REG - Cobra Resources PLC - Wudinna Project Update
26/09/2022 07:00
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RNS Number : 5380A Cobra Resources PLC 26 September 2022
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26 September 2022
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Exceptional Rare Earth Scale Potential at Thompson Prospect Increases REE
Footprint from 4 km(2) to 22.5 km(2)
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, announces the final tranche of lanthanide
re-analyses of historical drillholes from the Thompson and Anderson prospects,
where high-grade, clay hosted Rare Earth Elements ("REE") have previously been
identified. The results support an expansive REE occurrence indicative of
Cobra's potential to define a REE footprint of strategic significance.
· At Thompson, re-analysis results contribute to the definition of an
18.5 km(2) footprint defined by 49 holes, where:
o At a 350 ppm cut-off, results yield an average intersection width of 21.8m
at a length weighted grade of 725 ppm Total Rare Earth Oxides ("TREO"), where
Magnet Rare Earth Oxides ("MREO") equate to 24.5% of the TREO
o At a 500 ppm cut-off, results yield an average intersection width of 11.8m
at a length weighted grade of 844 ppm TREO, where MREO equate to 25.7% of the
TREO
o Significant REE intersections are reported in the appendix below
· Mineralisation remains open and unconstrained in most directions
· High-grade scandium (Sc(2)O(3)) of up to 136 g/t, in addition to rare
earth results
· Regionally extensive mineralisation occurrence: the defined footprint
demonstrates broad scale regional potential. Significant REE intersections
have been defined across 15 targets, whilst higher density drilling has
defined a combined REE footprint at Clarke, Baggy Green and Thompson of over
22.5 km(2), where rare earth mineralisation intersections lengths average over
15m
Figure 1: TREO intersection averages by Wudinna Project prospects
· Desirable lithologies: mineralisation occurs within weathered
saprolite horizons indicative of highly desirable crustal elution or ionic
clay hosted rare earths. Logged mineralisation coincides with kaolin,
montmorillonite and illite clays that have high adsorption capacities
· Conditions supportive of ionic adsorption: extensive pH testing of
drill samples demonstrates variable conditions across prospects, saprolite
horizons, and types of clays that are associated with high REE adsorption
capacity. Intersections elevated in both heavy and magnet rare earths have a
strong correlation to pH 6-7, an environmental condition that results in
increased adsorption potential of clays that are amendable to low cost
processing methods, and produce high metallurgical recoveries
Figure 2: pH testing dataset defining the highest Rare Earth Oxides ("REO")
accumulations at a pH range of 6-7, an environmental condition that increases
clay REE adsorption capacity
Rupert Verco, CEO of Cobra, commented:
"The value that re-analysis has yielded in defining significant REE
occurrences across the Wudinna Project is truly significant. Alongside being
cost and time efficient, it has also enabled us to limit environmental
disturbance whilst generating a significant dataset that demonstrates the
exceptional opportunity the Wudinna Project presents for the ethical supply of
in-demand magnet rare earths.
We are excited to get out in the field again further testing the unique
vertically associated nature of rare earth and gold mineralisation at the
Clarke prospect with our upcoming RC programme. Through this, we aim to
materially increase existing gold resources, produce bulk samples for rare
earth metallurgical testing, and further contribute to a maiden rare earth
resource.
This will place Cobra in a position to potentially capitalise on the forecast
demand for magnet rare earths from a tier-1 jurisdiction, well serviced by
infrastructure and managed by stable governance."
Forthcoming newsflow (indicative)
September 2022
· Results of Accelerated Discovery Initiative ("ADI") co-funded Loupe
TEM survey
October 2022
· Reverse Circulation ("RC") drilling to commence
· Project JV 75% earn-in milestone
November 2022
· RC drilling results
· Results of ADI co-funded Controlled Source Audio-frequency
Magneto-tellurics ("CSAMT") EM survey
December 2022
· Maiden rare earth resource estimate
· Updated gold mineral resource estimate
Further discussion and analysis of results follows in the appendix below.
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,
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 3,261 km(2), 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
a current 211,000 Oz JORC Mineral Resource Estimate. In 2021, Cobra discovered
rare earth mineralisation proximal to and above gold mineralisation. The
grades, style of mineralogy and intersect widths are highly desirable while
the mineralisation has been demonstrated to be regionally scalable. The
Company is also advancing a pipeline of IOCG targets.
Follow us on social media:
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(https://twitter.com/Cobra_Resources)
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Competent Persons Statement
Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient 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 defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 10 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.
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:
"Wudinna Project Update - Initial Gold and Rare Earth Results", dated 14
December 2021
"Wudinna Project Update - Re-Analysis Defines Large Rare Earth Mineralisation
Footprint Above Baggy Green and Clarke Gold Mineralisation", dated 4 May 2022
"Wudinna Project Update - Northern Drillholes at Clarke Intersect Additional
Gold Mineralisation, Additional Rare Earth Intersections Directly Above Gold
Zones", dated 7 February 2022
"Wudinna Project Update - Stage 4 Re-Analysis Demonstrates Large Scalability
of Rare Earth Mineralisation, Preliminary Metallurgical Testing Provides
Encouraging Recovery Potential", dated 20 June 2022
"Wudinna Project Update - Aircore Drilling Yields exceptional Gold and Rare
Earth Results at Clarke", dated 16 August 2022
"Wudinna Project Update - Further Aircore Drilling Results Demonstrate
Regional Scalability of Rare Earths", dated 31 August 2022
APPENDIX
Significant REE intersections from Thompson include:
· 30m at 1,124 ppm TREO (MREO 27%) from 18m, including 18m at 1,445 ppm
TREO from 24m (MREO 27%) KO11S-1133
· 15m at 1,198 ppm TREO (MREO 29%) from 18m KO11S-1074
· 12m at 961 ppm TREO (MREO 22%) from 36m KO11S-1098
· 18m at 962 ppm TREO (MREO 26%) from 18m, including 4m at 1,047 ppm
TREO (MREO 27%) from 24m SCH-0934
· 31m at 837 ppm TREO (MREO 26%) from 30m SCH-0906
· 42m at 542 ppm TREO (MREO 25%) from 12m SCH-0943
· 31m at 631 ppm TREO (MREO 22%) from 18m including 6m at 1,049 ppm
TREO (MREO 22%) from 36m KO11S-1074
· 42m at 686 ppm TREO (MREO 25%) from 18m KO11S-1073
· 30m at 606 ppm TREO (MREO 21%) from 6m SCH-0916
· 25m at 558 ppm TREO (MREO 24%) from 34m, including 6m at 1,677 ppm
TREO (MREO 25%) from 36m SCH-0908
· 34m at 606 ppm TREO (MREO 26%) from 30m SCH-0917
These follow high-grade results released previously, including:
· 32m at 1,337 ppm TREO (MREO 25%) from 8m including 14m at 1,711 ppm
TREO (26% MREO) from 8m CBAC0085
· 31m at 1,427 ppm TREO (MREO 28%) from 12m, including 12m at 3,168 ppm
TREO (MREO 30%) from 12m SCH-0922
· 6m at 1,839 ppm TREO (MREO 21%) from 36m SCH-0939
· 19m at 759 ppm TREO (MREO 27%) from 22m CBAC0079
· 12m at 811 ppm TREO (MREO 30%) from 36m SCH-0928
· 18m at 692 ppm TREO (MREO 25%) from 6m SCH-0977
(Note 1)MREO = Nd(2)O(3) + Pr(6)O(11) + Dy(2)O(3) + Tb(2)O(3)
( )
· Mineralisation occurs peripheral to a magnetic high, representing a
granitic intrusion, whilst high-grade intersections have spatial association
with an ESE trending regional fault
· Results are reported from 6m downhole composite samples, the length
of which are expected to impact the resolution of grade, particularly where
sampling occurs across saprolite horizons
Further information
The growing strategic, environmental, and economic importance of rare earth
metals - particularly the magnet rare earth metals - last year prompted the
Company to submit pulps from drilling at its Wudinna Project for REE analysis.
Significant intersections of TREO assays in excess of 500 ppm were recognised
within the kaolinised clays of the saprolite across all 14 RC drillholes.
Prior to commencing the 2022 field programme, a comprehensive re-analysis
programme defined extensive REE mineralisation over a 4 km(2) footprint,
where:
· Elevated REE mineralisation occurs within the weathered saprolite
zone, above and proximal to gold mineralisation across the Clarke and Baggy
Green prospects
· X-Ray Diffraction analysis performed by the Commonwealth Scientific
and Industrial Research Organisation supports that a component of REE bursary
is adsorbed to the primary clay particles, being kaolin and montmorillonite,
in similar fashion to the highly desirable Ion Adsorbed Clay ("IAC") hosted
deposits of southern China
· Preliminary metallurgical test work focusing on extraction techniques
adopted to ionic phase mineralisation using H(2)SO(4) as a lixiviant, and
performed by Australia's Nuclear Science and Technology Organisation, yielded
recoveries of up to 34% Total Rare Earth Element ("TREE") from samples across
two holes at Clarke
· The footprint is unconstrained in all directions
· The potential for REE crustal elution style mineralisation has been
demonstrated at fifteen regional targets across the 1,832 km(2) land tenure
The Thompson prospect
The Thompson prospect was identified as a potential REE target due to the
significant saprolite depths defined in historic drillholes. Several drilling
traverses had been drilled by Adelaide Resources testing anomalous gold in
calcrete that broadly correlates with a regional ESE trending thrust fault.
A total of 98 holes have been re-analysed and nine holes drilled to test for
lanthanide mineralisation at the Thompson prospect. 67 holes return
significant intersections greater than 350 ppm, and 49 holes return
significant intersections greater than 500 ppm.
Areas of no to little REE mineralisation coincide with magnetic highs, or
areas where saprolite depth or weathering extent are less prominent. Cerium
and europium anomalies and variations through the saprolite are supportive of
crustal elution style mineralisation.
The significant footprint in which REE mineralisation has been defined
provides expansive potential from which a potentially significant rare earth
resource could be defined.
Nature of mineralisation
· REE mineralisation is regionally extensive in weathered (saprolite)
zones developed on basement rocks
· REE content, mineralisation thickness, magnet rare earth abundance,
and the relationship between REEs and gold occurrences varies across the area
investigated
· The nature of controlling structures that act as conduits for gold
mineralisation are also thought to act as catalysts for the secondary
processes that promote weathering and subsequent mobilisation of REEs to the
saprolite
· Further work is designed to identify the lithotypes and structural
features which underlie the mineralisation of greatest economic interest
· Post drilling interpretation, and follow-up geophysical and
geochemical characterisation will assist in the recognition of further
prospective locations
Recovery characteristics of mineralisation
· Preliminary metallurgical testwork has provided positive indications
that REE bursary is bound to clay particles. The identification of a technique
or techniques to optimally recover rare earth metals from the saprolite
mineralisation requires further testing
· pH testing of drill samples demonstrates variable conditions across
prospects, saprolite horizons, and types of clays that are associated with
high REE adsorption capacity
· The nature of the bonds which adsorb the REEs within enclosing clay
appear dependent upon the local chemical environment:
o Where local pH is greater than optimal (moderately alkaline), colloidal
bonding is more abundant and a positive cerium anomaly is generally present
o Where local pH is in an optimal range, ionic bonding appears favoured, the
valuable MREO mineral suite is enhanced (pH 5-6.8), and REE baskets generate
negative cerium anomalies
o Where local pH is lower than optimal (acidic), REEs appear to have
remained mobile and enhanced grades are not retained within the saprolite
zone
Further work
Geophysical processing: Loupe TEM data is currently being processed from the
Clarke prospect, where results are hoping to demonstrate a cost effective and
efficient approach to determining the prospectivity of the saprolite
conditions for both gold and rare earth mineralisation. A secondary CSAMT
survey is planned for later in the year to better understand the deeper
structural controls on both gold and REE mineralisation.
Drilling and assay: the selection of drill locations for the September planned
RC programme is being assisted by the results of the aircore drilling and
Loupe TEM survey. The primary objective of the upcoming RC drilling is to
further define both additional gold and rare earth mineralisation. At the
appropriate time, these results will be incorporated into an updated gold
mineral resource and a maiden rare earth resource.
Drilling at Clarke has been designed to:
1. Best inform a resource estimation. Approximately 14-16 holes are
planned to be drilled for ~2,000m, where the northern continuity defined in
aircore drilling will be the primary focus for adding ounces
2. Provide high-grade REE samples from areas containing optimal
lithologies and pH conditions that promote and retain ionic REE adsorption
Mineral speciation and recovery testwork: both components will be iterative
processes. As both the extent and nature of mineralisation is better defined,
processes and techniques will be studied to understand how to most efficiently
and cost effectively recover the most valuable rare earth minerals from
different clay bonding associations.
