REG - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

30/03/2023 07:00

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RNS Number : 6877U  Cobra Resources PLC  30 March 2023

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30 March 2023

 

Cobra Resources plc

("Cobra" or the "Company")

 

Wudinna Project Update

 

Completion of RC Drilling

&

Commencement of AC Drilling

 

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, announces the completion ahead of schedule of
Reverse Circulation ("RC") drilling focused on gold resource expansion. McLeod
Drilling has now mobilised an Aircore ("AC") drilling rig to site and has
commenced drilling, targeting rare earth resource expansion and other
objectives.

 

RC Drilling Highlights

 

·    Completed 20 RC drillholes for 2,466m across Barns, White Tank and
Clarke prospects aimed at gold resource expansion

·    Drilling has intersected encouraging geology supportive of further
gold and rare earth mineralisation across all three prospects

·    Assays submitted to laboratory with initial results expected in late
April

 

AC Drilling Programme

 

·    The extensive 6,000m AC programme is underway, designed to:

 

o  Expand rare earth resources peripheral to the existing 20.9 Mt at 658 ppm
TREO Mineral Resource Estimate and test a further seven targets identified
from recent geophysics programmes that are considered prospective for further
gold and rare earth mineralisation

 

o  Test the orientation of gold mineralisation at the Barns East prospect
where historical drilling intersected numerous shallow gold intervals,
including:

 

§ 7m at 2.23 g/t from 52m including 1m at 8.3 g/t from 57m

§ 6m at 1.35 g/t from 64m

§ 7m at 1.35 g/t from 64m

 

o  Infill areas of the Thompson rare earth exploration target (81-233 Mt at
640-856 ppm TREO)

 

o  Maiden drill test the Boland target (subject to permitting) where previous
exploration has identified paleo-channel hosted reduced clays and sands that
contain lignites. Interpreted vertical redox conditions are considered
favourable for the mobilisation and preservation of high portions of ionic
rare earth mineralisation

 

·   Further samples from both AC and RC drilling will be taken to advance
the Company's metallurgical diagnostics programme

 

·    AC results are anticipated to be received between May and July

 

Rupert Verco, CEO of Cobra, commented:

 

"We are pleased to have safely and efficiently executed our RC drilling
campaign. Initial geological observations are positive for further gold
mineralisation, and we expect results to materially contribute to a gold
resource update later in the year. We appreciate the efforts of our
contractors in executing a successful programme with careful attention to our
environmental and community impact.

 

We are now excited to test a number of regional targets prospective for both
gold and rare earths through the AC drilling programme, where we aim to follow
up encouraging geophysical findings from our ADI co-funded surveys. The
incorporation of the Boland target into the drill programme is an exciting
inclusion that has resulted from thorough mineralogical and chemical analysis
of our rare earth occurrences.

 

We look forward to updating shareholders on our continued progress."

 

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)

 Erik Woolgar                                  +44 (0)20 7186 9952

 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.

APPENDIX

Figure 1: Completed RC collar locations and planned AC drillholes

 

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