TIDMCOBR
RNS Number : 3147C
Cobra Resources PLC
12 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
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12 June 2023
Cobra Resources plc
("Cobra" or the "Company")
Drilling Defines REE Resource Extension Potential
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, announces rare earth
results from Reverse Circulation ("RC") and Aircore ("AC")
drilling, which will support further Rare Earth Elements ("REE")
resource growth at the Company's unique and complementary gold and
REE resource.
Drilling results demonstrate significant potential for resource
extensions in multiple directions, with intervals up to 25m and
Total Rare Earth Oxides ("TREO") grades of up to 3,568 ppm. Results
will be incorporated in a rare earth mineral resource update, which
is scheduled to be published once the update to the existing gold
Mineral Resource Estimate ("MRE") has been completed, expected in
the second half of the year.
Highlights:
-- CBAC0134: 18m at 1,123 ppm TREO from 21m, where the Magnet
Rare Earth Oxide ("MREO") equates to 21% of the TREO, including 3m
at 3,568 ppm TREO, where the MREO equates to 21%
-- CBAC0109: 25m at 739 ppm TREO from 12m, where the MREO
equates to 26%, including 9m at 1,187 ppm TREO, where the MREO
equates to 28%
-- CBAC0114: 21m at 736 ppm TREO from 15m, where the MREO
equates to 24%, including 3m at 1,298 ppm TREO, where the MREO
equates to 22%
-- CBAC0147: 9m at 977 ppm TREO from 12m, where the MREO equates
to 19%, including 3m at 1,719 ppm TREO, where the MREO equates to
19%
-- CBAC0102: 4m at 831 ppm TREO from 14m, where the MREO equates to 28%
-- CBAC0135: 3m at 1823 ppm TREO from 18m, where the MREO equates to 22%
-- At the Bradman prospect, rare earth enrichment occurs
directly in contact with palaeo-channel sediments, where the
presence of reduced organic material has the potential to increase
the ionic component of mineralisation. Highlight intersections
include:
o CBAC0158: 15m at 946 ppm TREO from 33m, where the MREO equates
to 24%, including 3m at 1,687 ppm TREO, where the MREO equates to
22%
o CBAC0156: 15m at 825 ppm TREO from 45m, where the MREO equates
to 25%, including 3m at 1,417 ppm TREO, where the MREO equates to
25%
o CBAC0149: 9m at 897 ppm TREO from 54m, where the MREO equates
to 23%, including 6m at 1,076 ppm TREO, where the MREO equates to
23%
-- These results represent 43 of 95 drilled AC holes. Further
results from resource expansion drilling and testing of
palaeo-channel clays at the Boland prospect remain outstanding
-- Selected samples from this drilling will be used to further
advance REE metallurgical studies aimed at defining a viable flow
sheet for extraction
Rupert Verco, CEO of Cobra, commented :
"These drilling results confirm the resource growth potential of
our unique rare earth resource and will likely inform a significant
resource update, establishing Wudinna as a potential tier-1 rare
earth project whose unique proximity to gold mineralisation has the
potential to contribute favourably to economics.
"Whilst we eagerly await further drilling results, our focus
turns to metallurgical advancement where our progress in
mineralogical and ore body characterisation has provided the
essential information required to advance recoveries, targeting low
cost and environmentally considerate processes.
"The results also come at a time when the necessity of critical
minerals has been further highlighted through the signing of the
Climate, Critical Minerals and Clean Energy Transformation Compact
between Australia and the US. It is our ambition to advance the
project to capitalise on the opportunities that shall arise from
this strategic partnership."
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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Competent Persons Statement
Information and data presented within this announcement has been
compiled by Mr Robert Blythman, a Member of the Australian
Institute of Geoscientists ("MAIG"). Mr Blythman is a Consultant to
Cobra Resources Plc and has sufficient experience, which is
relevant to the style of mineralisation, deposit type and to the
activity which he is undertaking to qualify as a Competent Person
defined by the 2012 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 10 years of Mining, Resource Estimation and
Exploration relevant to the style of mineralisation.
