REG - Cobra Resources PLC - Ionic Rare Earth Mineralisation at Boland Prospect
11/09/2023 07:00
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RNS Number : 9124L Cobra Resources PLC 11 September 2023
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11 September 2023
Cobra Resources plc
("Cobra" or the "Company")
Positive Metallurgy Confirms Ionic Rare Earth Mineralisation at Boland
Prospect, Wudinna
&
New Tenement Applications to Increase Project Size
Cobra's Geological Concept Has Capacity to Change Future Supply of Critical
REEs to Drive Decarbonisation
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, is pleased to advise that metallurgical testwork
carried out by the Australian Nuclear Science and Technology Organisation
("ANSTO") confirms Rare Earth Elements ("REE") mineralisation at the Boland
palaeo-channel prospect to be cost-efficient, easily recoverable ionic
adsorption rare earth clays.
Cobra can now attest to having highly desirable ionic rare earth
mineralisation at Wudinna, where extraction is low-cost and yields high
recoveries of heavy and magnet rare earths which the Company believes to be
regionally scalable.
Accordingly, the Company has made two further applications west of the Wudinna
Project to establish itself as the dominant landholder on the Narlaby
palaeo-channel.
Highlights
· Ionic metallurgy: testing by ANSTO demonstrates rapid recoveries by
desorption leaching within 30 minutes using ammonium sulphate in weak acid
conditions (pH4), with low acid consumption and low dissolution of gangue
elements, where:
o Further increases in REE recovery are demonstrated through increased leach
time (six hours) and a slight increase in acidity (pH3) where maximum
extractions of 58% Magnet Rare Earth Oxides ("MREOs") and 65% Heavy Rare Earth
Oxides ("HREOs") were achieved
o Low acid consumption of 6-30 kg/t supports very positive economic metrics
for further processing optimisation
o Low rates of dissolution of gangue elements (aluminium, calcium, iron,
thorium and uranium)
· Preferred mineralogy: ionic clay REE deposits are a superior source
of HREOs and MREOs (neodymium, praseodymium, dysprosium and terbium), owing to
their enrichment relative to Light Rare Earth Oxides ("LREOs") and their
ability to be desorbed through ion exchange rather than aggressively baked and
acid leached which is high cost and increases environmental risk
· Superior ratios of recovery: high recoveries of high-value HREOs and
lower recoveries of low-value LREOs that enable the cost-effective generation
of a superior REE carbonate product
· New concept for ionic mineralisation: the Boland prospect presents as
a new alternate source of low disturbance, low-cost MREOs and HREOs owing to
its amenability to Insitu Recovery Mining ("ISR") and cost-effective
metallurgy
· Significant scalability: over 430 km(2) of untested palaeo-channel
has been defined over the existing Wudinna Project tenements. These results
confirm "proof-of-concept" and are game-changing for future REE expansion
drilling
· Expanded footprint: a further two tenement applications (Figure 1)
have been submitted by Lady Alice Mines Pty Ltd (a Cobra subsidiary) to add a
further 1,512 km(2) of prospective palaeo-channel geology making Cobra the
dominant holder of palaeo-channel ground in the region
· Forward plan: to rapidly advance the Boland discovery, the Company
plans to:
o Drill sonic core holes to better understand the nature of mineralisation,
define permeability potential, and recover sufficient samples to produce a REE
carbonate
o Install monitoring wells to gather baseline hydrology data to inform pilot
ISR extraction tests
o Resource expansion Aircore ("AC") drilling to define a maiden ionic REE
resource
o Re-analysis of historic drill samples on new tenement applications to
define new ionic REE occurrences
o Regional AC palaeo-channel testing to demonstrate province scale potential
Rupert Verco, CEO of Cobra, commented:
"These metallurgy results place the Company amongst the handful of projects
which can attest to having highly desirable ionic rare earth mineralisation.
Low-cost metallurgy, coupled with low-cost insitu recovery mining, are the key
ingredients to enable a clean, low-impact sustainable source of rare earth
metals.
The REE mineralisation at Boland can be rapidly recovered using a lixiviant
comparable to orange juice in acidity, in a mining practice that can be
integrated into current agricultural land practices.
It is these attributes that make this discovery significant. The Boland
discovery has the right technical components to secure the future supply of
critical rare earth metals necessary to decarbonise the western world.
With the further two exploration licence applications, Cobra is now the
dominant holder of REE prospective palaeo-channel in the region, a
jurisdiction experienced in, and supportive of, insitu recovery mining."
