REG - Cobra Resources PLC - New Rare Earth Tenement Grant - Tasmania

Cobra ResourcesAnnouncement

22/11/2023 07:15

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RNS Number : 3008U  Cobra Resources PLC  22 November 2023

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22 November 2023

 

Cobra Resources plc

("Cobra" or the "Company")

 

New Rare Earth Tenement Grant - Deloraine, Tasmania

 

Cobra (https://cobraplc.com/) , an exploration company focused on the Wudinna
Gold and Rare Earth Project ("Wudinna") in South Australia, is pleased to
announce it has been granted a 213 km(2) exploration tenement ("EL22/2022") in
northern Tasmania. The tenement is complementary to Cobra's ionic rare earth
strategy as it is considered highly prospective for Ion Adsorption Clay
("IAC") hosted rare earth mineralisation.

 

Ionic Rare Earth Element ("REE") mineralisation has been identified by ABx
Group (ASX: ABX) ("ABx") within alluvial channel sediments that are a
weathering product of alkali basalts, the chemistry of which is ideal for
ionic REE adsorption. EL22/2022 is situated adjacent to ABx's Deep Leads /
Rubble Mound REE project which contains a REE resource of 52 Mt at 817 ppm
Total Rare Earth Oxides(1), with excellent ionic metallurgy amenable to
low-cost recovery in weak acid conditions (pH4), akin to Cobra's Boland
discovery at Wudinna. Cobra believes that there is considerable opportunity to
cost-effectively define scalable ionic REE mineralisation comparable to ABx's
Deep Leads / Rubble Mound resource.

 

Rupert Verco, CEO of Cobra, commented:

 

"We seized an opportunity to secure this tenement adjacent to an outstanding
ionic rare earth project with demonstrated low-cost metallurgy, similar to
what we have discovered at Boland. IAC hosted rare earth deposits tend to have
a higher contained basket value than hard rock deposits due to their higher
content of valuable heavy rare earths. Our tenement neighbour has
substantially increased its rare earth resource since its maiden estimate in
November 2022, and we believe that strong potential exists for scalable ionic
clay channel deposits to extend onto Cobra's tenement EL22/2022.

 

Tasmania has a history of mining industrial metals, with good transport
infrastructure, labour, energy, and water availability. We are evaluating
strategic options to advance a low-cost exploration programme whilst
maintaining our primary focus on advancing our ionic rare earth discovery in
South Australia."

 

(1) Refer to ABX.AX announcement: "ABx Rare Earth Resources Exceed 50 Million
Tonnes", dated 20 November 2023

 

Figure 1: Location of EL22/2022, demonstrating its proximity to ABx's Deep
Leads / Rubble Mound REE Resource

 

 

 

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 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 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,
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)

 

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

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