Information in this announcement has been assessed by Mr Rupert
Verco, a Fellow of the Australasian Institute of Mining and
Metallurgy ("FAusIMM"). Mr Verco an employee of Cobra Resources Plc
has more than 16 years relevant industry experience, which is
relevant to the style of mineralisation, deposit type and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves
(the "JORC" Code). This includes 11 years of Mining, Resource
Estimation and Exploration
Information in this announcement relates to exploration results
that have been reported in the following announcements:
-- "Wudinna Project Update - Initial Gold and Rare Earth Results", dated 14 December 2021
-- "Wudinna Project Update - Northern Drillholes at Clarke
Intersect Additional Gold Mineralisation, Additional Rare Earth
Intersections Directly Above Gold Zones", dated 7 February 2022
-- "Wudinna Project Update - Re-Analysis Defines Large Rare
Earth Mineralisation Footprint Above Baggy Green and Clarke Gold
Mineralisation", dated 4 May 2022
-- "Wudinna Project Update - Aircore Drilling Yields Exceptional
Gold and Rare Earth Results at Clarke" dated 16 August 2022
-- "Wudinna Project Update - Additional High-Grade Rare Earths
Defined Across Regional Targets " dated 12 September 2022
-- "Wudinna Project Update - Exceptional Rare Earth Scale
Potential at Thompson Prospect Increases REE Footprint from 4 km
(2) to 22.5 km (2) " dated 26 September 2022
-- "Wudinna Project Update - Maiden Rare Earth Resource Estimate
- Unique and Unconstrained " dated 9 January 2023
-- "Wudinna Project Update - RC Drilling Results - Expanding Gold and Rare Earth Occurrence
at Clarke Prospect Position Cobra for Dual Resource Expansion"
dated 17 January 2023
-- "Wudinna Project Update - Stage 3 Earn-In to Obtain 75% of
the Wudinna Project Achieved" dated 24 April 2023
-- "Wudinna Project Update - Initial RC Drilling Results
Underpin Gold Resource Growth Potential" dated 9 May 2023
Definitions
REO - Rare Earth Oxides
TREO - Total Rare Earth Oxides plus yttrium
MREO - Magnet Rare Earth Oxide (Nd(2) O(3) + Pr(6) O(11) + Dy(2)
O(3) + Tb(2) O(3) )
MRE - Mineral Resource Estimate
Further Information Regarding the AC Drilling Programme
A total of 95 holes for 3,950m were drilled across eight
prospects, including:
-- Clarke North, where a further 1 km(2) of REE mineralisation
has been defined through the following intersections:
o CBAC0109: 25m at 739 ppm TREO from 12m, where the MREO equates
to 26%, including 9m at 1187 ppm TREO, where the MREO equates to
28%
o CBAC0108: 10m at 710 ppm TREO from 27m, where the MREO equates
to 22%
o CBAC0105: 12m at 550 ppm TREO from 18m, where the MREO equates
to 21%
o CBAC0105: 12m at 550 ppm TREO from 18m, where the MREO equates
to 21%
o CBAC0104: 6m at 719 ppm TREO from 16m, where the MREO equates
to 17%
o CBAC0103: 6m at 602 ppm TREO from 18m, where the MREO equates
to 22% and 2m at 683 ppm TREO from 40m, where the MREO equates to
23%
-- Clarke South, where results from 8 of 11 holes received have
demonstrated further REE mineralisation beyond the southern extent
of Clarke gold mineralisation and the REE resource extent with the
following intersections:
o CBAC0112: 6m at 621 ppm TREO from 24m, where the MREO equates
to 23%
o CBAC0113: 15m at 607 ppm TREO from 18m, where the MREO equates
to 23%, including 3m at 1146 ppm TREO from 18m, where the MREO
equates to 24%
o CBAC0114: 21m at 736 ppm TREO from 15m, where the MREO equates
to 24%, including 3m at 1298 ppm TREO from 33m, where the MREO
equates to 22%
o CBAC0115: 3m at 674 ppm TREO from 21m, where the MREO equates
to 29%
o CBAC0116: 3m at 634 ppm TREO from 21m, where the MREO equates
to 26%, and 3m at 609 ppm TREO from 36m, where the MREO equates to
22%
o CBAC0137: 12m at 629 ppm TREO from 15m, where the MREO equates
to 20%
-- Grace, where 23 exploration holes were drilled to test
structures similar to gold and REE enriched structures at the
Clarke prospect. Results from 11 holes have been received that
include:
o CBAC0146: 3m at 544 ppm TREO from 18m, where the MREO equates
to 23%
o CBAC0141: 9m at 756 ppm TREO from 21m, where the MREO equates
to 21%
o CBAC0139: 13m at 698 ppm TREO from 24m, where the MREO equates