Figure 3: significant intersections and collar locations from
re-analysed drillholes at the Thompson prospect
Figure 4: Thompson long section
Figure 5: section 577,250E, inset locality plan
Table 1: REO intersections, reported as downhole and true width greater than
350 ppm TREO
BHID DH From (m) DH To (m) DH Intercept (m) Depth from Surface TREO + Y (ppm) Neodymium Praseodymium Terbium Dysprosium MREO% Scandium
Nd2O3 Pr6O11 Tb4O7 Dy2O3 Sc2O3
ppm % TREO ppm % TREO ppm % TREO ppm % TREO
SCH-0903 24 30 6 24.0 405 72 17.7% 21 5.2% 0.5 0.1% 2 0.5% 24% 18
SCH-0904 42 54 12 42.0 598 115 19.1% 27 4.5% 2.8 0.5% 15 2.5% 27% 40
inc 48 54 6 48.0 732 139 19.0% 32 4.4% 3.8 0.5% 21 2.9% 27% 41
SCH-0905 6 22 16 6.0 500 84 16.9% 23 4.7% 1.3 0.3% 6 1.3% 23% 31
inc 6 18 12 6.0 564 93 16.5% 26 4.7% 1.3 0.2% 7 1.2% 23% 34
SCH-0906 12 18 6 12.0 385 68 17.7% 20 5.1% 0.6 0.2% 2 0.6% 24% 12
and 24 55 31 24.0 837 161 19.2% 40 4.7% 3.3 0.4% 17 2.1% 26% 45
inc 36 42 6 36.0 1,677 344 20.5% 78 4.6% 6.2 0.4% 31 1.9% 27% 44
SCH-0907 24 30 6 24.0 355 37 10.3% 13 3.5% 0.4 0.1% 2 0.6% 15% 16
SCH-0908 24 49 25 24.0 565 97 17.1% 25 4.3% 2.1 0.4% 12 2.2% 24% 30
inc 30 48 18 30.0 825 147 17.8% 37 4.5% 3.3 0.4% 19 2.3% 25% 45
SCH-0909 18 24 6 18.0 350 55 15.6% 16 4.5% 0.8 0.2% 4 1.2% 22% 35
SCH-0910 18 36 18 18.0 387 71 18.4% 19 4.9% 1.1 0.3% 5 1.4% 25% 25
SCH-0911 12 24 12 12.0 534 86 16.2% 26 4.9% 0.7 0.1% 3 0.5% 22% 15
SCH-0912 12 18 6 12.0 483 95 19.7% 26 5.3% 1.1 0.2% 3 0.7% 26% 3
and 30 36 6 30.0 839 171 20.3% 45 5.3% 2.2 0.3% 8 1.0% 27% 17
SCH-0913 18 36 18 18.0 588 105 17.9% 30 5.1% 1.0 0.2% 4 0.7% 24% 22
inc 18 24 6 18.0 725 125 17.2% 37 5.1% 0.7 0.1% 3 0.4% 23% 14
SCH-0914 12 24 12 12.0 646 115 17.8% 33 5.1% 1.4 0.2% 7 1.0% 24% 19
SCH-0915 48 54 6 48.0 320 50 15.7% 13 4.1% 1.3 0.4% 8 2.4% 23% 24
SCH-0916 6 36 30 6.0 606 95 15.6% 27 4.5% 1.2 0.2% 6 0.9% 21% 65
inc 6 12 6 6.0 1,023 104 10.2% 39 3.8% 0.5 0.1% 2 0.2% 14% 139
SCH-0917 24 42 18 24.0 576 113 19.6% 30 5.2% 1.0 0.2% 5 0.8% 26% 43
inc 24 30 6 24.0 927 197 21.3% 51 5.5% 1.7 0.2% 7 0.8% 28% 77
SCH-0918 24 30 6 24.0 604 114 18.8% 32 5.2% 0.9 0.2% 4 0.6% 25% 27
BHID DH From (m) DH To (m) DH Intercept (m) Depth from Surface TREO + Y (ppm) Neodymium Praseodymium Terbium Dysprosium MREO% Scandium
Nd2O3 Pr6O11 Tb4O7 Dy2O3 Sc2O3
ppm % TREO ppm % TREO ppm % TREO ppm % TREO
SCH-0919 18 36 18 18.0 411 67 16.3% 20 4.8% 0.7 0.2% 3 0.7% 22% 27
KO11S-1064 18 36 18 18.0 459 81 17.6% 22 4.7% 1.3 0.3% 7 1.5% 24% 25
KO11S-1066 12 24 12 12.0 543 97 17.9% 25 4.6% 1.8 0.3% 10 1.8% 25% 35
KO11S-1067 18 41 23 18.0 562 99 17.6% 27 4.8% 1.6 0.3% 9 1.5% 24% 17
KO11S-1068 12 36 24 12.0 621 108 17.5% 29 4.6% 1.8 0.3% 10 1.6% 24% 31
KO11S-1069 12 18 6 12.0 480 84 17.6% 24 5.1% 1.1 0.2% 6 1.2% 24% 10
KO11S-1072 30 36 6 30.0 520 89 17.0% 24 4.7% 1.3 0.2% 6 1.2% 23% 12
KO11S-1073 18 60 42 18.0 686 126 18.4% 35 5.2% 1.7 0.2% 9 1.3% 25% 10
KO11S-1074 18 49 31 18.0 631 102 16.2% 29 4.6% 1.6 0.3% 9 1.4% 22% 15
inc 36 42 6 36.0 1,049 162 15.5% 44 4.2% 3.6 0.3% 20 1.9% 22% 16
KO11S-1075 18 24 6 18.0 433 71 16.4% 21 4.8% 0.9 0.2% 4 0.9% 22% 8
KO11S-1079 18 42 24 18.0 444 88 19.9% 23 5.1% 1.5 0.3% 7 1.5% 27% 33
KO11S-1080 30 36 6 30.0 432 81 18.8% 21 4.9% 1.2 0.3% 5 1.3% 25% 16
KO11S-1083 6 18 12 6.0 459 85 18.6% 19 4.2% 1.9 0.4% 9 2.0% 25% 9
KO11S-1084 18 33 15 18.0 1,198 269 22.5% 67 5.6% 2.9 0.2% 14 1.1% 29% 40
KO11S-1087 18 42 24 18.0 533 98 18.3% 27 5.1% 0.9 0.2% 4 0.7% 24% 9
KO11S-1088 18 24 6 18.0 548 95 17.4% 28 5.1% 0.9 0.2% 3 0.6% 23% 8
KO11S-1089 24 30 6 24.0 434 79 18.2% 21 4.9% 1.1 0.2% 5 1.1% 24% 12
KO11S-1098 36 48 12 36.0 961 153 15.9% 45 4.7% 1.9 0.2% 9 0.9% 22% 80
KO11S-1102 48 56 8 48.0 740 134 18.2% 36 4.9% 1.8 0.2% 8 1.0% 24% 20
KO11S-1103 18 36 18 18.0 540 95 17.7% 27 5.0% 0.9 0.2% 4 0.8% 24% 28
KO11S-1130 31 35 4 31.0 441 0 0.0% 0 0.0% 0.0 0.0% 0 0.0% 0% 0
KO11S-1131 6 12 6 6.0 517 106 20.5% 27 5.3% 1.2 0.2% 5 1.0% 27% 6
KO11S-1133 18 48 30 18.0 1,124 223 19.8% 55 4.9% 3.8 0.3% 20 1.8% 27% 35
inc 24 42 18 24.0 1,445 290 20.1% 71 4.9% 5.1 0.4% 27 1.9% 27% 47
SCH-0920 24 30 6 24.0 404 92 22.8% 25 6.2% 1.2 0.3% 6 1.5% 31% 50
