REG - Cobra Resources PLC - Wudinna Project Update
08/11/2022 07:00
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RNS Number : 6514F Cobra Resources PLC 08 November 2022
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
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
8 November 2022
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
RC Drilling Progressing at Clarke Prospect
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, is pleased to provide an update on drilling
progress at the Clarke prospect, which is being informed by encouraging
geophysics obtained from the South Australian Advanced Discovery Initiative
("ADI") co-funded Loupe TEM survey.
A 16-hole, ~2,000m programme is being drilled to:
· Infill existing drilling at the Clarke prospect, where previous drill
programmes have defined clay intersected gold mineralisation across 500m of
strike
· Test for further Rare Earth Elements ("REE") above gold strike
extensions
· Test an additional 250m of strike to the north beyond defined
mineralisation, where gold and rare earth mineralisation remains open
· Inform a gold resource update, enabling the Clarke prospect to be
incorporated in the Company's gold Mineral Resource Estimate ("MRE")
· Contribute to a maiden REE MRE
· Provide samples for further rare earth metallurgical testing and
subsequent process optimisation
Whilst unseasonable rainfall delayed the commencement of the programme,
drilling is expected to be completed in approximately two weeks.
Rupert Verco, CEO of Cobra, commented:
"We are thrilled to have the drill bit turning again. Whilst we have
experienced some delays due to unseasonably wet conditions, the team are
progressing the programme well in a safe and environmentally considerate
manner.
The results of this programme will be the finishing piece of this exploration
phase which has yielded exceptional results over the last two years.
The ADI co-funded Loupe TEM geophysics highlights a cost-efficient method to
refine gold and rare earth targeting. Results demonstrate further resource
growth potential of complementary gold and rare earths beyond the scope of
this drill programme.
We are well positioned to expand on exploration and resource growth, and are
in the process of obtaining regulatory and environmental approvals to
accelerate and implement an extensive drill programme in early 2023."
Figure 1: Drilling hole CBRC0055 aimed at securing samples for follow-up REE
metallurgical testing
Results of Loupe TEM Survey
· Defined gold mineralisation at Clarke is located along distinct
linear terminations bordering highly conductive zones. This is interpreted to
represent redial shear structures promoting dilation under N-S compression
· Four additional repeat structures, branching from the major regional
E-W fault, have been identified within the survey, these are interpreted as
structural juxtaposition or "dilatational jolts" prospective for further gold
mineralisation and warrant follow-up drill testing
· Three conjugate NE trending structures are defined north of Clarke
that correlate with highly anomalous gold in saprolite intersected in recent
aircore drilling
· High-grade REE mineralisation correlates to highly conductive zones
that define troughs of deep saprolite weathering
· Demonstrates a cost-efficient method of defining and modelling zones
prospective for REE mineralisation
Figure 2: 20m depth slice of Loupe TEM survey, red highlighting conductive
features and blue resistive. Terminations of the conductive features appear to
be correlated with existing gold mineralisation and dashed lines indicate
further structures interpreted prospective for further gold mineralisation
Figure 3: REE significant intersections >500 ppm TREO plotted against Loupe
TEM survey sections, displayed in 3d space. High conductive zones prospective
for high clay adsorption of rare earths are depicted in red
Forthcoming Newsflow (Indicative)
November 2022
· Project JV 75% earn-in milestone
· RC drilling results (initial)
· ADI co-funded Controlled Source Audio-frequency Magneto-tellurics
("CSAMT") EM survey
December 2022
· RC drilling results (final)
· Maiden rare earth MRE
January 2022
· Updated gold MRE
· Follow up REE metallurgical testing results targeting variable
saprolite conditions
· REE sizing beneficiation and metallurgical recovery results
Further detail about the Loupe TEM Survey process is detailed 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
+44 (0)7559 910869
Shard Capital Limited (Joint Broker)
Erik Woolgar
Damon Heath
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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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.
The information in this release that relates to Geophysical Results and
Interpretations is based on information compiled by Karen Gilgallon, Principal
Geophysicist at Southern Geoscience Consultants. Karen Gilgallon is a Member
of the Australasian Institute of Geoscientists (AIG) and has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration 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 of Exploration Results, Mineral Resources and
Ore Reserves'. Karen Gilgallon consents to the inclusion in the release of
the matters based on this information in the form and context in which it
appears.
