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Cobra bears its fangs for Wudinna

13 October 2022 14:13
LSE: COBR
Drill rig at Wudinna

Cobra Resources are ready to send the rig to Wudinna for a 16-hole drill campaign looking to uncover the Clarke prospect’s true gold and rare earth element potential.

Drilling is aimed bringing Clarke into the fold for an upgraded gold resource estimate — and to establish the maiden rare-earth MRE.

The rig will infill existing drilling at the project, hitting the same 500 metres of strike that have defined clay-hosted rare earth overlaying gold mineralisation as well as an additional 250 metres of the strike to the north, where gold and rare-earth mineralisation remains open.

The program will also allow Cobra to achieve stage three of an earn-in milestone, granting the company 75 per cent ownership of the South Australian project.

With previous drilling revealing intercepts up to 2.29 grams per tonne of gold and total rare earths as high as 1336 parts per million, the company said Clarke had already demonstrated the potential to add to its mineral inventory.

“Results of the recent aircore programme have defined highly encouraging indicators for further along-strike gold mineralisation,” chief executive Rupert Verco said.

“This, coupled with broad intersections of high-value magnet rare earth, indicates that the target area is compelling for further exploration success.”

Results from a co-funded Loupe TEM survey are due this month, with RC results set for November, and both resource estimates expected to come in before year’s end.

COBR’s London Stock Exchange-listed share price has risen 8.57 per cent today, currently selling at 1.9 British Pence (2.11 pm UTC+ 8 hours).

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