REG - Cobra Resources PLC - Exploration Tenement Granted

Cobra ResourcesAnnouncement

25/07/2022 07:00

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RNS Number : 5060T  Cobra Resources PLC  25 July 2022

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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25 July 2022

 

Cobra Resources plc

 ("Cobra" or the "Company")

 

Exploration Tenement Granted

 

Cobra (LSE: COBR), a gold, IOCG, and rare earth exploration company focused on
the Wudinna Project in South Australia, is pleased to announce it has been
granted a package of exploration tenements under EL 6806 totalling 893 km(2)
that are proximal to or contiguous with the Wudinna Project. EL 6806
complements the Company's existing strategy, with the newly acquired ground
considered highly prospective for gold and clay hosted rare earth
mineralisation.

 

Tenement EL 6806 is held 100% by Cobra's wholly owned Lady Alice Mines Pty Ltd
subsidiary. The addition of the tenement consolidates Cobra's position as a
major land holder within the Gawler Craton, the oldest and largest geological
province in South Australia, with exclusive exploration rights across 1,429
km(2) of highly prospective ground, and a further 1,832 km(2) of exploration
rights held under the Wudinna Heads of Agreement with Andromeda Metals
Limited.

 

The Company's application for EL 6806 was previously announced on 13 April
2022 under the application code ELA 2022/00006, with the total area granted
having been revised from 925 km(2) to 893 km(2) following a revision of
boundaries.

 

Rupert Verco, CEO of Cobra, commented:

 

"EL 6806 consolidates Cobra Resources' position as a major player in the
highly prospective Gawler Craton, a tier 1 mining jurisdiction of South
Australia. Whilst the southern Gawler Craton has already produced several
defined precious metal resources, its extent remains largely under explored,
and this creates a massive opportunity for our company.

 

Our immediate focus remains on defining value through ongoing exploration at
the Wudinna Project, however, the addition of EL 6806 enables the Company to
strategically define a pipeline of high-value new exploration targets which
are capable of contributing to the multi-commodity resource we are aiming to
establish, including critical minerals that can assist in driving global
decarbonisation."

 

A summary of the Company's Gawler Craton tenement interests appears below:

 

 Tenement  Area km(2)  Cobra Interest
 EL 6131   1,303       65%*
 EL 6317   156         65%*
 EL 5953   184         65%*
 EL 6489   42          65%*
 EL 6001   147         65%*
 EL 6718   536         100%**
 EL 6806   893         100%**

 

*Held under the Wudinna Heads of Agreement with Andromeda Metals Limited
whereby Cobra, through its wholly owned subsidiary Lady Alice Mines Pty Ltd,
is earning up to 75% ownership (expected to be achieved during 2022)

 

**Held through the Company's wholly owned subsidiary Lady Alice Mines Pty Ltd

 

A plan detailing the locations of the Gawler Craton tenements can be viewed in
the appendix (Figure 1) of a supplementary PDF version of this announcement
at http://www.rns-pdf.londonstockexchange.com/rns/5060T_1-2022-7-22.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5060T_1-2022-7-22.pdf) .

 

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,
CEO of the Company.

 

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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