David Clarke, Non-Executive Director of Cobra, commented:
"The proof-of-concept Cobra has delivered at Boland is the result of
exceptional geological thinking from Rupert Verco and Robert Blythman whom I
congratulate on behalf of the Board. It was a strongly reasoned concept but
nothing like this model has previously existed. It may take some time for the
full implications of Cobra's model to be apparent - but it is already clear
that it is positive for Cobra's shareholders and the western world's ready
access to a range of critical rare earth metals required for permanent magnets
that are the efficiency enabler for electrification."
Boland Background
AC drilling in April at the Boland prospect was designed for
"proof-of-concept" to confirm the mobilisation of REEs from enriched
saprolites to the younger clays hosted within the palaeo-channel system.
A total of 17 holes were drilled across a broad area representing ~12 km(2),
and drilling produced multiple intersections, where:
· Smectite clays hosted within palaeo-channel sands and basal clays in
contact with saprolite are enriched in HREOs
· Intersections extended into underlying saprolite where elevated
grades are depleted in heavy rare earths in comparison to overlying smectite
clays
· Intersections in palaeo-channel clays up to 3m at 1,004 ppm Total
Rare Earth Oxide ("TREO") and up to 42m at 2,189 ppm TREO in underlying
saprolite
A total of 17 representative 3m composite samples from the Boland prospect
were submitted to ANSTO for desorption metallurgical testing (see Table 1).
Samples are characterised by three geological domains:
1. Smectite playa clays (five samples)
2. Contacting palaeo-channel saprolite (five samples)
3. Underlying saprolite (seven samples)
Metallurgical Results
Results show rapid recoveries by desorption of REEs in the first 30 minutes
using 0.5 mol ammonium sulphate as a lixiviant, at ambient temperatures and
weak acidic conditions (see Table 1).
The highest recoveries are observed from domain 1 (playa clays hosted within
the palaeo-channel) and domain 2 (contacting palaeo-channel saprolite), where
mineralisation is interpreted to ionically bind to smectite clays at the
contact with channel sands, where ionic adsorption is driven by discrete
changes in acidity/alkalinity.
An important characteristic of ionic clay hosted rare earths is the low acid
consumption (results average 6-30 kg/t) and the low dissolution of gangue
minerals including cerium, aluminium, calcium and iron. Additionally, the
dissolution of uranium and thorium is low.
Increases in REE recovery were achieved by increasing the leach time to six
hours (pH4) and lowering the acidity to pH3 over a leach time of up to six
hours (see Table 1).
Within the palaeo-channel, maximum recoveries at pH3 (six hours) are 58% for
MREOs and 65% for HREOs (see Figure 3). These results are considered highly
encouraging with scope for increased recoveries with optimised sample
compositing and increased understanding of REE clay adsorption distribution
and mineralogy.
Pleasingly, samples of saprolite in contact with the palaeo-channel exhibit
low-moderate extractions under desorption conditions (see Figure 4).
In contrast, saprolite samples show low <10% recoveries and higher acid
consumptions than palaeo-channel sediments under desorption conditions.
Figure 1: Composite LAM9170 exhibits high recoveries of MREOs and HREOs under
desorption conditions
Figure 2: Individual REE recoveries from LAM9170 composite under tested
desorption conditions
Figure 3: Average recoveries and acid consumption of the five playa clay
sample composites
Figure 4: Average recoveries and acid consumption of the five saprolite sample
composites in contact with palaeo-channel sediments
Figure 5: Locality plan highlighting the Company's exploration tenement
applications on the Narlaby palaeo-channel
About Insitu Recovery Mining
ISR is a highly cost-effective method of mining that involves recovering the
ore where it is in the ground, and recovering minerals from it by dissolving
them and pumping pregnant solutions to the surface where the minerals can be
recovered. This is achieved owing to aquifer permeability and applied in a
manner to ensure that mining solutions do not contaminate groundwater away
from the orebody. Once ore extraction is complete, aquifers are returned to
their natural chemistry by neutralising mining solutions. This style of mining
is cost-effective, low in environmental impact on aquifers and surfaces.
Owing to the interbedded nature of mineralised clay beds and permeable sand
layers at Boland, and the fast extractions achieved through REE desorption, it
is believed that ISR mining could be integrated with current land-uses
considerate and adaptable to farming, conservation and indigenous heritage.
