REG - Cobra Resources PLC - New Rare Earth Tenements Granted

Cobra ResourcesAnnouncement

09/01/2024 07:00

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RNS Number : 0175Z  Cobra Resources PLC  09 January 2024

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
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
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MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

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REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

9 January 2024

 

 

Cobra Resources plc

("Cobra" or the "Company")

 

New Rare Earth Tenements Granted - Gawler Craton, South Australia

Boland Core Drilling Scheduled for February 2024

 

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 two further tenements totalling 1,512 km(2). The
tenements are located on the Narlaby Palaeochannel which is considered to be
prospective for ionic Rare Earth Element ("REE") mineralisation similar to
Cobra's Boland discovery where metallurgy confirmed ionic mineralisation
within geology that is amenable to low cost, low disturbance In Situ Recovery
("ISR") mining. This establishes Cobra as the dominant holder of palaeochannel
geology prospective for in situ recoverable ionic REEs in the region.

 

New Tenement Highlights

 

·      Tenements EL 6966 ("Smokey Bay") and EL 6967 "(Pureba") cover
over 1,000 km(2) of the Narlaby Palaeochannel where previous uranium focused
drilling encountered playa clays which are analogous to Boland mineralisation
over extensive areas

 

·      Tenements contain Hiltaba Suite intrusives - sources of primary
rare earth enrichment

 

·      220 samples from historical drillholes have been submitted for
analysis aimed at vastly increasing the scale of Cobra's tested area from 5
km(2) (Boland) to >500 km(2). Results are expected in late January 2024 but
preliminary assessment is positive for a significant increase in the scale of
the Boland ionic REE discovery

 

·      Further samples from historical drillholes will be selected for
re-analysis based on initial results

 

·      Re-analysis assays will inform land access and future drill
targeting

 

Boland Update

 

Cobra is pursuing a strategy to demonstrate the true value of the Boland ionic
REE discovery. Scale, grade concentration and ISR are considered the three
pillars that will define the significance of the discovery as a low-cost,
environmentally credentialled source of heavy rare earths.

 

To demonstrate grade concentration and ISR potential:

 

·      A Sonic drilling contractor has been booked for February 2024,
with the Company planning to drill and case 3-5 core drillholes which will:

o  Inform the concentration of ionic REE mineralisation at sand/clay
boundaries and its amenability to ISR

o  Provide infrastructure to capture hydrology data and future pilot testing

o  Provide samples to commence bench scale ISR leach tests and flow-sheet
studies with Watercycle Technologies

 

·      Engineering firm Wallbridge Gilbert Aztec has been engaged to
manage and oversee bench scale ISR studies

 

·      Environmental consultancy group Eco Logical Australia has been
engaged to provide hydrological support and commence preliminary hydrological
studies

 

Rupert Verco, CEO of Cobra, commented:

 

"Demonstrating scalability is one of the central pillars of Cobra's 2024
strategy and these additional tenements facilitate that goal.

 

Cobra has moved quickly to commence re-analysis of historical samples that are
stored in South Australia's world class core library. Preliminary assessment
of historical drilling is positive for a significant increase in the scale of
the Boland ionic REE discovery and we look forward to confirming this with
re-analysis results in the coming weeks.

 

In addition to defining scale, we aim to unlock the value of the Boland
discovery by highlighting the likely concentration of grade and proving
recovery by ISR, a low cost, low impact mining process that provides a
significant market advantage over other REE projects.

 

Cobra's 2024 work programme will provide high value news flow that will
highlight the significance of this discovery and its ability to cleanly
provide a diversified supply of heavy rare earths."

 

Figure 1: Indicative workflow

 

 

Figure 2: Location of new tenements "Smokey Bay" and "Pureba" on the Narlaby
Palaeochannel and historical drillholes currently being analysed

 

 

 

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 (mailto:James.sheehan@gisukltd.com)

 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 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)

 

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

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