to 21%
-- Baggy Green West, where results from two of six holes drilled
tested demagnetised zones that demonstrate increased saprolite
horizons prospective for REE resource extensions, as supported
by:
o CBAC0135: 3m at 1,823 ppm TREO from 18m, where the MREO
equates to 22%
o CBAC0134: 18m at 1,123 ppm TREO from 21m, where the MREO
equates to 21%, including 3m at 3,568 ppm TREO from 24m, where the
MREO equates to 21%
-- Bradman, where 11 holes have verified the electromagnetic
interpretation of an extensive palaeo-drainage system. Here, the
channel sediments are more oxidised and clay intervals limited, and
REE mineralisation is enriched on the contact to the
palaeo-sediments, where the following intersections are
present:
o CBAC0147: 9m at 977 ppm TREO from 12m, where the MREO equates
to 19%, including 3m at 1,719 ppm TREO from 12m, where the MREO
equates to 19%
o CBAC0149: 9m at 897 ppm TREO from 54m, where the MREO equates
to 23%, including 6m at 1,076 ppm TREO from 54m, where the MREO
equates to 23%
o CBAC0153: 6m at 821 ppm TREO from 27m, where the MREO equates
to 19%
o CBAC0156: 15m at 825 ppm TREO from 45m, where the MREO equates
to 25%, including 3m at 1417 ppm TREO from 48m, where the MREO
equates to 25%
o CBAC0158: 15m at 946 ppm TREO from 33m, where the MREO equates
to 24%, including 3m at 1687 ppm TREO from 33m, where the MREO
equates to 22%
o CBAC0159: 6m at 637 ppm TREO from 54m, where the MREO equates
to 23%
-- Boland, where 20 holes validate the presence of significant
palaeo-drainage system where smectite clays occur within 5-15m
interbeds of oxidised and reduced channel sands. The presence of
abundant lignite (organic matter) is a positive sign for chemical
reduction and subsequent adsorption of REEs. Results are
anticipated over the next two to four weeks
-- Barns East, where 10 holes were drilled to test and infill
previous drilling, intersecting shallow gold mineralisation that
lies outside of the existing Barns MRE, where historical
intersections include:
o 7m at 2.23 g/t gold from 52m, including 1m at 8.3 g/t gold
from 57m
o 6m at 1.35 g/t gold from 64m
o 7m at 1.35 g/t gold from 64m
o 5m at 1.00 g/t gold from 10m
-- AC drilling failed to penetrate a silicious quartzite unit
and intersect basement. Regardless, this drilling has defined an
anomalous zone of North-South gold mineralisation through the
following anomalous gold mineralisation in the upper saprolite:
o CBAC0092 intersected 2m at 0.19 g/t gold from 8m and 2m at 1
g/t from 10m
o CBAC0095 intersected 2m at 0.12 g/t gold from 52m
o CBAC0097 intersected 2m at 0.5 g/t gold from 26m
o CBAC0098 intersected 2m at 0.48 g/t gold from 38m and 2m at
0.24 g/t from 50m
o CBAC0101 intersected 2m at 0.23 g/t gold from 8m
Targeted Advancement of REE Metallurgy
Summarised below is the work that has been completed to date,
along with key strategic tests that will be explored in ongoing
testwork:
Figure 1 : Overview of resource extension targeted AC drilling
results at the Clarke and Baggy Green prospects
Figure 2 : Overview of AC drilling results at the Bradman
prospect
Table 1 : Significant intersections from 2023 AC drilling
Nd(2) Pr(6) Dy(2) Tb(2)
TREO MREO O(3) O(11) O(3) O(3)
From To Int
Prospect BHID (m) (m) (m) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)
Clarke North CBAC0102 14 18 4 831 232 170 42 17 3.3
Clarke North CBAC0103 18 24 6 602 135 96 25 12 2.1
Clarke North CBAC0103 40 42 2 683 159 110 25 20 3.4
Clarke North CBAC0104 16 22 6 719 122 86 25 9 1.6
Clarke North CBAC0105 18 30 12 550 118 83 23 10 1.7
Clarke North CBAC0108 27 37 10 710 157 108 28 18 2.9
Clarke North CBAC0109 12 37 25 739 191 134 39 15 2.6
including 15 24 9 1187 329 231 68 26 4.6
Clarke South CBAC0112 24 30 6 621 144 103 27 12 1.9
Clarke South CBAC0113 18 33 15 607 141 100 29 10 1.7
including 18 21 3 1146 276 201 58 14 2.6
Clarke South CBAC0114 15 36 21 736 173 123 37 12 2.0
including 33 36 3 1298 288 201 55 28 4.5
Clarke South CBAC0115 21 24 3 674 195 139 41 13 2.3
Clarke South CBAC0116 21 24 3 634 162 114 39 7 1.4
and 36 39 3 609 134 95 28 10 1.7
Baggy Green
W CBAC0134 21 39 18 1123 238 164 45 25 3.8
including 24 27 3 3568 759 538 153 58 9.6
Baggy Green
W CBAC0135 18 21 3 1823 409 292 86 27 4.6
