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Cobra get Rare Opportunity

9 January 2023 15:02
Cobra Resources' rare earths

After months of anticipation, Cobra Resource has added rare earth elements to its target base at the Wudinna Project, returning a maiden mineral resource estimate for clay-hosted REEs of 20.9 Mt at 658 ppm Total Rare Earth Oxides (“TREO”).

Already boasting a massive 211-thousand-ounce gold resource estimate, this unique mineral resource combination will give Cobra the opportunity to investigate commercial outcomes for dual commodities.

The rare earth resource is proximal to the 94 thousand-ounce gold Baggy Green prospect and has room to grow with the defined REE target at the Thompson Project giving Wudinna potential for substantial near-term growth.

Initial metallurgical test work has demonstrated magnetic rare earth recoveries of up to 34.7 per cent, with follow-up lithological and mineralogy test work showing potential for increased recoveries through targeting ionic-syle mineralisation, with further mapping and analysis planned to test this concept.

Cobra said returning this MRE is a fundamental step forward in its ambition to develop a globally unique mineral occurrence by defining an unconstrained rare earth mineral resource that overlies two growing gold prospects.

“The Company considers the dual mineral occurrence a globally unique opportunity to devise an environmentally considerate, low waste ratio, high-value resource,” said Chief Executive Rupert Verco.

“This exceptional result now enables Cobra to advance metallurgical test work, grow dual resources and commence strategic discussions aimed at project advancement. Cobra is now poised to expand both gold and rare earth resources through its 2023 exploration activities to advance the project towards feasibility studies.”

Cobra is currently planning an up to 10 thousand metre drilling program to grow its gold and REE resources at Wudinna, with activities forecasted to commence in March.

COBR’s London Stock Exchange-listed share price was trading at 1.75 British pence today (3:02 pm UTC+ 8 hours).

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