BHID DH From (m) DH To (m) DH Intercept (m) Depth from Surface TREO + Y (ppm) Neodymium Praseodymium Terbium Dysprosium MREO% Scandium
Nd2O3 Pr6O11 Tb4O7 Dy2O3 Sc2O3
ppm % TREO ppm % TREO ppm % TREO ppm % TREO
SCH-0925 6 12 6 6.0 414 81 19.5% 22 5.4% 1.0 0.2% 5 1.2% 26% 45
SCH-0927 12 24 12 12.0 704 132 18.8% 37 5.2% 1.6 0.2% 8 1.2% 25% 23
SCH-0929 24 36 12 24.0 847 136 16.0% 34 4.1% 2.7 0.3% 15 1.8% 22% 42
SCH-0930 36 40 4 36.0 586 90 15.4% 23 3.9% 2.5 0.4% 16 2.7% 22% 19
SCH-0932 24 30 6 24.0 452 62 13.8% 16 3.6% 2.0 0.4% 13 2.8% 21% 46
and 54 58 4 54.0 514 76 14.8% 19 3.7% 2.5 0.5% 15 3.0% 22% 44
SCH-0934 24 42 18 24.0 962 180 18.7% 48 5.0% 3.4 0.4% 18 1.9% 26% 39
inc 24 30 6 24.0 1,567 305 19.5% 82 5.2% 5.4 0.3% 28 1.8% 27% 50
SCH-0936 48 54 6 48.0 499 93 18.6% 25 5.0% 1.4 0.3% 7 1.4% 25% 28
SCH-0940 12 30 18 12.0 631 101 15.9% 31 4.9% 1.1 0.2% 5 0.8% 22% 75
SCH-0941 30 36 6 30.0 754 172 22.8% 35 4.6% 4.2 0.6% 22 3.0% 31% 78
SCH-0943 12 54 42 12.0 542 100 18.5% 27 4.9% 1.5 0.3% 7 1.3% 25% 20
SCH-1005 18 24 6 18.0 546 85 15.5% 27 5.0% 0.5 0.1% 2 0.4% 21% 52
and 42 48 6 42.0 507 100 19.7% 24 4.8% 1.7 0.3% 9 1.8% 27% 43
ULY-1063 30 36 6 30.0 462 91 19.7% 22 4.8% 2.1 0.5% 11 2.4% 27% 41
ULY-1109 18 24 6 18.0 406 59 14.4% 18 4.5% 0.8 0.2% 4 0.9% 20% 27
and 30 36 6 30.0 500 128 25.6% 35 7.0% 1.1 0.2% 4 0.9% 34% 19
WUD1-0375 30 36 6 30.0 350 61 17.5% 15 4.3% 1.5 0.4% 7 2.1% 24% 10
WUD1-0377 18 30 12 18.0 475 82 17.3% 23 4.8% 1.4 0.3% 7 1.4% 24% 38
and 42 54 12 42.0 738 135 18.3% 34 4.7% 2.9 0.4% 15 2.1% 25% 44
WUD1-0392 18 30 12 18.0 446 82 18.4% 22 5.0% 1.2 0.3% 6 1.4% 25% 25
WUD1-0394 18 24 6 18.0 555 102 18.4% 27 4.9% 1.6 0.3% 8 1.4% 25% 35
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Historic RC, Rotary Air Blast ("RAB") and aircore drilling methods
specific specialised industry standard measurement tools appropriate to the have been employed at the Wudinna Project since 2000.
minerals under investigation, such as downhole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Sample composites vary between drilling techniques, 4-6m composites
meaning of sampling. have been used for aircore and RAB drilling. RC drilling composites have
previously been done at 4m, samples with elevated in gold were re-assayed at
· Include reference to measures taken to ensure sample representivity 1m.
and the appropriate calibration of any measurement tools or systems used.
· Samples were initially submitted to ALS Laboratory Services Pty Ltd
· Aspects of the determination of mineralisation that are Material to ("ALS") in Adelaide, South Australia, for Fire Assay (Au) and multi-element
the Public Report. analysis.
· In cases where 'industry standard' work has been done this would be · Pulps have been stored at Challenger Geological services, Adelaide.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m Samples were extracted based on geological review and were submitted to the
samples from which 3 kg was pulverised to produce a 30 g charge for fire Genalysis Intertek Laboratories, Adelaide, pulps were re-pulverised and
assay'). In other cases, more explanation may be required, such as where there re-analysed for lanthanides.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · RAB and aircore drilling has occurred in unconsolidated regolith and
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or saprolite.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · Aircore hammer (slimline RC) in hard rock (90mm).
· Reverse circulation drilling has been performed by various
contractors, all drilling has been carried out with a 140mm face Samling drill
bit.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recoveries and moisture content were recorded during drilling,
results assessed. with details filed and uploaded to the drillhole database.
· Measures taken to maximise sample recovery and ensure representative · In general, sample through all drilling methods has been good.
nature of the samples.
· Drilling procedures ensure that the sample system and cyclone were
· Whether a relationship exists between sample recovery and grade and cleaned at the completion of each hole (in all programmes).