Clarke South CBAC0137 15 27 12 629 127 88 26 11 1.8
Grace CBAC0139 24 37 13 698 148 100 29 17 2.5
Grace CBAC0141 21 30 9 756 155 105 31 17 2.6
Grace CBAC0146 18 21 3 544 124 90 25 8 1.7
Bradman CBAC0147 12 21 9 977 184 130 40 12 2.2
including 12 15 3 1719 326 231 70 21 4.0
Bradman CBAC0149 54 63 9 897 202 137 36 25 4.0
including 54 60 6 1076 251 170 45 31 5.1
Bradman CBAC0153 27 33 6 821 157 111 33 12 2.2
Bradman CBAC0153 27 33 6 821 157 111 33 12 2.2
Bradman CBAC0156 45 60 15 825 205 146 41 15 2.5
including 48 51 3 1417 350 254 66 26 4.4
Bradman CBAC0158 33 48 15 946 224 154 40 26 4.1
including 33 36 3 1687 365 257 64 38 6.1
Bradman CBAC0159 54 60 6 637 144 102 25 15 2.3
Clarke CBRC0079 16 20 4 697 171 123 33 12 2.3
=========== ====== ===== ===== ======== ======== ======== ======== ========
Location and Land Tenure
The Wudinna Project is located on the northern Eyre Peninsula,
within South Australia, a tier 1 mining jurisdiction. The defined
dual Gold and REE MRE occurs within EL6131 (Corrobinnie) and lies
within the Pinkawillinie Conservation Park (dual proclamation
land). Gold Resources extend across EL5953 (Minnipa) and EL6131.
The tenements are held by Peninsula Resources, a subsidiary of
Andromeda Metals. In April 2023, the Company announced its 75%
earn-in had been recognised by Andromeda Metals under the terms of
the Wudinna Heads of Agreement.
Figure 3 : Locality plan
Geology and Nature of the REE Mineralisation
The gold and REE deposits at the Wudinna Project are considered
to be related to the structurally controlled basement weathering of
epidote-pyrite alteration related to the 1590 Ma Hiltaba/GRV
tectonothermal event of the Gawler Craton. Gold and REE
mineralisation have a spatial association with mafic
intrusions/granodiorite alteration and are associated with
metasomatic alteration of host rocks. Epidote alteration associated
with gold mineralisation is REE enriched and believed to be the
primary source.
The REE mineralisation is regionally extensive in weathered
(saprolite and saprock) zones developed on basement rocks. The
nature of controlling structures that act as conduits for gold
mineralisation are also thought to act as catalysts for the
secondary processes that promote weathering and subsequent
mobilisation of REEs to the saprolite and saprock.
The following simplified model is proposed for clay-hosted REEs
and the Clarke and Baggy Green prospects:
-- Gold and sulphide mineralisation is directly associated with
Hiltaba Suite volcanics (1590-1575 Ma)
-- WNW redial shears under NS compression (craton emplacement)
act as dilatational conduits through Kimbian and Sleaford age
granitoids
-- Hiltaba suite mafics are enriched in light REEs
-- Gold and sulphide mineralisation forms along sheeted
granitoid "dome" joints, bound within shear zones
-- Sericite and epidote alteration halos form peripheral to gold mineralisation
-- Epidote alteration is enriched in REEs providing an enriched source
-- Supergene enrichment of gold occurs at the base of oxidation,
where the weathering of primary sulphides generates acidic
conditions
-- Primary REE phases are weathered to secondary REE phases through prolonged weathering
-- Acidic conditions generated by the weathering of sulphides re-mobilises REEs
-- Near redox boundaries (pH 6-7) a greater component of REE is absorbed to clay particles
-- Colloidal phases occur as conditions become alkaline
Figure 4 : Proposed geological model for gold and REE
mineralisation at the Clarke and Baggy Green prospects
Table 2 : Drillhole survey details
HOLE EASTING NORTHING ELEVATION DIP AZI EOH
ID
CBAC0102 545831 6365699 112.1 -90 0 20.4
========== ============ ========== ==== ==== =====
CBAC0103 546041 6365847 109.6 -90 0 47
========== ============ ========== ==== ==== =====
CBAC0104 545749 6365358 112.7 -90 0 22
========== ============ ========== ==== ==== =====
CBAC0105 545954 6365495 111.4 -90 0 34
========== ============ ========== ==== ==== =====
CBAC0106 546174 6365653 110.6 -90 0 45
========== ============ ========== ==== ==== =====
CBAC0107 546092 6365310 111.0 -90 0 41
========== ============ ========== ==== ==== =====
CBAC0108 546301 6365444 110.9 -90 0 39
