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Cobra get spinning at Wudinna

8 November 2022 15:21
LSE: COBR
Cobra Resources drilling at Wudinna

After a slight rain delay, Cobra Resources have the rig spinning again at its Clarke prospect, marching on a 2000 metre drilling campaign at Wudinna in South Australia’s Gawler Craton.

Drilling began just over a month ago, following up on extensive clay-hosted rare earth mineralisation at the prospect.

It is directed at bringing the Clarke prospect into the fold for an upgraded gold MRE — and contributing to Cobra’s maiden rare earth estimate.

The 16-hole infill campaign is targeting 500 metres of strike with defined gold mineralisation and a further 250 metres of strike to the north, where mineralisation remains open.

Results from a co-funded Loupe TEM survey have additionally highlighted a cost-efficient method to refine targeting, while demonstrating growth potential beyond the scope of drilling.

The company said the survey provided an accurate way of setting targets for follow-up.

“We are thrilled to have the drill bit turning again — the results of this programme will be the finishing piece of this exploration phase which has yielded exceptional results over the last two years,” chief executive Rupert Verco said.

“We are well positioned to expand on exploration and resource growth and are in the process of obtaining regulatory and environmental approvals to accelerate and implement an extensive drill programme in early 2023.”

Cobra expects drilling to wrap up in the next fortnight.

COBR’s London Stock Exchange-listed share price was trading at 1.68 British pence today (3.20 pm UTC+ 8 hours).

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