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Cobra uncoil for gold and rare earth strikes

16 August 2022 15:48
LSE: COBR

Cobra Resources’ returns from Wudinna have continued to impress, with its latest results considered exceptional for both gold and rare earths at the project nestled in South Australia’s prodigious Gawler Craton.

The assays confirmed both gold and rare earth continuity resting along-strike in harmonious fashion.

Coming in from the Clarke prospect, shallow gold intercepts were as high as 2.29 grams per tonne, while rare earth elements showed up in 26 of the 29 holes holding a length weighted average intersection of 13.3 metres at 934 parts per million total rare earth oxide.

Clarke lies just 1.75 kilometres north of the company’s Baggy Green gold deposit — containing 94 of the 211 thousand ounce golden resource assembled at Wudinna so far.

 

COBR Widduna Map 1

Significant intersections and collar locations from the reported 29 holes at Clarke

 

The company said it was an exceptional value-add opportunity with rare earth mineralisation both complementary to gold — and regionally scalable.

“Growing regional occurrence across our land holding places Cobra in a position to define a potentially extensive clay-hosted rare earth resource, enabling us to capitalise on the global demand for critical rare earth minerals and contribute to decarbonisation,” chief executive Rupert Verco said.

“Some of the widths and grades intersected at such shallow depths are extremely exciting and should have positive implications on grades at depth when we return with the RC rig.”

Gold and rare earth outcomes from the remaining 62 drillholes are expected to be revealed over the coming weeks, with a hotly anticipated drilling campaign earmarked for later in the year.

Cobra Resources’ London Stock Exchange-listed share price has risen 6.89 per cent today, currently trading at 1.92 British pence (3:42pm UTC+ 8 hours).

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