========== ============ ========== ==== ==== =====
CBAC0109 545980 6364922 113.6 -90 0 37
========== ============ ========== ==== ==== =====
CBAC0110 546144 6365037 113.0 -90 0 42
========== ============ ========== ==== ==== =====
CBAC0111 546308 6365152 111.2 -90 0 39
========== ============ ========== ==== ==== =====
CBAC0112 546471 6365266 110.7 -90 0 38
========== ============ ========== ==== ==== =====
CBAC0113 548079 6364675 115.5 -90 0 39
========== ============ ========== ==== ==== =====
CBAC0114 547879 6364675 118.5 -90 0 39
========== ============ ========== ==== ==== =====
CBAC0115 547479 6364675 115.7 -90 0 41
========== ============ ========== ==== ==== =====
CBAC0116 547679 6364675 115.4 -90 0 41
========== ============ ========== ==== ==== =====
CBAC0117 547527 6364491 120.1 -90 0 43
========== ============ ========== ==== ==== =====
CBAC0134 546238 6363072 134.7 -90 0 41
========== ============ ========== ==== ==== =====
CBAC0135 546004 6363058 135.7 -90 0 24
========== ============ ========== ==== ==== =====
CBAC0136 548120 6364896 114.4 -90 0 25
========== ============ ========== ==== ==== =====
CBAC0137 548336 6364915 113.1 -90 0 31
========== ============ ========== ==== ==== =====
CBAC0138 549327 6364906 117.1 -90 0 36
========== ============ ========== ==== ==== =====
CBAC0139 549319 6364687 117.4 -90 0 37
========== ============ ========== ==== ==== =====
CBAC0140 548888 6364962 115.3 -90 0 19
========== ============ ========== ==== ==== =====
CBAC0141 549319 6364025 118.5 -90 0 32
========== ============ ========== ==== ==== =====
CBAC0142 549314 6363738 115.6 -90 0 36
========== ============ ========== ==== ==== =====
CBAC0143 549308 6363379 115.1 -90 0 30
========== ============ ========== ==== ==== =====
CBAC0144 549317 6365195 115.6 -90 0 49
========== ============ ========== ==== ==== =====
CBAC0145 549322 6365550 116.2 -90 0 39
========== ============ ========== ==== ==== =====
CBAC0146 549324 6365828 120.3 -90 0 30
========== ============ ========== ==== ==== =====
CBAC0147 548611 6364942 115.2 -90 0 40
========== ============ ========== ==== ==== =====
CBAC0148 549314 6364409 116.4 -90 0 30
========== ============ ========== ==== ==== =====
CBAC0149 540383 6364320 120.3 -90 0 69
========== ============ ========== ==== ==== =====
CBAC0150 537409 6364599 100.4 -90 0 15
========== ============ ========== ==== ==== =====
CBAC0151 537945 6364815 102.5 -90 0 12
========== ============ ========== ==== ==== =====
CBAC0152 537628 6365027 111.9 -90 0 30
========== ============ ========== ==== ==== =====
CBAC0153 537896 6365443 110.0 -90 0 50
========== ============ ========== ==== ==== =====
CBAC0154 538849 6364807 120.2 -90 0 27
========== ============ ========== ==== ==== =====
CBAC0155 539747 6364744 118.6 -90 0 33
========== ============ ========== ==== ==== =====
CBAC0156 539112 6365169 118.0 -90 0 66
========== ============ ========== ==== ==== =====
CBAC0157 538477 6365593 117.7 -90 0 24
========== ============ ========== ==== ==== =====
CBAC0158 538362 6366150 121.3 -90 0 51
========== ============ ========== ==== ==== =====
CBAC0159 538997 6365726 122.4 -90 0 60
========== ============ ========== ==== ==== =====
CBRC0079 546734.78 6365441.266 111.3 -65 240 132
========== ============ ========== ==== ==== =====
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Pre 2021
techniques * Nature and quality of sampling (eg cut channels, * Historic RC and RAB drilling methods have been
random chips, or specific specialised industry employed at Clarke and Baggy Green Prospects since
standard measurement tools appropriate to the 2000.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Pulp samples from pre-Cobra Resources' drilling were
meaning of sampling. collected with intervals of 1-6 m. Samples were
riffle split if dry or sub split using a trowel if
wet.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Pulp samples were obtained from Challenger geological
services using a combination of logging and
geochemical selection criteria. Samples pulled from
* Aspects of the determination of mineralisation that storage were re-pulverised at the laboratory prior to
are Material to the Public Report. further analysis.
