REG - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

16/03/2023 07:00

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RNS Number : 1399T  Cobra Resources PLC  16 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
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CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

16 March 2023

 

Cobra Resources plc

("Cobra" or the "Company")

 

Wudinna Project Update

 

Gold Resource Expansion RC Drilling Commences

 

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, announces the commencement of Reverse Circulation
("RC") drilling focused on growth of the Company's gold resources.

 

Highlights

 

·    Bullion Drilling has mobilised to site and commenced RC drilling
operations

·    Permits and agreements are in place to drill 20 RC holes for
approximately 2,600m, where:

o  4 drillholes will aim to extend the 104,000 Oz gold resource at the Barns
prospect, and test up-dip and along-strike extensions

o  3 drillholes will test eastern and southern structural extensions to the
13,000 Oz gold resource at the White Tank prospect

o  13 holes will infill and test strike extensions both north and south of
the Clarke prospect, where previous drilling has delineated 600m of gold
mineralisation outside of the Company's existing aggregate 211,000 Oz gold
Mineral Resource Estimate ("MRE")

·    This drilling will enable Clarke to be incorporated into an updated
gold MRE, which will be based upon a further 10,000m of drilling since the
2019 MRE

·    Assays are anticipated to be reported through April and May with an
updated MRE to follow

 

Later in March, McLeod Drilling will mobilise to site to commence an extensive
and complementary 6,000m Aircore programme designed to expand the rare earth
resource among other objectives.

 

Rupert Verco, CEO of Cobra commented:

 

"This field programme is anticipated to provide significant value to the
Company's primary asset - the Wudinna Project. RC drilling will support a
considerable gold resource update later this year, where the inclusion of
Clarke will see further growth to our unique resource base.

 

Our aim is to systematically test high-value gold targets whilst strategically
growing our rare earth resource. The mineralogical relationship between rare
earth enrichment and gold mineralisation enables a unique dual pronged
approach to exploration."

 

Enquiries:

 

 Cobra Resources plc                           via Vigo Consulting

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

 Dan Maling (UK)

 SI Capital Limited (Joint Broker)             +44 (0)1483 413 500

 Nick Emerson

 Sam Lomanto

 Shard Capital 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
the current 211,000 Oz gold JORC Mineral Resource Estimate. In 2021, Cobra
discovered rare earth mineralisation proximal to and above the gold
mineralisation which has been demonstrated to be regionally scalable. In 2023,
Cobra published a maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt
at 658 ppm Total Rare Earth Oxides enabling a strategic baseline to advance an
economically beneficial combination of gold and rare earth resources.

 

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/)

 

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.

 

 

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