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Cobra Eye Golden Expansion for Wudinna

10 May 2023 09:04
LSE: COBR
Drill results further grow the potential of delivering a significant upgrade to the Project's unique gold/REE double resource.

Cobra Resources continue to build resource expansion potential for its unique gold/REE Wudinna Project in Western Australia, with recent RC drilling returning intersections of up to 12m @ 2.35 g/t gold from the Project’s 13,000 Oz gold White Tank resource.

Results from this campaign will contribute to an upcoming Mineral Resource Estimate update to the Project’s already significant 211,000 Oz gold resource.

Gaining Golden Ground

The 20-hole drilling campaign was aimed at expanding both the Project’s gold and REE resources, with the rig drilling 2,466m over a number of prospects.

Drilling expanded the strike length of the Clarke prospect to over 700 metres as well as confirming depth extensions for the prospect with gold intersections grading 1.13 g/t from a depth of 123m.

The rig also provided a shallow resources expansion for the Barns prospect’s 104,000 Oz gold resource with intersections of 2m at 0.69 g/t gold.

The Company is still awaiting the remaining gold results for three outstanding RC holes along with REE results from selected holes, with these results expected to be delivered later this month.

Rearing on Rare Earth

Accompanying the release of the RC campaign results, the Company also completed a dual-purpose 95-hole drilling campaign aimed at confirming conditions considered highly prospective for ion-adsorbed REEs as well as expanding the clay-hosted REE resources of the Clarke and Baggy Green prospects to update the project 20.9 Mt at 658 ppm TREO MRE.

A total of 3,950 metres were drilled across eight prospects, with selected REE samples being sent off to the University of South Australia for desorption testing and metallurgical optimisation studies.

The Company expects to return results from the extensive air core drilling campaign throughout the next two months.

Looking Forward

The Company said results from both campaigns demonstrate the significant growth potential of Wudinna’s unique dual resource.

“We are excited by what we have potentially unveiled at the Boland and Bradman prospects; the palaeo-drainage system is significant, interpreted to cover 65 km2, and contains conditions favourable for easily leachable rare earth within a geological domain that is amenable to in situ leach mining,” Chief Executive Rupert Verco said.

“This dual resource project is unique in South Australia. I look forward to having the opportunity to meet UK shareholders in person and provide a detailed update – in particular to explain the significance of the palaeo-drainage system – on our activities and future plans.”

COBR’s London Stock Exchange-listed share price was trading at 1.45 British pence today (8:36 am UTC+ 8 hours).

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