna
Project ("Wudinna") in South Australia, is pleased to advise that sonic core
drilling has commenced at the Boland rare earths prospect. Cobra confirmed
ionic recoveries of rare earths at Boland in September 2023 and is working to
demonstrate the value of the discovery by proving the scale, grade
concentration, and in situ recovery ("ISR") potential.

 

This programme is a key workstream in Cobra's objective to demonstrate ISR
potential.  A total of five sonic core holes are planned that will enable
Cobra to determine the concentration of ionic rare earth mineralisation on
sand/clay boundaries and evaluate the potential for ISR extraction. The
drilling will be focused on one of the signature intersections drilled by
Cobra in April 2023 which yielded exceptional results (as announced on 20 June
2023).

 

The proposed location for drilling has been selected based on the variability
of recoveries across various sand/clay interfaces and their perceived
potential to be recovered via ISR.

 

The drilling programme is expected to take 8-10 days and will provide samples
for the following work flows:

 

·    Narrow composite sampling to identify the anticipated high grade REE
concentration

·    Provide adequate samples for bench scale laboratory ISR testing and
inform metallurgical flow sheet development

·    Determine sample densities and permeabilities

 

Holes are permitted and monitoring wells are to be installed to:

 

·    Perform baseline hydrological and environmental studies

·    Determine the potential production capacity of the confined aquifer

·    Serve a future 'pilot' push-pull ISR study

 

Rupert Verco, CEO of Cobra, commented:

 

"We believe that the Boland discovery has the potential to disrupt the current
supply of magnet rare earths. Through this programme we aim to demonstrate the
unprecedent economic and environmental advantages that in situ recovery
provides.

 

Core samples from the programme will enable several workstreams that will
provide high value news flow as we work to define a low-capital metallurgical
process and determine the productivity potential of in situ recovery."

 

Figure 1: Sonic drilling underway at the Boland prospect

 

 

Figure 2: Core being recovered from sonic drilling at the Boland prospect

 

 

 

 

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.

 

About Cobra

Cobra is defining a unique multi-mineral resource at the Wudinna Gold and Rare
Earth 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 1,832 km(2), and other nearby tenement rights
totalling 2,941 km(2), contain highly desirable and ionic rare earth
mineralisation, amenable to low-cost, low impact in situ recovery mining, and
critical to global decarbonisation. Additionally, Cobra holds a 213 km(2)
exploration tenement in northern Tasmania which is also considered highly
prospective for ionic rare earth mineralisation.

 

Cobra's Wudinna tenements also 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 279,000 Oz gold JORC Mineral Resource Estimate,
and several iron oxide copper gold (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)

 

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