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Cobra Striking at Wudinna Gold

16 March 2023 15:15
LSE: COBR

Cobra Resources fire up the rig again at its flagship Wudinna Project in South Australia for a 2,600-metre drill campaign aimed at extending the Project’s already significant gold resources and updating its massive aggregate 211,000 Oz Gold Mineral Resource Estimate (MRE).

Drilling will hit targets across the 3,261 square-kilometre projects, with the 20-hole campaign being divided up across three of Wudinna’s most compelling prospects: Barns, White Tank and Clarke, aimed at extending each prospects known gold resources.

Barns will get four holes which will test up-dip and along-strike extensions of its 104 thousand-ounce gold resources while three holes will test Eastern and Southern extensions of White Tank’s 13 thousand-ounce resource.

Of particular interest, the Clarke Prospect is slated to receive the remaining thirteen holes for exploration. The Company is enthusiastic about testing the strike extensions to the north and south of the prospect, as it has recently uncovered 600 metres of gold mineralisation that were not accounted for in Wudinna’s prior MRE. This suggests that the already sizeable Project still has room to grow.

The thirteen holes at Clarke will allow these compelling new gold resources to be included in the Project’s updated gold MRE, which will be based on a further 10 thousand metres of drilling since the previous MRE was released in 2019.

And while this campaign is focused on Wudinna’s gold, Cobra hasn’t forgotten that the combination of gold and rare earth elements is what makes Wudinna truly unique, with the Company also preparing a complementary 6,000 metre drilling campaign to extend Wudinna’s REE, with this follow-up program expected to kick off later this month.

The Company said it expects assays to be reported throughout April and May, with the updated MRE set to follow soon after.

“This field programme is anticipated to provide significant value to the Company’s primary asset – the Wudinna Project. RC drilling will support a considerable gold resource update later this year, where the inclusion of Clarke will see further growth to our unique resource base,” Chief Executive Rupert Verco said.

“Our aim is to systematically test high-value gold targets whilst strategically growing our rare earth resource. The mineralogical relationship between rare earth enrichment and gold mineralisation enables a unique dual-pronged approach to exploration.”

COBR’s London Stock Exchange-listed share price was trading at 1.30 British pence today (3:15 pm UTC+ 8 hours).

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