South Australia is the leading state in Australia for insitu recovery mining
where it is actively endorsed, actively governed and successfully implemented.
Figure 6: Conceptual ISR process for REE extraction at Boland
Next Steps
Cobra will now aim to capitalise on the significance of these results from the
Boland prospect and commence a scope of work that includes:
· Mineralogical and insitu recovery studies - drilling of 3-5 core
holes to:
o Determine the distribution of REEs within clay bands
o Identify parameters for future insitu recovery testing
o Define appropriate future composite sample lengths
o Enable advancement of metallurgical testing to ultimately produce a REE
carbonate for commercial marketing
· Monitoring well installation - to enable baseline monitoring and
analysis of aquifers
· Resource drilling - AC drilling aimed at expanding the footprint of
Ionic REE mineralisation at the Boland prospect
· Maiden Boland Mineral Resource Estimate ("MRE")
· Regional palaeo-channel testing - AC drilling testing the concept
within the Corrobinnie palaeo-channel at the Wudinna Project
· Sample re-analysis and maiden AC drilling to test palaeo-channel
targets on other 100% owned Cobra tenements
· Further metallurgical testing to optimise recoveries and test further
zones of mineralisation
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
Shard Capital Partners LLP (Joint Broker)
+44 (0)20
Erik Woolgar 71869952
Damon Heath
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons
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 1,832 km(2), and other nearby tenement rights totalling 1,429 km(2),
contain highly desirable and ionic rare earth mineralisation, amenable to
low-cost, low impact insitu recovery mining, and critical to global
decarbonisation.
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.
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Competent Persons Statement
Information in this announcement has been assessed by Mr Luke Stannard, a
Fellow of the Australasian Institute of Mining and Metallurgy ("FAusIMM"). Mr
Stannard is a Consultant to Cobra Resources Plc and has sufficient relevant
experience in the type of extraction process 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 7 years of leaching extraction.
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
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· "Maiden Rare Earth Resource Estimate - Unique and Unconstrained"
dated 9 January 2023
· "Drilling Defines REE Resource Extension Potential" dated 12 June
2023
· "Exception REE Results at Boland" dated 20 June 2023
Definitions
REO - Rare Earth Oxides
TREO - Total Rare Earth Oxides plus yttrium
MREO - Magnet Rare Earth Oxide (Nd(2)O(3) + Pr(6)O(11) + Dy(2)O(3) +
Tb(2)O(3))
HREO - Heavy Rare Earth Oxides
LREO - Light Rare Earth Oxides
MRE - Mineral Resource Estimate
Cobra's REE Strategy
The economic viability of clay hosted REEs is more dependent upon low mining
and processing costs, a consequence of mineralogy rather than grade. On this
basis, the Company has focused on:
1. REE resource expansion aimed at growing its complementary dual gold
and REE resources, where the spatial proximity of REE mineralisation to gold
enables cost efficient, value add potential
2. Targeting low cost, easily extractable ionic clay hosted
mineralisation by defining and targeting conditions that promote ionic
mineralisation. The Boland prospect was defined on the basis of chemical and
geological conditions that promote the mobility and adsorption of ionic REEs.
These metallurgy results at Boland have provided proof of concept and provide
an excellent foundation for positive economics
Further Information Regarding the Boland Metallurgy Results
Ionic clay adsorption REE mineralisation is the industry preferred style of
rare earth mineralisation owing to its ability to be desorbed from clay
particles under relatively benign acidities, with superior ratios of
high-value REEs. In general, weaker acids (higher acidities) are more cost
effective to produce, less environmentally harmful and operationally safer to
manage. As a consequence of the desorption process, extractions occur quickly
(minutes to hours) and at ambient temperatures making REE recovery most
economically competitive.
Since the prospectivity of REEs at the Wudinna Project was identified in late
2021, the Company has taken a technical approach in understanding the
enrichment, mobility, and mineralogy of REE occurrences within clay saprolite
and tertiary and quaternary aged clays across the Company's 3,261 km(2) land
tenure.
The identification of REE depletion within the saprolite above and proximal to
the 104,000 Oz Barns gold resource, led the Company to theorise that the
highly acidic conditions (pH<2) contribute to the re-mobilisation of REEs
away from the Barns gold resource and the sulphide rich Hiltaba granites. The
Boland prospect is considered to host the right conditions to promote ionic
adsorption of mobilised REEs and therefore act as a 'trap' for fluid mobile
REEs. These metallurgical results are a proof of concept confirming desorption
of REEs from palaeo-channel clays.
