REG - Cobra Resources PLC - MoU to Progress Ionic Rare Earth Extraction

Cobra ResourcesAnnouncement

19/09/2023 07:00

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RNS Number : 8269M  Cobra Resources PLC  19 September 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
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19 September 2023

 

Cobra Resources plc

("Cobra" or the "Company")

 

MoU with Watercycle to Progress Ionic Rare Earth Extraction

 

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, is pleased to advise that it has signed a
Memorandum of Understanding ("MoU") with Watercycle Technologies Ltd
("Watercycle"), a UK-based deep tech company focused on developing
sustainable, high-yield, low-cost, mineral extraction and water treatment
systems, with the objective to collaborate on sustainable Rare Earth Elements
("REE") extraction via membrane desorption and filtration.

 

Metallurgical testing performed on samples from Cobra's Boland prospect by the
Australian Nuclear Scientific Technology Organisation has demonstrated high
recoveries of valuable magnet REEs of up to 58%, and 65% heavy REEs at pH3
with low acid consumption, confirming REE mineralisation as highly desirable,
easily extractable ionic REE mineralisation that has the added advantage of
being amenable to low-cost, low-disturbance In Situ Recovery mining ("ISR").

 

The MoU is the first step in forming a partnership to progress the process for
REE extraction from the Company's Boland ionic REE discovery, where innovation
and flowsheet development will form the basis of commercialisation.

 

Through this strategy, Cobra intends to examine alternative approaches to REE
extraction that suit the Company's unique and advantageous REE mineral
occurrence. Watercycle, which is based out of the University of Manchester,
UK, has a highly experienced technical team, with access to world-class
facilities and a proven record of innovative ISR mineral extraction design.
Through early engagement, Cobra endeavours to fast-track testing to a pilot
study, whilst exploring value add opportunities.

 

More information on Watercycle and its approach to mineral extraction can be
found on its website at: www.watercycletechnologies.com
(http://www.watercycletechnologies.com) .

 

Rupert Verco, CEO of Cobra, commented:

 

"Cobra's immediate priority is building upon our recent metallurgical results
to ensure the rapid advancement of the Boland ionic REE discovery, Australia's
only ionic REE deposit with in situ recovery potential.

 

As such, we are very excited to be working with Watercycle who share similar
ambitions to create value through the extraction of critical minerals through
sustainable practices. What Sebastian Leaper and the team at Watercycle have
managed to achieve in the development of DLEC™* technologies for lithium
extraction from groundwater is industry-leading and has direct applications to
REE desorption extraction, purification, and product generation.

 

What we want to achieve through collaboration is an optimised approach to REE
extraction that suits our unique REE mineral occurrence. This will ultimately
condense the time between discovery and decision to mine. We will initially be
sending samples over to the UK and subsequently expect Watercycle will be
involved in the pilot study at Wudinna."

 

Sebastian Leaper, CEO of Watercycle, commented:

 

"The metallurgical results from Cobra's Boland discovery demonstrate high
recoveries using weak acids. Coupled with the preferred mining method of ISR,
this project aligns with our ambition to enable the sourcing of critical
minerals with the lowest possible environmental impact.

 

On the back of our success in defining portable extraction plants for
geothermal lithium extraction, we are excited to demonstrate the applicability
of our DLEC™ technologies to other critical minerals such as rare earths."

 

(*)DLEC(TM) - Direct Lithium Extraction & Crystallisation process

 

MoU

 

Defined by the MoU, the companies demonstrate intent to achieve the following:

 

·      Formation of a contractual working collaboration agreement with
regards to testing the suitability of Watercycle's DLEC™ technologies for
the recovery of REE from materials derived from Cobra's claims - aim to
conclude this collaboration agreement October 2023

·      Evaluate optimisation parameters for REE extraction from core
samples

·      Purification, or gangue element removal through membrane
desorption and filtration

·      Concentration of REEs from pregnant solution to carbonate
crystallisation to demonstrate the production of a saleable product

·      Solution conditioning for aquifer remediation

·      Explore mine gate value add opportunities, including:

o  Removal, separation and amalgamation of targeted REEs to improve final
product value

o  Extraction of other valuable minerals including but not limited to
vanadium and uranium

o  Sulphide extraction for lixiviant recycling and acid production

o  Water purification

·      Concept implementation, applying the outcomes defined in the
milestones to a pilot scale extraction study for concept validation and to
determine mining parameters

·      Assist in the design and commercialisation of a flowsheet and
mobile plant to support project design

 

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)

 Erik Woolgar                                  +44 (0)20 7186 9952

 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 in situ 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.

 

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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(https://cobraplc.com/news/)

 

 

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