* In cases where 'industry standard' work has been done 2021 - 2022
this would be relatively simple (eg 'reverse * Sampling during Cobra Resources 2022 aircore ("AC")
circulation drilling was used to obtain 1 m samples drilling programme at all Prospects were obtained
from which 3 kg was pulverised to produce a 30 g through AC drilling methods.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * 2 m samples were collected in 20l buckets via a rig
Unusual commodities or mineralisation types (eg mounted cyclone. An aluminum scoop was used to
submarine nodules) may warrant disclosure of detailed collect a 2-4 kg sub sample from each bucket. Samples
information. were taken from the point of collar, but only samples
from the commencement of saprolite were selected for
analysis.
* Samples submitted to the Genalysis Intertek
Laboratories, Adelaide and pulverised to produce the
25g fire assay charge and 4 acid digest sample.
* A summary of previous RC drilling at the Wudinna
Project is outlined in the Cobra Resources' RNS
number 7923A from 7 February 2022.
2023
RC
* Samples were collected via a Metzke cone splitter
mounted to the cyclone. 1m samples were managed
through chute and butterfly valve to produce a 2-4 kg
sample. Samples were taken from the point of collar,
but only samples from the commencement of saprolite
were selected for analysis.
* Samples submitted to Bureau Veritas Laboratories,
Adelaide, and pulverised to produce the 50 g fire
assay charge and 4 acid digest sample.
AC
* A combination of 2m and 3 m samples were collected in
green bags via a rig mounted cyclone. An PVC spear
was used to collect a 2-4 kg sub sample from each
green bag. Samples were taken from the point of
collar.
* Samples submitted to Bureau Veritas Laboratories,
Adelaide, and pulverised to produce the 50 g fire
assay charge and 4 acid digest sample.
============================================================ =======================================================================
Drilling Pre 2021
techniques * Drill type (eg core, reverse circulation, open-hole * Drill methods include AC, RH and RAB in
hammer, rotary air blast, auger, Bangka, sonic, etc) unconsolidated regolith and aircore hammer in hard
and details (eg core diameter, triple or standard rock. Some shallow RC holes have been drilled in
tube, depth of diamond tails, face-sampling bit or place of AC and RAB, a single diamond drillhole has
other type, whether core is oriented and if so, by been incorporated in the estimate.
what method, etc).
2021- 2022
* Drilling completed by McLeod Drilling Pty Ltd using
75.7 mm NQ air core drilling techniques from an ALMET
Aircore rig mounted on a Toyota Landcruiser 6x6 and a
200psi, 400cfm Sullair compressor.
* Slimline RC drilling was completed by Wuzdrill pty
limited and Indicator drilling services Pty Ltd using
a 400D and Mantis C60R drill rigs using a 4" hammer
and 78mm drill rods.
2023
* Drilling completed by Bullion Drilling Pty Ltd using
5 3/4 " reverse circulation drilling techniques from
a Schramm T685WS rig with an auxiliary compressor.
* Drilling completed by McLeod Drilling Pty Ltd using
75.7 mm NQ air core drilling techniques from an ALMET
Aircore rig mounted on a Toyota Landcruiser 6x6 and a
200psi, 400cfm Sullair compressor.
============================================================ =======================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Sample recovery was generally good.All samples were
sample recoveries and results assessed. recorded for sample type, quality and contamination
potential and entered within a sample log.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples. * In general, sample recoveries were good with 10 kg
for each 1 m interval being recovered from AC
drilling.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse * No relationships between sample recovery and grade
material. have been identified.
* R C d rilling completed by Bullion Drilling Pty Ltd
using 5 3/4 " reverse circulation drilling techniques
from a Schramm T685WS rig with an auxiliary
compressor
* Sample recovery f or RC was generally good. All
samples were recorded for sample type, quality and
contamination potential and entered within a sample
log.
* In general, R C sample recoveries were good with
35-50 kg for each 1 m interval being recovered.
* No relationships between sample recovery and grade
have been identified.
============================================================ =======================================================================
Logging
* Whether core and chip samples have been geologically * All drill samples were logged by an experienced
and geotechnically logged to a level of detail to geologist at the time of drilling. Lithology, colour,
support appropriate Mineral Resource estimation, weathering and moisture were documented.
mining studies and metallurgical studies.
* Logging is generally qualitative in nature.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* All drill metres have been geologically logged on s
ample intervals (1-3 m) .
* The total length and percentage of the relevant
intersections logged.
============================================================ =======================================================================
Sub-sampling Pre-2021
techniques * If core, whether cut or sawn and whether quarter, * Samples from AC, RAB and "bedrock" RC holes have been
and sample half or all core taken. collected initially as 6 m composites followed by 1 m
preparation re-splits. Many of the 1 m re-splits have been
collected by riffle splitting.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* RC samples have been collected by riffle splitting if
dry, or by trowel if wet
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Pulverised samples have been routinely checked for
size after pulverising
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples. * Pulp samples were re- pulverised after storage to
re-homogenise samples prior to analysis.
