TIDMCOBR
RNS Number : 3445D
Cobra Resources PLC
18 February 2020
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
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AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
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RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
18 February 2020
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Exploration Programme Update
Cobra, is an exploration, development and mining company which
today announces an update on the Exploration Programme for the
Wudinna Gold Project.
The Wudinna Project is located on the Eyre Peninsula in the
Central Gawler Gold Province, a 450-kilometre-long arcuate belt in
South Australia which contains numerous mineral deposits and
prospects.
In November 2019 the Company announced a three-stage geochemical
sampling programme with the aim of improving the definition of gold
targets at Wudinna prior to drilling, reducing spend and improving
target definition. The three stages are broadly described as:
Stage 1. Calibration program - Establish pathfinder
relationships across a broader suite of 49 chemical elements
Stage 2. Brownfields / Extensions - Define / refine targets
proximal to mineralisation at Barns / Baggy Green and White
Tank
Stage 3. Greenfields Targets - Review all regional targets,
incorporating the learnings from the previous programs
Stage 1 Sampling Programme:
The Company is pleased to announce that the Stage-1 geochemical
sampling programme has been completed. This involved the collection
of 64 soil/calcrete samples and the re-analysis of 177 reverse
circulation drilling (RC) samples from previous drilling.
Historically most RC drilling was assayed for either gold only, or
gold with a limited number of other elements.
All 241 samples were subjected to low detection limit analysis
by Australian Laboratory Services (ALS) including gold and 48 other
elements ( Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe,
Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re,
S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr,)
Historically the Barns deposit has been defined using gold
values above 2.5 parts per billion (ppb) in calcrete, with values
above 20 ppb considered highly anomalous. Of the 64 calibration
samples collected during the Stage 1 programme, the following
values above 20 ppb gold (Au) were returned, along with
corresponding silver and copper values:
Prospect Au_ppb Ag_ppb Cu_ppm
Baggy
Green 20 20 10.3
------- ------- -------
Baggy
Green 21 20 7.7
------- ------- -------
Baggy
Green 23 20 6.7
------- ------- -------
Baggy
Green 29 30 10.3
------- ------- -------
Barns 21 20 19.4
------- ------- -------
Barns 28 10 6.1
------- ------- -------
Barns 29 20 6.4
------- ------- -------
Barns 36 30 11.9
------- ------- -------
Barns 43 10 2.5
------- ------- -------
Barns 48 20 5.5
------- ------- -------
Barns 95 10 8.1
------- ------- -------
White
Tank 20 10 10.2
------- ------- -------
Similarly, the 177 RC pulps that were re-analysed represented
drill holes in close spatial proximity to the new soil / calcrete
samples at each of the three prospects. Samples were selected
approximately every 5m down hole, plus a sample from zones of
mineralisation. Samples above 1g/t (1ppm) gold are shown below:
Depth
Prospect Hole_ID Depth From To Au ppm Ag ppm Cu ppm
Barns RCBN-0307 75 76 3.79 1.69 413
----------- ----------- ------ ------- ------- -------
Barns RCBN-0307 90 91 4.09 0.37 12
----------- ----------- ------ ------- ------- -------
Barns RCBN-0307 136 137 9.42 0.84 54.6
----------- ----------- ------ ------- ------- -------
Barns RCBN-0307 204 205 2.8 1 373
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 42 43 3.57 0.17 20
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 43 44 1.615 0.07 16.9
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 45 46 2.02 0.06 12.4
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 48 49 1.46 0.05 14.8
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 51 52 3.01 0.06 14.1
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 60 61 7.23 0.2 89.7
----------- ----------- ------ ------- ------- -------
Barns RCBN-0309 121 122 28.7 8.02 1860
----------- ----------- ------ ------- ------- -------
Barns RCBN-0308 42 43 2.35 0.05 29
----------- ----------- ------ ------- ------- -------
Barns RCBN-0308 43 44 1.815 0.07 13.1
----------- ----------- ------ ------- ------- -------
Barns RCBN-0308 60 61 2.39 9.14 125.5
----------- ----------- ------ ------- ------- -------
Barns RCBN-0308 79 80 2.17 1.23 18.8
----------- ----------- ------ ------- ------- -------
Barns RCBN-0308 90 91 2.38 0.19 39.1
----------- ----------- ------ ------- ------- -------
White Tank RCBN-241 75 76 5.91 4.88 2720
----------- ----------- ------ ------- ------- -------
White Tank RCBN-241 76 77 5.66 0.22 50.7
----------- ----------- ------ ------- ------- -------
White Tank RCBN-241 78 79 2.28 0.1 27.1
----------- ----------- ------ ------- ------- -------
Baggy Green BGRC-0856 83 84 1.85 8.35 2500
----------- ----------- ------ ------- ------- -------
The aim of the Stage 1 programme is to establish advanced
relationships between previously defined gold resources and the
soil / calcrete samples at surface. It is expected that these
relationships will identify pathfinders to further gold
mineralisation, and in turn de-risk future drilling programmes.
These analyses are currently underway, and shareholders will be
updated in the near future. This further release will essentially
be the completion of Stage 1 and Stage 2 will commence immediately
thereafter.
Craig Moulton, Director of Cobra commented:
"This initial programme will lay the foundation for identifying
new mineralisation both proximal to existing resources and
regionally. We are encouraged by the initial results. Further
interpretation of these data is ongoing, and we would expect a
further release in the next 10 days."
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
Cobra Resources plc Craig Moulton +61 (0) 8 9316 4938
Nick Emerson
SI Capital Limited (Broker) Sam Lomanto +44 (0) 14 8341 3500
--------------- -----------------------
Duncan Vasey
Peterhouse Capital Limited Lucy Williams +44 (0) 20 7469 0932
--------------- -----------------------
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END
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