Cobra Resources PLC Update on Lady Alice Mines and RTO Process (5872U)
25 Noviembre 2019 - 9:39AM
UK Regulatory
TIDMCOBR
RNS Number : 5872U
Cobra Resources PLC
25 November 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
25 November 2019
Cobra Resources plc
("Cobra" or the "Company")
Update on Lady Alice Mines and Reverse Takeover Process
Cobra (LSE:COBR), an exploration, development and mining company
today announces an update on its readmission to the Official List
of the FCA following the acquisition of the Lady Alice Trust and
Lady Alice Mines Pty Ltd (which constituted a reverse takeover
under the Listing Rules). Following feedback from potential and
current investors, the Company has adjusted its programme of work,
staging the exploration programme at Wudinna into three phases,
consisting of smaller, more focused inputs and outputs. This
approach will de-risk the project as Cobra progresses through these
stages, while reducing the initial spend on the exploration
programme as originally designed.
Key Highlights:
-- Initially, the Company had planned a geochemical sampling
programme followed immediately by a drilling programme at the
Wudinna project. The Company has adjusted its approach into a
three-staged geochemical programme, with the aim of improving the
definition of the drilling targets prior to drilling, reducing
spend and improving target definition.
-- Phase 1 of the geochemical programme will focus on
calibrating new geochemical sampling with existing mineralisation
to establish baseline relations across a broader suite of 49
elements. This programme has resulted from the last few months of
desktop analysis, and could deliver other chemical pathfinders such
as copper, zinc, nickel and magnesium.
-- Phase 2 of the geochemical programme will define / refine
targets that are proximal (or extensions) to mineralisation at
Barns, Baggy Green and White Tank. With a refined toolset
calibrated from Phase 1, the Company will seek to optimise the
sampling grid, and differentiate between higher priority targets.
As well as identifying new anomalies, these results should increase
the resolution of existing targets, and better define the geometry
and orientation of mineralisation.
-- Phase 3 will begin with a review of all regional (i.e.
outside of the existing JORC resource) targets, incorporating the
learnings from the previous programmes, followed by infill
multi-element sampling at the highest priority targets. This
programme is arguably the most significant as it should provide
drill-ready, high-probability targets that can facilitate a
significant increase in scale. In parallel, Cobra aims to assess
the IOCG (e.g. Olympic Dam Cu-Au style) potential within the region
by incorporation the results of the new geochemistry with existing
high-resolution magnetics and gravity data.
The cost of the programme is significantly reduced from the
previous outlined programme of work and will substantially improve
the quality of the targets the Company has defined, thus delivering
a more focused drilling programme down the line. The changes
outlined above will be incorporated into the prospectus in more
detail and will be re-submitted to the FCA for their review. The
board of directors of the Company are working towards getting the
Company relisted as soon as possible.
Craig Moulton, Director of Cobra commented:
"This is a revised approach which reduces our initial funding
requirements, but does not give up on the quality of work we plan
to complete. In fact, the geochemical programme will significantly
improve the information we have on the area and will increase the
probability of early success in the drilling programme which will
follow."
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
Rolf Gerritsen +44 (0)20 7129 1471
Cobra Resources plc Craig Moulton +61 (0)8 9316 4938
Nick Emerson
SI Capital Limited (Broker) Sam Lomanto +44 (0)14 8341 3500
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END
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November 25, 2019 10:39 ET (15:39 GMT)
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