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · 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 time
geotechnically logged to a level of detail to support appropriate Mineral of drilling. Lithology, colour, weathering and moisture were documented.
Resource estimation, mining studies and metallurgical studies.
· All drilled metres were logged.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Logging is generally qualitative in nature.
· The total length and percentage of the relevant intersections logged. · All RC drill metres have been geologically logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Samples from Aircore, RAB and bedrock RC holes have been collected
taken. as 1m samples and sampled as 6m composites. Subject to results, 1m resplits
were historically generated by riffle splitting if dry, wet samples were split
· If non-core, whether riffled, tube sampled, rotary split, etc and using a trowel.
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Additional sub-sampling was performed through the preparation and
processing of samples according to the laboratory's internal protocols.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Internal lab duplicates and standards were run at a frequency of 1
in 20 samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field · 120 g Pulp sample sizes were appropriate for the material being
duplicate/second-half sampling. sampled.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Pulps were retrieved from storage (Challenger Geological Services)
laboratory procedures used and whether the technique is considered partial or and re-submitted to Genalysis Intertek Laboratories, Adelaide.
total.
· Historically, samples were analysed by ALS, Adelaide, using AU-GA22
· For geophysical tools, spectrometers, handheld XRF instruments, etc, 50 g charge. Muti-elements (48) for all samples we analysed using ME-MS61, a
the parameters used in determining the analysis including instrument make and 4-acid digest method with an ICP-MS finish.
model, reading times, calibrations factors applied and their derivation, etc.
· Gold quantity was analysed using 50 g fire assay techniques
· Nature of quality control procedures adopted (eg standards, blanks, (FA50/OE04) that utilise a 50 g lead collection fire assay with ICP-OES finish
duplicates, external laboratory checks) and whether acceptable levels of to deliver reportable precision to 0.005 ppm.
accuracy (ie lack of bias) and precision have been established.
· Multi-element geochemistry was digested by four acid ICP-MS and
analysed for Ag, As, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Li, Mg, Mn, Mo, Ni,
Pb, Pd, Pt, Sb, Se, S, Sn, Sr, Te, U, V, W, Y and Zn.
· Saprolite zones were identified by logging and chip tray review.
· Pulp samples were identified from the historic dataset to analyse for
additional lanthanide elements by 4-acid ICP-MS and analysed for Pr, Nd, Sm,
Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.
· Field blanks and standards were previously submitted at a frequency
of 1 in 20 samples.
· Reported assays are to acceptable levels of accuracy and precision.
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
• Ambient temperature of 22°C; and
• 2 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 40 g of dry, pulverised
sample and 1960 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)
• pH1
• Duration: 6 hours
• Ambient temperature of 22°C
• 2 wt% density
· At the completion of each test, the final pH was measured, the slurry
was vacuum filtered to separate the primary filtrate.
· 2 hour liquor sample was taken
· Final residue solids was thoroughly water washed (150 g DI/ 40 g
solid), dried and analysed.
· 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 digitising,
or alternative company personnel. and transferred to database.
· The use of twinned holes. · Compositing of assays was undertaken and reviewed by Cobra staff.
· Documentation of primary data, data entry procedures, data · Original copies of lab assay data are retained digitally on the Cobra
verification, data storage (physical and electronic) protocols. server for future reference.
· Discuss any adjustment to assay data. · Physical copies of field sampling books and field geological logs are
retained by Cobra for future reference.
· Close spacing (<10m) have been re-analysed to test consistency of
grade data
· All intersection compositing has been done using datamine downhole
compositor with the following parameters:
· Gold compositing:
· 2020-2021 RC drilling 0.2 and 0.6 cut-offs with a maximum
internal dilution of 3m. 02. g/t Au cut-off used to identify mineralisation
continuity.
· All drilling prior to 2020 has been composited at a 0.5g/t
cut-oof with a maximum internal dilution of 3m.
· Rare Earth Mineralisation
· Intersections calculated at 350 ppm and 500 ppm cut-offs.
· Drillholes with 1m downhole composites have been composed with a
maximum of 4m internal dilution
· Drillholes with 2-6m downhole composites have been composed with
a maximum of 6m internal dilution.
· 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 · Collar locationshave either been surveyed using a DGPS (±0.5m
and downhole surveys), trenches, mine workings and other locations used in accuracy) and recent RC drilling surveyed using Leica CS20 GNSS base and rover
Mineral Resource estimation. with 0.05cm instrument precision.
· Specification of the grid system used. · Downhole surveys were undertaken for all RC drilling
· Quality and adequacy of topographic control. · Drillhole lift in aircore and RAB drilling of saprolite is considered
minimal.
· Collar locations from Hagstrom were surveyed using a DGPS in GDA2020
which were then converted to MGA94 Zone 53.
· Downhole survey azimuths have been converted from true north to
geodetic datum GDA 94 zone 53.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drill lines are variably 100-200m apart at Baggy Green, hole spacings
are generally 50m (RC) which are infilled with air core.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral · Drill line spacing at Clarke is nominally 100m with hole spacings
Resource and Ore Reserve estimation procedure(s) and classifications applied. being ~50m.
· Whether sample compositing has been applied. · Re-analysed drillholes have been selected to provide approximately
200m by 200m coverage
· Transects at Thompson are drilled at approximately 200m x 1km
· RC hole dips vary between 60 and 80 degrees.
· All re-assayed Aircore and RAB holes are vertical.
· No sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Drill lines orientated east-west across NNE-SSW trending mineralised
possible structures and the extent to which this is known, considering the zones at both Baggy Green and Clarke.
deposit type.
· Insufficient geological information is known at regional prospects.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · Rare Earth intercepts have been presented as both downhole and true
sampling bias, this should be assessed and reported if material. width intercepts. The nature of mineralisation reflects the weathering profile
of the saprolite and is therefore horizontal in nature. Reported true widths
are calculated as vertical.
Sample security · The measures taken to ensure sample security. · Pulps have been stored at a secure facility between the initial
analysis and the time of re-assay.
· Desired pulps were recovered from storage, sample and job numbers
cross referenced with records.
· Pulps were transported from storage to the Laboratory by Cobra
Resources staff.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No audit or review has been undertaken.
· Genalysis Intertek Laboratories Adelaide are a National Association
of Testing Authorities ("NATA") accredited laboratory, recognition of their
analytical competence.