ANSTO is a world leader in REE metallurgy and the development in REE
metallurgical flowsheets. Diagnostic testing parameters included:
· 0.5 M (NH4)2SO4 as lixiviant
· pH 4; pH3
· pH 4: 0.5 h & 6 h, pH3: 0.5 h, 2 h & 6 h
· Ambient temperature (~22 °C)
· 4 wt% solids density
· Acidity maintained through the addition of H2SO4
Metallurgical results demonstrate:
· Desorption is greatest within Eocene age clays
· Recoveries increase with time and increasing acidity
· HREOs are recovered in greater ratios than LREOs
· Moderate desorption times are interpreted to be a consequence of
sample composite dilution. Faster desorption rates are likely with refined
sample compositing
Table 1: Average recoveries of playa clays (five samples) and contacting
saprolite (five samples)
REO Playa Clays Contacting Saprolite
pH4 pH4 6hrs pH3 pH3 pH3 pH4 pH4 6hrs pH3 pH3 pH3
0.5hrs 6hrs 0.5hrs 2hrs 6hrs 0.5hrs 6hrs 0.5hrs 2hrs 6hrs
La(2)O(3) 11 15 17 19 22 3 5 4 5 5
CeO(2) 17 22 25 26 30 4 7 6 6 7
Pr(6)O(11) 18 22 27 29 33 5 8 7 8 9
Nd(2)O(3) 21 27 33 35 38 7 11 10 11 13
Sm(2)O(3) 25 31 39 43 46 9 13 13 17 18
Eu(2)O(3) 24 36 44 48 49 16 15 22 25 25
Gd(2)O(3) 25 37 43 46 49 14 19 22 24 27
Tb(4)O(7) 26 36 42 44 49 22 21 27 27 27
Dy(2)O(3) 28 40 45 48 51 14 16 18 22 25
Ho2O3 29 37 39 41 47 25 20 26 27 27
Er(2)O(3) 26 37 43 45 50 10 14 18 20 22
Tm(2)O(3) 35 35 40 40 46 - - - - -
Yb(2)O(3) 22 32 37 42 44 8 11 14 14 14
Lu(2)O(3) 29 34 35 35 35 - - - - -
Y(2)O(3) 26 34 37 39 43 17 18 24 28 29
LRE 16 21 24 26 29 4 6 6 6 7
HRE 26 35 41 44 47 10 13 15 18 20
MRE 21 27 33 35 38 7 10 9 11 12
TREY-Ce 19 25 29 31 35 6 9 8 9 10
Acid Consumption kg/t 12 14 17 21 25 9 13 16 24 33
Significant intersections from maiden Boland AC drilling include:
· CBAC0164: 3m at 942 ppm TREO (22% MREO) from 15m (playa clay), and 3m
at 1,333 ppm TREO (13% MREO) from 30m (playa clay) and 42m at 2,189 ppm TREO
(25% MREO) from 36m (saprolite clay)
· CBAC0163: 3m at 559 ppm TREO (24% MREO) from 18m (playa clay), and 3m
at 618 ppm TREO (22% MREO) from 21m (playa clay) and 12m at 1,191 ppm TREO
(27% MREO) from 36m (saprolite clay)
· CBAC0168: 12m at 948 ppm TREO (19% MREO) from 42m (saprolite clay)
· CBAC0176: 3m at 516 ppm TREO (23% MREO) from 27m (playa clay) and 3m
at 661 ppm TREO (19% MREO) from 48m (contact saprolite clay) and 1,984 ppm
TREO (22% MREO) from 54m (saprolite clay)
· CBAC0175: 3m at 429 ppm TREO (23% MREO) from 27m (playa clay)
· CBAC0172: 3m at 685 ppm TREO (20% MREO) from 54m (saprolite clay)
· CBAC0177: 3m at 545 ppm TREO (26% MREO) from 42m (saprolite clay) to
EOH
· CBAC0162: 6m at 437 ppm TREO (24% MREO) from 42m (playa clay)
Figure 7: Overview of AC drilling results and metallurgical recoveries at the
Boland prospect
Table 2: Lithium borate fusion assays of composite samples submitted for
metallurgical testing
HoleID SampleID Geological domain La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 TREO+Y LREO HREO MREO
ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm
CBAC0163 LAM9165 Playa Clay 100 267 27 95 16 3 11 2 9 2 4 1 4 1 38 579 488 52 132
CBAC0163 LAM9168 Playa Clay 116 286 30 110 18 3 16 2 14 3 7 1 6 1 74 688 542 72 156
CBAC0163 LAM9170 Playa Clay 110 150 20 65 13 2 12 2 11 2 7 1 6 1 65 468 345 57 98
CBAC0164 LAM9184 Playa Clay 177 434 45 162 29 5 23 3 19 3 9 1 8 1 83 1,004 817 103 230
CBAC0176 LAM9381 Playa Clay 103 230 24 83 15 3 12 2 10 2 5 1 5 1 51 548 441 56 120
CBAC0163 LAM9173 Cont Sap 225 230 39 107 12 2 7 1 5 1 3 0 3 1 28 665 601 35 152