* Measures taken to ensure that the sampling is
representative of the in situ material collected, 2021-onward
including for instance results for field * The use of an aluminum scoop or PVC spear to collect
duplicate/second-half sampling. the required 2-4 kg of sub-sample from each AC sample
length controlled the sample volume submitted to the
laboratory.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
* Additional sub-sampling was performed through the
preparation and processing of samples according to
the lab internal protocols.
* Duplicate AC samples were collected from the green
bags using an aluminium scoop or PVC spear at a 1 in
25 sample frequency.
* Sample sizes were appropriate for the material being
sampled.
* Assessment of duplicate results indicated this
sub-sample method provided good repeatability for
rare earth elements.
* RC drill samples were sub-sampled using a cyclone rig
mounted splitter with recoveries monitored using a
field spring scale.
* Manual re-splitting of RC samples through a riffle
splitter was undertaken where sample sizes exceeded 4
kg.
* RC field duplicate samples were taken nominally every
1 in 25 samples. These samples showed good
repeatability for REE.
============================================================ =======================================================================
Quality of
assay data * The nature, quality and appropriateness of the * Samples were submitted to Bureau Veritas Laboratories,
and assaying and laboratory procedures used and whether Adelaide for preparation and analysis.
laboratory the technique is considered partial or total.
tests
* Multi element geochemistry were digested by four acid
* For geophysical tools, spectrometers, handheld XRF ICP-MS and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd,
instruments, etc, the parameters used in determining Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U,
the analysis including instrument make and model, Y and Yb.
reading times, calibrations factors applied and their
derivation, etc.
* Field gold blanks and rare earth standards were
submitted at a frequency of 1 in 25 samples.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * Field duplicate samples were submitted at a frequency
lack of bias) and precision have been established. of 1 in 25 samples
* Reported assays are to acceptable levels of accuracy
and precision.
* Internal laboratory blanks, standards and repeats for
rare earths indicated acceptable assay accuracy.
============================================================ =======================================================================
Verification
of sampling * The verification of significant intersections by * Sampling data was recorded in field books, checked
and assaying either independent or alternative company personnel. upon digitising and transferred to database.
* The use of twinned holes. * Geological logging was undertaken digitally via the
MX Deposit logging interface and synchronised to the
database at least daily during the drill programme.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * Compositing of assays was undertaken and reviewed by
Cobra Resources staff.
* Discuss any adjustment to assay data.
* Original copies of laboratory assay data are retained
digitally on the Cobra Resources server for future
reference.
* Samples have been spatially verified through the use
of Datamine and Leapfrog geological software for pre
2021 and post 2021 samples and assays.
* Twinned drillholes from pre 2021 and post 2021 drill
programmes showed acceptable spatial and grade
repeatability.
* Physical copies of field sampling books are retained
by Cobra Resources for future reference.
* Significant intercepts have been prepared by Mr
Rupert Verco and reviewed by Mr Robert Blythman.
============================================================ =======================================================================
Location of Pre 2021
data points * Accuracy and quality of surveys used to locate drill * Collar locations were pegged using DGPS to an
holes (collar and down-hole surveys), trenches, mine accuracy of +/-0.5 m.
workings and other locations used in Mineral Resource
estimation.
* Downhole surveys have been completed for deeper RC
and diamond drillholes
* Specification of the grid system used.
* Collars have been picked up in a variety of
* Quality and adequacy of topographic control. coordinate systems but have all been converted to MGA
94 Zone 53. Collars have been spatially verified in
the field.
* Collar elevations were historically projected to a
geophysical survey DTM. This survey has been adjusted
to AHD using a Leica CS20 GNSS base and rover survey
with a 0.05 cm accuracy. Collar points have been
re-projected to the AHD adjusted topographical
surface.
2021-onward
* Collar locations were initially surveyed using a
mobile phone utilising the Avenza Map app. Collar
points recorded with a GPS horizontal accuracy within
5 m.
* RC Collar locations were picked up using a Leica CS20
base and Rover with an instrument precision of 0.05
cm accuracy.
* Locations are recorded in geodetic datum GDA 94 zone
53.
* No downhole surveying was undertaken on AC holes. All
holes were set up vertically and are assumed
vertical.
* RC holes have been down hole surveyed using a Reflex
TN-14 true north seeking downhole survey tool or
Reflex multishot
* Downhole surveys were assessed for quality prior to
export of data. Poor quality surveys were downgraded
in the database to be excluded from export.