Appendix 2: Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Clarke and Baggy Green prospects fall on EL6131. The tenement is
agreements or material issues with third parties such as joint ventures, 100% wholly owned by Peninsula Resources Ltd. The tenements are covered by the
partnerships, overriding royalties, native title interests, historical sites, Wudinna Heads of agreement that entitles Lady Alice Mines ("LAM") to earn-in
wilderness or national park and environmental settings. up to 75%.
· The security of the tenure held at the time of reporting along with · Newcrest Mining Limited retains a 1.5% NSR royalty over future
any known impediments to obtaining a licence to operate in the area. mineral production from both licences.
· Baggy Green, Clarke, Laker and the IOCG targets are located within
Pinkawillinie 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
project area, with no sites located in the immediate vicinity.
· A Native Title Agreement is in place with the relevant Native Title
party.
· Exploration and mining activities are permitted in the park subject
to meeting environmental conditions defined by the SA Government.
· A Compensation agreement is in place with the landowner.
· Exploration tenements are in good standing.
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 400m 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 deposits are considered to be either lode gold or intrusion type
mineralisation related to the 1590 Ma Hiltaba/GRV tectonothermal event.
· Gold mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated with metasomatic
alteration of host rocks.
· Rare earth minerals occur within the kaolinised saprolite horizon.
Preliminary XRD analyses performed by the CSIRO supports IAC mineralisation.
Florencite and monazite were also detected. Further work is planned to define
mineralogy and nature of mineral occurrence.
· A summary of all information material to the understanding of the · The report includes a tabulation of drillhole collar information and
exploration results including a tabulation of the following information for associated interval grades to allow an understanding of the results reported
all material drill holes: herein.
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. · Rare earth intercepts have been presented as both downhole and true
width intercepts. The nature of mineralisation reflects the weathering profile
· Where aggregate intercepts incorporate short lengths of high-grade of the saprolite and is therefore horizontal in nature.
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Rare earth results are reported with a 350 ppm TREO cut-over grade
should be shown in detail. and a maximum internal dilution of 6m.
· The assumptions used for any reporting of metal equivalent values · Assayed intervals through reported intersects are tabulated in the
should be clearly stated. body of this report.
· No metal equivalent values have been calculated.
· REE analysis was originally reported in elemental form and has been
converted to relevant oxide concentrations in line with industry standards.
Conversion factors tabulated below:
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
§ TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 +
Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
§ CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
§ LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
§ HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 +
Yb2O3 + Lu2O3 + Y2O3
§ NdPr = Nd2O3 + Pr6O11
§ TREO-Ce = TREO - CeO2
§ %Nd = Nd2O3/ TREO
§ %Pr = Pr6O11/TREO
§ %Dy = Dy2O3/TREO
§ %HREO = HREO/TREO
§ %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Pulp re-analysis has been performed to confirm the occurrence of REE
Exploration Results. mineralisation. Preliminary results support unbiased testing of mineralised
structures.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · Holes drilled have been drilled in several orientations due to the
unknown nature of gold mineralisation, or to test the local orientation of
· If it is not known and only the downhole lengths are reported, there gold mineralisation.
should be a clear statement to this effect (eg 'downhole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Plan and section maps are referenced that demonstrate results of
intercepts should be included for any significant discovery being reported. interest.
These should include, but not be limited to, a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Referenced plans detail the extent of drilling and the locations of
practicable, representative reporting of both low and high grades and/or both high and low grades. Comprehensive results are reported.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Significant intersects of reported previous intersections are
reported including (but not limited to): geological observations; geophysical tabulated for reported or displayed holes.
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 · Further Pulp re-analysis is planned to test the lateral extent of REE
extensions or depth extensions or large-scale step-out drilling). mineralisation over previously drilled areas. Follow-up RAB and RC drilling is
planned to test for possible extensions. The complete results from this
· Diagrams clearly highlighting the areas of possible extensions, programme will form the foundation for a maiden resource estimation.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Sampling during Cobra Resources 2022 aircore ("AC") drilling
specific specialised industry standard measurement tools appropriate to the programme at all prospects were obtained through AC drilling methods.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Historic RC and RAB drilling methods have been employed at Clarke
meaning of sampling. and Baggy Green prospects since 2000. Rotary air-core and Reverse Circulation
("RC") drilling occurred in 2021 and were used to aid in the programme design
· Include reference to measures taken to ensure sample representivity but have not been used for grade estimations or defining results that are
and the appropriate calibration of any measurement tools or systems used. reported in this announcement.
· Aspects of the determination of mineralisation that are Material to · 2m samples were collected in 20l buckets via a rig mounted
the Public Report. cyclone. An aluminum scoop was used to collect a 2-4kg sub sample from meach
bucket. Samples were taken from the point of collar, but only samples from the
· In cases where 'industry standard' work has been done this would be commencement of saprolite were selected for 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 · Samples submitted to the Genalysis Intertek Laboratories,
assay'). In other cases more explanation may be required, such as where there Adelaide and pulverised to produce the 25g fire assay charge and 4 acid digest
is coarse gold that has inherent sampling problems. Unusual commodities or sample.
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · A summary of previous drilling at the Wudinna Project is outlined
in the Cobra Resources RNS number 7923A from 7 February 2022
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or core drilling techniques from an ALMET Aircore rig mounted on a Toyota
standard tube, depth of diamond tails, face-sampling bit or other type, Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Sample recovery was generally good with water being intersected
results assessed. in less than 10% of the drilled holes. All samples were recorded for 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 20-25kg for each 2m
interval being recovered.
· 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.
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.
· All drilled metres were logged.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Logging is generally qualitative in nature.
· The total length and percentage of the relevant intersections logged. · All AC drill metres has been geologically logged on two metre
intervals (1,269m in total).
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · The use of an aluminum scoop to collect the required 2-4kg of
taken. sub-sample from each 2m sample length controlled the sample volume submitted
to the lab.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · Additional sub-sampling was performed through the preparation and
processing of samples according to the laboratories internal protocols.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique. · Duplicate samples were collected from the sample buckets using an
aluminium scoop at a 1 in 50 sample frequency.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample sizes were appropriate for the material being sampled.
· Measures taken to ensure that the sampling is representative of the · Assessment of duplicate results indicated this sub - sample
in situ material collected, including for instance results for field method provided good repeatability for rare earths and lower repeatability for
duplicate/second-half sampling. gold.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Samples were submitted to Genalysis Intertek Laboratories,
laboratory procedures used and whether the technique is considered partial or Adelaide for preparation and analysis.
total.