About Loupe TEM
The Loupe is a portable time-domain electromagnetic ("TDEM") profiling system,
with the transmitter loop (Tx) and receiver coils (Rx), as well as batteries,
GPS receiver, and electronics carried on backpacks by separate operators. The
instrument has been designed for a continuous profiling mode with a variable
transmitter receiver separation.
Clarke Survey Details
The survey has been co-funded through the South Australian Advanced Discovery
Initiative ("ADI"). The survey consisted of 28.2 line km with 18 SW-NE lines
of around 1.4 km each at a 100m spacing. Infill lines over Clarke gold
mineralisation (x6) were 500m long and infilled line spacing to 50m.
Acquisition parameters included a 10m separation between transmitter loop and
receiver coils. The Tx frequency used for the survey was 75 Hz. Signal
voltages were recorded in the Rx coils for time channels up to around 1.6
milliseconds after signal shut-off.
Data was reviewed, processed and interpreted by geophysicists at Southern
Geoscience consultants, who corrected data for system response, apply parallax
position corrections and data filtering.
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 · Results presented in this release relate to Loupe EM data
specific specialised industry standard measurement tools appropriate to the obtained in a survey completed in July 2022.
minerals under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad · Cobra contractors conducted 28.2 line km over 2 days using Loupe
meaning of sampling. System a portable time-domain electromagnetic ("TDEM") profiling system, with
the transmitter loop (Tx) and receiver coils (Rx). Equipment was provided by
· Include reference to measures taken to ensure sample representivity Southern Geoscience Consultants.
and the appropriate calibration of any measurement tools or systems used.
· 100m line spacings orientated SW-NE were conducted, with an
· Aspects of the determination of mineralisation that are Material to additional six infill lines at 50m spacing covered over intersected gold
the Public Report. mineralisation at the Clarke prospect.
· In cases where 'industry standard' work has been done this would be · 10m separation between transmitter loop and receiver coils.
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 · Tx frequency 75 Hz.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Signal voltages were recorded in Rx coils for time channels up to
mineralisation types (eg submarine nodules) may warrant disclosure of detailed 1.6 milliseconds after signal shut-off.
information.
· Historic gold and REE intersections demonstrated on images relate
to previously reported results. Refer to previous company announcements that
detail JORC applicable information
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Not applicable - no drilling is reported
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,
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 · Not applicable - no drilling is reported
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Not applicable - no drilling is reported
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· 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 · Not applicable - no drilling is reported
taken.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· 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 · Not applicable - no drilling is reported
laboratory procedures used and whether the technique is considered partial or
total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent · Not applicable - no drilling is reported
or alternative company personnel.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · All image and data were recorded and stored in GDA94 MGA53
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Loup survey used 100m line spacings orientated SW-NE were
conducted, with an additional six infill lines at 50m spacing covered over
· Whether the data spacing and distribution is sufficient to establish intersected gold mineralization at the Clarke prospect.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Lines were run SW-NE in orientation to best defined the primary
possible structures and the extent to which this is known, considering the structural orientations defined at the Clarke prospect.
deposit type.
· If the relationship between the drilling orientation and the
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. · Stacked datasets were downloaded daily from the Loupe instrument
and sent to SGC for review of data quality and for safe storage of data.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No audits or reviews have been completed.
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 programme has been carried out on EL 6131,
agreements or material issues with third parties such as joint ventures, currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary
partnerships, overriding royalties, native title interests, historical sites, of 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 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 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 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, SEM and preliminary
metallurgical testing demonstrate a change in mineral phase from basement to
lower saprock. Elevated REE grades within saprolite have low occurrences of
identifiable REE bearing minerals supporting that a component of the REE
bursary is adsorbed to clay.
· pH testing supports that REE grade and mineral state is a product
of REDOX conditions with elevated REE grades being associated with conditions
pH6-7 and pH 9.5-10.5.
· Further work is planned to define mineralogy and nature of
mineral occurrence.
· A summary of all information material to the understanding of the · Not applicable - no drilling is reported
exploration results including a tabulation of the following information for
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, · Not applicable - no drilling is reported
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Not applicable - no drilling is reported
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').
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 · The reporting is considered balanced
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Previously reported significant gold and REE intersections are
reported including (but not limited to): geological observations; geophysical shown on associated plans.
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 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 REE and gold resource estimation at Clarke.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
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