CBAC0163 LAM9174 Cont Sap 320 378 60 192 22 3 12 1 8 1 4 1 4 1 38 1,046 951 57 262
CBAC0164 LAM9188 Cont Sap 107 137 11 26 3 1 3 1 4 1 3 1 4 1 31 332 281 20 42
CBAC0164 LAM9189 Cont Sap 480 649 51 118 12 1 6 1 3 1 2 0.2 2 0 25 1,350 1,297 28 173
CBAC0176 LAM9390 Cont Sap 82 378 24 90 18 2 15 2 11 2 4 1 3 0 43 675 574 57 126
CBAC0163 LAM9175 Saprolite 522 694 103 322 40 5 20 2 11 2 5 1 4 1 51 1,782 1,641 90 438
CBAC0164 LAM9192 Saprolite 557 876 113 363 45 6 24 2 12 2 5 1 4 1 49 2,060 1,909 102 490
CBAC0164 LAM9193 Saprolite 545 721 112 359 46 6 22 2 11 2 5 1 5 1 51 1,890 1,737 101 484
CBAC0164 LAM9194 Saprolite 446 437 88 279 36 5 18 2 9 2 4 1 4 1 42 1,372 1,250 80 378
CBAC0164 LAM9195 Saprolite 589 954 140 486 65 9 33 4 16 3 6 1 6 1 63 2,376 2,170 143 646
CBAC0163 LAM9176 Saprolite 418 747 83 271 34 5 18 2 10 2 5 1 4 1 48 1,645 1,518 79 365
CBAC0176 LAM9393 Saprolite 427 927 93 323 42 7 25 3 14 3 7 1 6 1 83 1,963 1,770 109 433
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Pre 2021
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic RC and RAB drilling methods have been employed at Clarke
instruments, etc). These examples should not be taken as limiting the broad and Baggy Green Prospects since 2000.
meaning of sampling.
· Pulp samples from pre-Cobra Resources' drilling were collected
· Include reference to measures taken to ensure sample representivity with intervals of 1-6 m. Samples were riffle split if dry or sub
and the appropriate calibration of any measurement tools or systems used. split using a trowel if wet.
· Aspects of the determination of mineralisation that are Material to · Pulp samples were obtained from Challenger geological services
the Public Report. using a combination of logging and geochemical selection criteria. Samples
pulled from storage were re-pulverised at the laboratory prior to further
· In cases where 'industry standard' work has been done this would be analysis.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire 2021 - 2022
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Sampling during Cobra Resources 2022 aircore ("AC") drilling
mineralisation types (eg submarine nodules) may warrant disclosure of detailed programme at all Prospects were obtained through AC drilling methods.
information.
· 2 m samples were collected in 20l buckets via a rig mounted
cyclone. An aluminum scoop was used to collect a 2-4 kg sub sample from each
bucket. Samples were taken from the point of collar, but only samples from the
commencement of saprolite were selected for analysis.
· Samples submitted to the Genalysis Intertek Laboratories,
Adelaide and pulverised to produce the 25g fire assay charge and 4 acid digest
sample.
· A summary of previous RC drilling at the Wudinna Project is
outlined in the Cobra Resources' RNS number 7923A from 7 February 2022.
2023
RC
· Samples were collected via a Metzke cone splitter mounted to the
cyclone. 1m samples were managed through chute and butterfly valve to produce
a 2-4 kg sample. Samples were taken from the point of collar, but only samples
from the commencement of saprolite were selected for analysis.
· Samples submitted to Bureau Veritas Laboratories, Adelaide, and
pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
AC
· A combination of 2m and 3 m samples were collected in green bags
via a rig mounted cyclone. An PVC spear was used to collect a 2-4 kg sub
sample from each green bag. Samples were taken from the point of collar.