· Gold quantity was analysed using 25g fire assay techniques
· For geophysical tools, spectrometers, handheld XRF instruments, etc, (FA25/OE04) that utilises a 25g lead collection fire assay with ICP-OES finish
the parameters used in determining the analysis including instrument make and to deliver reportable precision to 0.005 ppm.
model, reading times, calibrations factors applied and their derivation, etc.
· Multi element geochemistry were digested by four acid ICP-MS and
· Nature of quality control procedures adopted (eg standards, blanks, analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Na, Nd, Pr, Sc, Sm, Tb,
duplicates, external laboratory checks) and whether acceptable levels of Th, Tm, U, Y and Yb.
accuracy (ie lack of bias) and precision have been established.
· Field blanks and standards were submitted at a frequency of 1 in
50 samples.
· Field duplicate samples were submitted at a frequency of 1 in 50
samples
· Reported assays are to acceptable levels of accuracy and
precision.
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 Staff.
· Discuss any adjustment to assay data.
· Original copies of lab assay data are retained digitally on the
Cobra server for future reference.
· Physical copies of field sampling books are retained by Cobra 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 · Collar locations were surveyed using Google Pixel 6 mobile phone
and down-hole surveys), trenches, mine workings and other locations used in utilising the Avenza Map app. Collar points recorded with a horizontal
Mineral Resource estimation. accuracy within 5m.
· Specification of the grid system used. · Locations are recorded in geodetic datum GDA 94 zone 53.
· Quality and adequacy of topographic control. · no downhole surveying was undertaken. All holes were set up
vertically and are assumed vertical.
· Collar elevations have been projected to the Australian Height
Datum surface.
· The survey methods applied are considered adequate as an
indicator of mineralisation. More accurate survey methods would be required
for use in a gold mineral resource estimation, in particular elevation.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 50 to 80m apart.
Drillholes generally 50 - 60m apart on these transects but up to 70m 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 25-150m from previous drillholes.
· Whether sample compositing has been applied. · All holes were vertical.
· 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. Further drilling at a closer spacing would
be required for use in a gold Mineral Resource estimation.
· No sample compositing has been applied
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The programme was designed to increase confidence of the NW
possible structures and the extent to which this is known, considering the striking interpretation of gold mineralisation and test the extents of
deposit type. saprolite hosted rare earth mineralisation. Vertical drillholes provide are
not considered to present any down dip bias for gold based on the indicative
· If the relationship between the drilling orientation and the nature of the drilling results.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · Vertical drillholes allow for an unbiased testing of the
horizontal saprolite hosted rare earth mineralisation.
· Drilling results are not presented as true width but are not
considered to present any down-dip bias.
Sample security · The measures taken to ensure sample security. · 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.
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 Laboratories Adelaide are a NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · This drilling program has been carried out on EL 6131, currently
agreements or material issues with third parties such as joint ventures, owned 100% by Peninsula Resources limited, a wholly owned subsidiary of
partnerships, overriding royalties, native title interests, historical sites, Andromeda Metals Limited.
wilderness or national park and environmental settings.
· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty
· The security of the tenure held at the time of reporting along with over future mineral production from both licences.
any known impediments to obtaining a licence to operate in the area.
· Baggy Green, Clarke, Laker & 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 project 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 deposits are either lode gold or intrusion type
mineralisation related to the 1590 Ma Hiltaba/ GRV tectonothermal event.
· Gold mineralisation has a spatial association with mafic
intrusions/ granodiorite alteration and is associated with metasomatic
alteration of host rocks.
· Rare earth minerals occur within the kaolinised saprolite
horizon. Preliminary work supports Ion Adsorbed Clay ("IAC") mineralisation.
· XRF, Hylogger spectral analysis and preliminary metallurgical
testing are demonstrate that a component of the REE
· Further work is planned to define mineralogy and nature of
mineral occurrence.
· A summary of all information material to the understanding of the · The report includes a tabulation of drillhole collar information
exploration results including a tabulation of the following information for and associated interval grades to allow an understanding of the results
all Material drill holes: reported herein.
o easting and northing of the drill hole collar · Sections have not been provided as the nature vertical drilling
does not enable accurate interpretation of mineralised gold lodes.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar · Sections will be produced upon the completion of further
drilling.
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
maximum and/or minimum grade truncations (eg cutting of high grades) and length.
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
results and longer lengths of low grade results, the procedure used for such · No metal equivalent values have been calculated.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. · Rare earth element analyses were originally reported in elemental
form and have been converted to relevant oxide concentrations in line with
· The assumptions used for any reporting of metal equivalent values industry standards. Conversion factors tabulated below:
should be clearly stated.
Element Oxide Factor
Cerium CeO2 1.2284
Dysprosium Dy2O3 1.1477
Erbium Er2O3 1.1435
Europium Eu2O3 1.1579
Gadolinium Gd2O3 1.1526
Holmium Ho2O3 1.1455
Lanthanum La2O3 1.1728
Lutetium Lu2O3 1.1371
Neodymium Nd2O3 1.1664
Praseodymium Pr2O3 1.1703
Scandium Sc2O3 1.5338
Samarium Sm2O3 1.1596
Terbium Tb2O3 1.151
Thulium Tm2O3 1.1421
Yttrium Y2O3 1.2699
Ytterbium Yb2O3 1.1387
· The reporting of REE oxides is done so in accordance with
industry standards with the following calculations applied:
· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 +
Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 +
Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· %Pr = Pr6O11/TREO
· %Dy = Dy2O3/TREO
· %HREO = HREO/TREO
· %LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · This drilling programme is designed to confirm the orientation
Exploration Results. and continuity of mineralisation. Preliminary results support unbiased testing
of mineralied structures.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · Previous holes drilled have been drilled in several orientations
due to the unknown nature of mineralisation.
· 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 · The work completed to date is not considered robust to adequately
not known'). define mineralisation geometry.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Plan maps are referenced that demonstrate results of interest.
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.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Referenced Plans detail the extent of drilling and the locations
practicable, representative reporting of both low and high grades and/or of both high and low grades. Comprehensive results are reported.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Significant gold intersects of previous drilling is not tabulated
reported including (but not limited to): geological observations; geophysical or referenced on plans
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · Refer to previous announcements listed in rns for previous REE
and rock characteristics; potential deleterious or contaminating substances. results and metallurgical testing and detailed gold intersections.
Further work · The nature and scale of planned further work (eg tests for lateral · Further slimline RC drilling is planned to test for both lateral
extensions or depth extensions or large-scale step-out drilling). and depth extensions. The complete results from this programme will form the
foundation for a maiden resource estimation at Clarke and Baggy Green.
