REG - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

05/12/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221205:nRSE4807Ia&default-theme=true

RNS Number : 4807I  Cobra Resources PLC  05 December 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.

 

5 December 2022

 

Cobra Resources plc

("Cobra" or the "Company")

 

Wudinna Project Update

 

Exploration Programme

 

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, provides an update on exploration activities.

 

·      A total of 800m of Reverse Circulation ("RC") drilling have been
completed since the drilling programme began in mid-October of a planned
1,800m. The programme has:

 

o  Tested strike extensions to gold mineralisation at the Clarke prospect

 

o  Tested, infilled, and duplicated previous rare earth intersections
proximal to gold mineralisation - this will contribute to a maiden rare earth
mineral resource estimate

 

o  Produced bulk samples for rare earth metallurgical analysis focusing on
pre-leach beneficiation potential

 

o  Provided additional samples to test the Company's thesis that slightly
acidic (pH 6-7) and alkaline (pH 10) chemical conditions that best promote
ionic clay adsorption may provide improved metallurgical recoveries by
standard desorption methods

 

o  Enabled the delivery of samples to the laboratory with results expected
over the next six weeks

 

·     Due to extreme rainfall, the Company has opted to curtail the RC
programme at 800m to avoid cost overruns and facilitate access to a larger rig
and work programme

 

·    A drill rig has been booked for late February to complete a larger
~3,000m RC programme. This will provide significantly more data than
originally scoped to feed into an updated gold resource and to test additional
priority targets

 

·     Work is underway to obtain approvals to execute an extensive
10,000m Air Core drilling programme to coincide with RC drilling aimed at
rapidly expanding rare earth resources by infilling and expanding defined
footprints at Clarke, Baggy Green and Thompson prospects where rare earth
mineralisation remains unconstrained

 

·      Work is ongoing to publish a maiden rare earth mineral resource
estimate this month

 

·     The South Australia Accelerated Discovery Initiative ("ADI")
co-funded CSAMT geophysical survey aimed at helping delineate mineralised
structures at Clarke is ongoing - the team is currently in the field
collecting data which is expected to be completed in mid-December

 

Rupert Verco, CEO of Cobra, commented:

 

"The work completed through this RC programme to date will be valuable going
forward, with results expected within the next six weeks which will contribute
towards an expanded gold mineral resource estimate.

 

Curtailing the RC programme and coming back in February with a larger rig for
a more extensive programme is the smart thing to do now from a cost exposure
perspective as the region is having one of the wettest springs on record.

 

Meanwhile, we are eagerly anticipating results that we believe will highlight
the value-add potential that the rare earths provide to the Wudinna Project
and our maiden rare earths mineral resource estimate remains on track for this
month.

 

The ADI co-funded CSAMT geophysical survey will provide exceptional geological
knowledge that will further de-risk our future drilling at the Clarke
prospect.

 

Through the work completed in 2022 we have a sound understanding of the rare
earth mineralogy. This will form the basis for progressing the metallurgical
potential which is now an important component of this exciting aspect of the
Company's project."

 

Enquiries:

 

 Cobra Resources plc                           via Vigo Consulting

 Rupert Verco (Australia)                      +44 (0)20 7390 0234

 Dan Maling (UK)
 SI Capital Limited (Joint Broker)

 Nick Emerson
                                           +44 (0)1483 413500

 Sam Lomanto
 Shard Capital Limited (Joint Broker)          +44 (0)20 7186 9952

 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:

 

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/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBKBBKNBDDCBK