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Cobra Aim at Double Resource Extension

30 March 2023 14:19
LSE: COBR

Cobra Resources keep up the pace at the Wuidinna Project, having just wrapped up a 2,466-metre reverse circulation drilling campaign aimed at expanding the Project’s massive 211-thousand-ounce gold resource. The Company is now firing up the rig again for 6,000 metres of drilling to extend its 20.9 Mt at 658 ppm TREO Mineral Resource Estimate.

The 20 RC campaign intersected geology supportive of further gold and rare earth mineralisation across the Barns, White Tanks and Clarke prospects, with assay results expected in late April and the Company anticipating to provide an updated gold resource later this year.

The now underway air-core drilling campaign is targeting rare earth resources outside the current MRE, including seven recently identified targets that are considered prospective for further gold/REE mineralisation.

While that is the main objective, the AC campaign will also test the orientation of gold mineralisation at the Barns East prospect where grades up to 8.3 g/t gold world intersected in historic drilling as well as infilling areas of the 81–233 Mt @ 640–856 ppm TREO Thompson rare earth exploration target.

The current campaign will also see, subject to permitting, the maiden drill test of the Boland target where paleo-channel hosted reduced clays and sands that contain lignites with conditions considered favourable for high portions of ionic rare earth mineralisation were identified.

The Company said it anticipates that results are likely to be returned between May and July.

“We are pleased to have safely and efficiently executed our RC drilling campaign. Initial geological observations are positive for further gold mineralisation, and we expect results to materially contribute to a gold resource update later in the year” Chief Executive Rupert Verco said.

“We are now excited to test a number of regional targets prospective for both gold and rare earth through the AC drilling programme, where we aim to follow up encouraging geophysical findings from our ADI co-funded surveys. The incorporation of the Boland target into the drill programme is an exciting inclusion that has resulted from thorough mineralogical and chemical analysis of our rare earth occurrences.”

COBR’s London Stock Exchange-listed share price was trading at 1.15 British pence today (2:17 pm UTC+ 8 hours).

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