Cobra Resources PLC Wudinna Project Update (1294X)
24 Abril 2023 - 1:00AM
UK Regulatory
TIDMCOBR
RNS Number : 1294X
Cobra Resources PLC
24 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
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24 April 2023
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Stage 3 Earn-In to Obtain 75% of the Wudinna Project
Achieved
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, is pleased to announce
that the Company, through its wholly owned subsidiary Lady Alice
Mines, has fulfilled its Stage 3 expenditure obligations, as agreed
in the Heads of Terms Agreement with Andromeda Metals Limited (ASX:
ADN) ("Andromeda"), entitling Cobra to increase its ownership of
the Wudinna Project (the "Project") from 65% to 75%.
Highlights
-- Andromeda has advised that its audit of the Company's
expenditure of A$5 million between 2019 and the end of January
2023, relating to exploration activities between 2019 and year end
2022, entitles Cobra to 75% ownership of the Project
-- Parties are now working to implement an ownership structure
through which to best advance the Project towards feasibility
Rupert Verco, CEO of Cobra, commented :
"We are pleased to have achieved this milestone prior to
receiving results from a significant exploration programme. We look
forward to working with Andromeda, a near-term producer, to
consolidate our ownership and continue to grow our gold and rare
earth resources to support a future operation.
We are eagerly anticipating results from 2,144m of Reverse
Circulation drilling aimed at expanding gold resources, and are in
the process of completing a significant Aircore programme aimed at
testing near resource gold targets and expanding our rare earth
resource.
We are excited to be in the process of drilling the Boland
target, which has been devised from extensive mineralogical and
geochemical analysis, and is, we believe, highly prospective for
ionic, easily leachable magnet rare earths.
We look forward to updating shareholders on our continued
progress."
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
+44 (0)1483 413 500
Shard Capital Partners LLP (Joint
Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
Vigo Consulting (Financial Public
Relations)
Ben Simons
Charlie Neish
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna
Project in South Australia's Gawler Craton, a tier one mining and
exploration jurisdiction which hosts several world-class mines.
Cobra's Wudinna tenements, totalling 3,261 km(2) , contain
extensive orogenic gold mineralisation and are characterised by
potentially open-pitable, high-grade gold intersections, with ready
access to infrastructure. Cobra has 22 orogenic gold targets
outside of the current 211,000 Oz gold JORC Mineral Resource
Estimate. In 2021, Cobra discovered rare earth mineralisation
proximal to and above the gold mineralisation which has been
demonstrated to be regionally scalable. In 2023, Cobra published a
maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt at 658
ppm Total Rare Earth Oxides enabling a strategic baseline to
advance an economically beneficial combination of gold and rare
earth resources.
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