REG - Cobra Resources PLC - Wudinna Project Update

Cobra ResourcesAnnouncement

24/04/2023 07:15

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RNS Number : 1294X  Cobra Resources PLC  24 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
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24 April 2023

 

Cobra Resources plc

("Cobra" or the "Company")

 

Wudinna Project Update

 

Stage 3 Earn-In to Obtain 75% of the Wudinna Project Achieved

 

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna
Project in South Australia, is pleased to announce that the Company, through
its wholly owned subsidiary Lady Alice Mines, has fulfilled its Stage 3
expenditure obligations, as agreed in the Heads of Terms Agreement with
Andromeda Metals Limited (ASX: ADN) ("Andromeda"), entitling Cobra to increase
its ownership of the Wudinna Project (the "Project") from 65% to 75%.

 

Highlights

 

·    Andromeda has advised that its audit of the Company's expenditure of
A$5 million between 2019 and the end of January 2023, relating to exploration
activities between 2019 and year end 2022, entitles Cobra to 75% ownership of
the Project

·    Parties are now working to implement an ownership structure through
which to best advance the Project towards feasibility

 

Rupert Verco, CEO of Cobra, commented:

 

"We are pleased to have achieved this milestone prior to receiving results
from a significant exploration programme. We look forward to working with
Andromeda, a near-term producer, to consolidate our ownership and continue to
grow our gold and rare earth resources to support a future operation.

 

We are eagerly anticipating results from 2,144m of Reverse Circulation
drilling aimed at expanding gold resources, and are in the process of
completing a significant Aircore programme aimed at testing near resource gold
targets and expanding our rare earth resource.

 

We are excited to be in the process of drilling the Boland target, which has
been devised from extensive mineralogical and geochemical analysis, and is, we
believe, highly prospective for ionic, easily leachable magnet rare earths.

 

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 Partners LLP (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/)

 

 

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