· Samples submitted to Bureau Veritas Laboratories, Adelaide, and
pulverised to produce the 50 g fire assay charge and 4 acid digest sample.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Pre 2021
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Drill methods include AC, RH and RAB in unconsolidated regolith
whether core is oriented and if so, by what method, etc). and aircore hammer in hard rock. Some shallow RC holes have been drilled in
place of AC and RAB, a single diamond drillhole has been incorporated in the
estimate.
2021- 2022
· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ
air core drilling techniques from an ALMET Aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
· Slimline RC drilling was completed by Wuzdrill pty limited and
Indicator drilling services Pty Ltd using a 400D and Mantis C60R drill rigs
using a 4" hammer and 78mm drill rods.
2023
· Drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor.
· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ
air core drilling techniques from an ALMET Aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recovery was generally good.All samples were recorded for
results assessed. sample type, quality and contamination potential and entered within a sample
log.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · In general, sample recoveries were good with 10 kg for each 1 m
interval being recovered from AC drilling.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · No relationships between sample recovery and grade have been
fine/coarse material. identified.
· RC drilling completed by Bullion Drilling Pty Ltd using 5 ¾"
reverse circulation drilling techniques from a Schramm T685WS rig with an
auxiliary compressor
· Sample recovery for RC was generally good. All samples were
recorded for sample type, quality and contamination potential and entered
within a sample log.
· In general, RC sample recoveries were good with 35-50 kg for each
1 m interval being recovered.
· No relationships between sample recovery and grade have been
identified.
Logging · Whether core and chip samples have been geologically and · All drill samples were logged by an experienced geologist at the
geotechnically logged to a level of detail to support appropriate Mineral time of drilling. Lithology, colour, weathering and moisture were documented.
Resource estimation, mining studies and metallurgical studies.
· Logging is generally qualitative in nature.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · All drill metres have been geologically logged on sample
intervals (1-3 m).
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Pre-2021
taken.
· Samples from AC, RAB and "bedrock" RC holes have been collected
· If non-core, whether riffled, tube sampled, rotary split, etc and initially as 6 m composites followed by 1 m re-splits. Many of the 1 m
whether sampled wet or dry. re-splits have been collected by riffle splitting.
· For all sample types, the nature, quality and appropriateness of the · RC samples have been collected by riffle splitting if dry, or by
sample preparation technique. trowel if wet
· Quality control procedures adopted for all sub-sampling stages to · Pulverised samples have been routinely checked for size after
maximise representivity of samples. pulverising
· Measures taken to ensure that the sampling is representative of the · Pulp samples were re- pulverised after storage to re-homogenise
in situ material collected, including for instance results for field samples prior to analysis.
duplicate/second-half sampling.
2021-onward
· Whether sample sizes are appropriate to the grain size of the
material being sampled. · The use of an aluminum scoop or PVC spear to collect the required
2-4 kg of sub-sample from each AC sample length controlled the sample volume
submitted to the laboratory.
· Additional sub-sampling was performed through the preparation and
processing of samples according to the lab internal protocols.
· Duplicate AC samples were collected from the green bags using an
aluminium scoop or PVC spear at a 1 in 25 sample frequency.
· Sample sizes were appropriate for the material being sampled.
· Assessment of duplicate results indicated this sub-sample method
provided good repeatability for rare earth elements.
· RC drill samples were sub-sampled using a cyclone rig mounted
splitter with recoveries monitored using a field spring scale.
· Manual re-splitting of RC samples through a riffle splitter was
undertaken where sample sizes exceeded 4 kg.
· RC field duplicate samples were taken nominally every 1 in 25
samples. These samples showed good repeatability for REE.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to Bureau Veritas Laboratories, Adelaide
laboratory procedures used and whether the technique is considered partial or for preparation and analysis.
total.
· Multi element geochemistry were digested by four acid ICP-MS and
· For geophysical tools, spectrometers, handheld XRF instruments, etc, analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc,
the parameters used in determining the analysis including instrument make and Sm, Tb, Th, Tm, U, Y and Yb.
model, reading times, calibrations factors applied and their derivation, etc.
· Field gold blanks and rare earth standards were submitted at a
· Nature of quality control procedures adopted (eg standards, blanks, frequency of 1 in 25 samples.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Field duplicate samples were submitted at a frequency of 1 in 25
samples
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Metallurgical Test Work performed by the Australian Nuclear Science and
Technology Organisation (ANSTO). Samples were 40g sourced from retained 1m
composite pulp samples.