· 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 = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 +
Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 +
Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· %Pr = Pr6O11/TREO
· %Dy = Dy2O3/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').
· This drilling programme is designed to confirm the orientation
and continuity of mineralisation. Preliminary results support unbiased testing
of mineralied structures.
· Previous holes drilled have been drilled in several orientations
due to the unknown nature of mineralisation.
· The work completed to date is not considered robust to adequately
define mineralisation geometry.
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.
· Plan maps are referenced that demonstrate results of interest.
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 misleading reporting of Exploration
Results.
· Referenced Plans detail the extent of drilling and the locations
of both high and low grades. Comprehensive results are reported.
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.
· Significant gold intersects of previous drilling is not tabulated
or referenced on plans
· Refer to previous announcements listed in rns for previous REE
results and 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.
· Further slimline RC drilling is planned to test for both lateral
and depth extensions. The complete results from this programme will form the
foundation for a maiden resource estimation at Clarke and Baggy Green.
Appendices
Appendices 2: collar locations of reported and outstanding drill results
Hole ID Hole type Easting Northing Depth (m) Dip
KO11S-1064 AC 575,529 6,340,171 45 -90
KO11S-1066 AC 575,529 6,340,771 32.5 -90
KO11S-1067 AC 575,529 6,341,171 41 -90
KO11S-1068 AC 575,529 6,341,371 44 -90
KO11S-1069 AC 575,529 6,341,571 37 -90
KO11S-1072 RH 576,089 6,342,221 46 -90
KO11S-1073 RH 576,129 6,341,971 61 -90
KO11S-1074 RH 576,129 6,341,571 49 -90
KO11S-1075 RH 575,129 6,341,971 41 -90
KO11S-1076 RH 575,129 6,341,771 43 -90
KO11S-1077 AC 575,129 6,341,571 57 -90
KO11S-1078 RH 574,929 6,341,771 55 -90
KO11S-1079 RH 574,929 6,341,971 50 -90
KO11S-1080 RH 574,729 6,341,971 52 -90
KO11S-1081 RH 574,729 6,341,771 64 -90
KO11S-1083 AC 574,729 6,341,371 44 -90
KO11S-1084 AC 574,729 6,341,471 33 -90
KO11S-1087 AC 575,129 6,341,371 50 -90
KO11S-1088 AC 575,329 6,341,571 43 -90
KO11S-1089 AC 575,329 6,341,771 36 -90
KO11S-1090 AC 574,929 6,341,371 40 -90
KO11S-1093 AC 575,129 6,340,971 38 -90
KO11S-1095 AC 575,329 6,341,371 48 -90
KO11S-1098 AC 574,529 6,341,571 88 -90
KO11S-1099 AC 574,529 6,341,371 49.5 -90
KO11S-1102 AC 574,329 6,341,571 56 -90
KO11S-1103 AC 574,329 6,341,771 48 -90
KO11S-1124 AC 573,904 6,339,076 53 -90
KO11S-1125 AC 573,900 6,339,366 49 -90
KO11S-1126 AC 573,896 6,339,556 36 -90
KO11S-1127 AC 573,899 6,339,768 32 -90
KO11S-1128 AC 573,899 6,339,973 35 -90
KO11S-1129 AC 573,898 6,340,179 48 -90
KO11S-1130 AC 574,026 6,340,377 79 -90
KO11S-1131 AC 574,030 6,340,565 42 -90
KO11S-1132 AC 574,028 6,340,769 42 -90
KO11S-1133 AC 574,018 6,341,022 54 -90
KO11S-1134 AC 574,227 6,341,167 42 -90
SCH-0903 RH 574,429 6,342,371 46 -90
SCH-0904 RB 574,479 6,342,571 54 -90
SCH-0905 RH 574,479 6,342,771 22 -90
SCH-0906 RH 574,479 6,342,971 55 -90
SCH-0907 RH 574,479 6,343,156 66 -90
SCH-0908 RH 574,479 6,343,371 49 -90
SCH-0909 RH 576,329 6,343,366 67 -90
SCH-0910 RH 576,329 6,343,171 40 -90
SCH-0911 RH 576,329 6,342,971 43 -90
SCH-0912 RH 576,329 6,342,771 43 -90
SCH-0913 RH 576,329 6,342,571 40 -90
SCH-0914 RH 576,329 6,342,371 49 -90
SCH-0915 RH 577,259 6,342,371 64 -90
SCH-0916 RH 577,259 6,342,571 46 -90
SCH-0917 RH 577,259 6,342,771 52 -90
SCH-0918 RH 577,259 6,342,971 61 -90
SCH-0919 RH 578,329 6,342,771 64 -90
SCH-0920 RH 578,329 6,342,971 46 -90
SCH-0925 RH 578,329 6,342,571 22 -90
SCH-0927 RH 578,329 6,342,171 43 -90
SCH-0929 RH 579,129 6,342,571 49 -90
SCH-0930 RH 579,129 6,342,371 43 -90
SCH-0932 RH 579,129 6,341,971 58 -90
SCH-0934 RH 579,129 6,341,571 46 -90
SCH-0936 RH 581,129 6,342,371 79 -90
SCH-0940 RH 581,129 6,341,371 76 -90
SCH-0941 RH 581,129 6,341,171 49 -90
SCH-0943 RH 577,259 6,342,171 55 -90
SCH-0999 RH 581,129 6,341,921 67 -90
SCH-1005 RH 581,129 6,341,721 60 -90
ULY-1059 RH 554,875 6,353,853 49 -90
ULY-1063 RH 555,024 6,353,991 40 -90
ULY-1109 RH 554,944 6,353,779 56 -90
ULY-1113 AC 554,953 6,354,061 46 -90
ULY-1114 AC 555,090 6,353,917 56 -90
ULY-1116 AC 554,811 6,354,065 31 -90
ULY-1123 RH 554,729 6,354,171 73 -90
WUD1-0375 RH 556,629 6,355,171 58 -90
WUD1-0377 RH 556,629 6,355,371 64 -90
WUD1-0382 RH 555,529 6,354,771 53 -90
WUD1-0392 RH 554,979 6,355,171 55 -90
WUD1-0394 RH 554,879 6,355,201 46 -90
WUD1-0500 AC 555,179 6,355,171 42 -90
Drill Type: AC = Aircore blade, AH = Aircore hammer, RB = Rotary Air Blade, RH
= Rotary Air Hammer
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