FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Cobra uncoils a rare double resource

17 January 2023 16:29
LSE: COBR

Cobra Resources’ latest results from the Clarke prospect have both expanded the intersected strike of gold mineralisation and defined further rare earth mineralisation at its Wudinna project in South Australia.

It continues to build up the prospects of a unique gold and rare earth dual resource with already-established estimates.

The strike of intersected gold mineralisation at Clarke now exceeds 600 metres, lying outside of an already-defined JORC resource of 211 thousand ounces.

And Cobra’s maiden 20.8 Mt rare earth JORC resource estimate was buoyed by intercepts peripheral to gold mineralisation, hitting 24 metres at 1,093 parts per million total rare earth oxides with high value magnet rare earth oxides equating to 26 percent of the TREO.

The company said the intersections demonstrated growth potential of a unique dual resource, with results suggesting a significant gold system overlain by an expanding rare earth resource.

“The results of this programme provide an exceptional platform for further exploration success in our upcoming – much larger – drilling programme, which is aimed at expanding both gold and rare earth JORC resources,” chief executive Rupert Verco said.

“A rising gold market, coupled with the demand for ethically and environmentally sourced rare earths, places Cobra in an enviable position as we are poised to grow these geologically and spatially related resources.”

Cobra now plans up to ten thousand metres of drilling for March, earmarked to expand both its gold and rare earth resources across three prospects.

Significant results:

Gold:

  • 6m at 4.15 g/t gold from 34m, including 4m at 5.74 g/t gold from 34m
  • 18m at 0.6 g/t gold from 57m, including 1m at 1.80 g/t gold from 58m and 2m at 2.16 g/t gold from 68m
  • 8m at 0.6 g/t gold from 58m, including 2m at 1.31 g/t gold from 62m

Rare Earths:

  • 24m at 1,093 ppm Total Rare Earth Oxides (“TREO”) from 26m, where the Magnet Rare Earth Oxides (“MREO”) equates to 26% of the TREO, including 19m at 1,243 ppm TREO from 29m (MREO: 26%)
  • 20m at 683 ppm TREO from 31m, where the MREO equates to 22% of the TREO, including 2m at 2,249 ppm TREO (MREO: 19%)
  • 31m at 514 ppm TREO from 36m, where the MREO equates to 22% of the TREO
  • 21m at 519 ppm TREO from 13m, where MREO equates to 23% of the TREO

 

 

COBR Wudinna Map

Plan section detailing the spatial location of RC gold and REE results represented at grade thickness intersections.

COBR’s London Stock Exchange-listed share price was trading at 1.68 British pence today (4.32pm UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This