· Standard desorption conditions:
· 0.5M (NH4)2SO4 as lixiviant
· pH 4
· 30 minutes & 6 hours
· Ambient temperature of 22°C; and
· 4 wt% solids density
· Prior to commencing the test work, a bulk 0.5 M (NH4)2SO4 solution
was prepared as the synthetic lixiviant and the pH adjusted to 4 using H2SO4.
· Each of the leach tests was conducted on 80 g of dry, pulverised
sample and 1920 g of the lixiviant in a 2 L titanium/ stainless steel baffled
leach vessel equipped with an overhead stirrer.
· Addition of solid to the lixiviant at the test pH will start the
test. 1 M H2SO4 was utilised to maintain the test pH for the duration of the
test, if necessary. The acid addition was measured.
• Acidic water as lixiviant (using H2SO4)
• pH3
• Duration: 6 hours
• Ambient temperature of 22°C
• 4 wt% density
· At the completion of each test, the final pH was measured, the slurry
was vacuum filtered to separate the primary filtrate.
· 30 minute and 2 hour hour liquor sample was taken
· The primary filtrate was analysed as follows: • ICP-MS for Ce, Dy,
Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th, Tm, U, Y, Yb (ALS,
Brisbane); • ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si (in-house, ANSTO);
· The water wash was stored but not analysed.
Verification of sampling and assaying · The verification of significant intersections by either independent · Sampling data was recorded in field books, checked upon
or alternative company personnel. digitising and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally
on the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programmes
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intercepts have been prepared by Mr Rupert Verco and
reviewed by Mr Robert Blythman.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Pre 2021
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. · Collar locations were pegged using DGPS to an accuracy of +/-0.5
m.
· Specification of the grid system used.
· Downhole surveys have been completed for deeper RC and diamond
· Quality and adequacy of topographic control. drillholes
· Collars have been picked up in a variety of coordinate systems
but have all been converted to MGA 94 Zone 53. Collars have been spatially
verified in the field.
· Collar elevations were historically projected to a geophysical
survey DTM. This survey has been adjusted to AHD using a Leica CS20 GNSS base
and rover survey with a 0.05 cm accuracy. Collar points have been re-projected
to the AHD adjusted topographical surface.
2021-onward
· Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· The quality and accuracy of the topographic control is considered
sufficient for the Mineral Resource estimation and classification applied.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 50-80 m apart.
Drillholes generally 50-60 m apart on these transects but up to 70 m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Additional scouting holes were drilled opportunistically on
Resource and Ore Reserve estimation procedure(s) and classifications applied. existing tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied. · Regional scouting holes are drilled at variable spacings designed
to test structural concepts
· Data spacing is considered adequate for a saprolite hosted rare
earth Mineral Resource estimation.
· No sample compositing has been applied
· Drillhole spacing does not introduce any sample bias.
· The data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for interpretation of
the REE mineralised horizon and the classification applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · RC drillholes have been drilled between -60 and -75 degrees at
possible structures and the extent to which this is known, considering the orientations interpreted to appropriately intersect gold mineralisation
deposit type.
· Gold results are not presented as true width but are not considered
· If the relationship between the drilling orientation and the to present any down-dip bias.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Pre 2021
· Company staff collected or supervised the collection of all
laboratory samples. Samples were transported by a local freight contractor
· No suspicion of historic samples being tampered with at any stage.
· Pulp samples were collected from Challenger Geological Services and
submitted to Intertek Genalysis by Cobra Resources' employees.
2021-onward
· Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Appendix 2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · RC drilling occurred on EL 6131, currently owned 100% by Peninsula
agreements or material issues with third parties such as joint ventures, Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over
future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and
· The security of the tenure held at the time of reporting along with EL6489.
any known impediments to obtaining a licence to operate in the area.
· Baggy Green, Clarke, Laker and the IOCG targets are located within
Pinkawillinnie Conservation Park. Native Title Agreement has been negotiated
with the NT Claimant and has been registered with the SA Government.
· Aboriginal heritage surveys have been completed over the Baggy Green
Prospect area, with no sites located in the immediate vicinity.
· A Native Title Agreement is in place with the relevant Native Title
party.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work was
limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
Geology · Deposit type, geological setting and style of mineralisation. · The gold and REE deposits are considered to be related to the
structurally controlled basement weathering of epidote- pyrite alteration
related to the 1590 Ma Hiltaba/GRV tectonothermal event.
· Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with metasomatic
alteration of host rocks. Epidote alteration associated with gold
mineralisation is REE enriched and believed to be the primary source.
· Rare earth minerals occur within the saprolite horizon. XRD analysis
by the CSIRO identifies kaolin and montmorillonite as the primary clay phases.
· SEM analysis identified REE bearing mineral phases in hard rock:
· Zircon, titanite, apatite, andradite and epidote.
· SEM analyses identifies the following secondary mineral phases in
saprock:
· Monazite, bastanite, allanite and rutile.
· Elevated phosphates at the base of saprock do not correlate to rare
earth grade peaks.
· Upper saprolite zones do not contain identifiable REE mineral phases,
supporting that the REEs are adsorbed to clay particles.
· Acidity testing by Cobra Resources supports that acidity/alkalinity
chemistry may act as a catalyst for Ionic and Colloidal adsorption.
· REE mineral phase change with varying saprolite acidity and REE
abundances support that a component of REE bursary is adsorbed to clays.
· Palaeo drainage has been interpreted from historic drilling and
re-interpretation of EM data that has generated a top of basement model.
· The conditions within the interpreted palaeo system are considered
supportive of ionic REE mineralisation.
Drillhole Information · A summary of all information material to the understanding of the · Exploration results are not being reported as part of the Mineral
exploration results including a tabulation of the following information for Resource area.
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Reported summary intercepts are weighted averages based on length.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values have been calculated.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Gold results are reported to a 0.3 g/t cut-off with a maximum of 2m
should be shown in detail. internal dilution with a minimum grade of 0.1 g/t Au.
· The assumptions used for any reporting of metal equivalent values · Rare earth element analyses were originally reported in elemental
should be clearly stated. form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO(2) 1.2284
Dysprosium Dy(2)O(3) 1.1477
Erbium Er(2)O(3) 1.1435
Europium Eu(2)O(3) 1.1579
Gadolinium Gd(2)O(3) 1.1526
Holmium Ho(2)O(3) 1.1455
Lanthanum La(2)O(3) 1.1728
Lutetium Lu(2)O(3) 1.1371
Neodymium Nd(2)O(3) 1.1664
Praseodymium Pr(6)O(11) 1.2082
Scandium Sc(2)O(3) 1.5338
Samarium Sm(2)O(3) 1.1596
Terbium Tb(4)O(7) 1.1762
Thulium Tm(2)O(3) 1.1421
Yttrium Y(2)O(3) 1.2699
Ytterbium Yb(2)O(3) 1.1387
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Preliminary results support unbiased testing of mineralised
Exploration Results. structures.
· If the geometry of the mineralisation with respect to the drill hole · Previous holes have been drilled in several orientations due to the
angle is known, its nature should be reported. unknown nature of mineralisation.
· If it is not known and only the down hole lengths are reported, there · Most intercepts are vertical and reflect true width intercepts.
should be a clear statement to this effect (eg 'down hole length, true width
not known'). · Exploration results are not being reported for the Mineral Resource
area.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar · Exploration results are not being reported for the Mineral Resources
locations and appropriate sectional views. area.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Not applicable - Mineral Resource and Exploration Target are defined.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid mISReading reporting of Exploration · Exploration results are not being reported for the Mineral Resource
Results. area.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of REE
reported including (but not limited to): geological observations; geophysical results, metallurgical testing and detailed gold intersections.
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · Infill and extensional drilling aimed at growing the Mineral Resource
extensions or depth extensions or large-scale step-out drilling). and converting Inferred Resources to Indicated Resources is planned.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· %Pr = Pr(6)O(11)/TREO
· %Dy = Dy(2)O(3)/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· Preliminary results support unbiased testing of mineralised
structures.
· Previous holes have been drilled in several orientations due to the
unknown nature of mineralisation.
· Most intercepts are vertical and reflect true width intercepts.
· Exploration results are not being reported for the Mineral Resource
area.
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for the Mineral Resources
area.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid mISReading reporting of Exploration
Results.
· Not applicable - Mineral Resource and Exploration Target are defined.
· Exploration results are not being reported for the Mineral Resource
area.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· Refer to previous announcements listed in RNS for reporting of REE
results, metallurgical testing and detailed gold intersections.
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· Infill and extensional drilling aimed at growing the Mineral Resource
and converting Inferred Resources to Indicated Resources is planned.
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