* All surveys are corrected to MGA 94 Zone 53 within
the MX Deposit database.
* The quality and accuracy of the topographic control
is considered sufficient for the Mineral Resource
estimation and classification applied.
============================================================ =======================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillhole spacing was designed on transects 50-80 m
distribution apart. Drillholes generally 50-60 m apart on these
transects but up to 70 m apart.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Additional scouting holes were drilled
and Ore Reserve estimation procedure(s) and opportunistically on existing tracks at spacings
classifications applied. 25-150 m from previous drillholes.
* Whether sample compositing has been applied. * Regional scouting holes are drilled at variable
spacings designed to test structural concepts
* Data spacing is considered adequate for a saprolite
hosted rare earth Mineral Resource estimation.
* No sample compositing has been applied
* Drillhole spacing does not introduce any sample bias.
* The data spacing and distribution is sufficient to
establish the degree of geological and grade
continuity appropriate for interpretation of the REE
mineralised horizon and the classification applied.
============================================================ =======================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * RC drillholes have been drilled between -60 and -75
relation to sampling of possible structures and the extent to degrees at orientations interpreted to appropriately
geological which this is known, considering the deposit type. intersect gold mineralisation
structure
* If the relationship between the drilling orientation * Gold results are not presented as true width but are
and the orientation of key mineralised structures is not considered to present any down-dip bias.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
============================================================ =======================================================================
Sample Pre 2021
security * The measures taken to ensure sample security. * Company staff collected or supervised the collection
of all laboratory samples. Samples were transported
by a local freight contractor
* No suspicion of historic samples being tampered with
at any stage.
* Pulp samples were collected from Challenger
Geological Services and submitted to Intertek
Genalysis by Cobra Resources' employees.
2021-onward
* Transport of samples to Adelaide was undertaken by a
competent independent contractor. Samples were
packaged in zip tied polyweave bags in bundles of 5
samples at the drill rig and transported in larger
bulka bags by batch while being transported.
* There is no suspicion of tampering of samples.
============================================================ =======================================================================
Audits or
reviews * The results of any audits or reviews of sampling * No laboratory audit or review has been undertaken.
techniques and data.
* Genalysis Intertek and BV Laboratories Adelaide are
NATA (National Association of Testing Authorities)
accredited laboratory, recognition of their
analytical competence.
============================================================ =======================================================================
Appendix 2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * RC drilling occurred on EL 6131, currently owned 100%
land tenure including agreements or material issues with third by Peninsula Resources limited, a wholly owned
status parties such as joint ventures, partnerships, subsidiary of Andromeda Metals Limited.
overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * Alcrest Royalties Australia Pty Ltd retains a 1.5%
NSR royalty over future mineral production from
licenses EL6001, EL5953, EL6131, EL6317 and EL6489.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area. * Baggy Green, Clarke, Laker and the IOCG targets are
located within Pinkawillinnie Conservation Park.
Native Title Agreement has been negotiated with the
NT Claimant and has been registered with the SA
Government.
* Aboriginal heritage surveys have been completed over
the Baggy Green Prospect area, with no sites located
in the immediate vicinity.
* A Native Title Agreement is in place with the
relevant Native Title party.
=============================================================== =================================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * On-ground exploration completed prior to Andromeda
parties parties. Metals' work was limited to 400 m spaced soil
geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
* Other than the flying of regional airborne geophysics
and coarse spaced ground gravity, there has been no
recorded exploration in the vicinity of the Baggy
Green deposit prior to Andromeda Metals' work.
=============================================================== =================================================================
Geology
* Deposit type, geological setting and style of * The gold and REE deposits are considered to be
mineralisation. related to the structurally controlled basement
weathering of epidote- pyrite alteration related to
the 1590 Ma Hiltaba/GRV tectonothermal event.
* Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated
with metasomatic alteration of host rocks. Epidote
alteration associated with gold mineralisation is REE
enriched and believed to be the primary source.
* Rare earth minerals occur within the saprolite
horizon. XRD analysis by the CSIRO identifies kaolin
and montmorillonite as the primary clay phases.
* SEM analysis identified REE bearing mineral phases in
hard rock:
* Zircon, titanite, apatite, andradite and epidote.
* SEM analyses identifies the following secondary
mineral phases in saprock:
* Monazite, bastanite, allanite and rutile.
* Elevated phosphates at the base of saprock do not
correlate to rare earth grade peaks.
* Upper saprolite zones do not contain identifiable REE
mineral phases, supporting that the REEs are adsorbed
to clay particles.
* Acidity testing by Cobra Resources supports that
REDOX chemistry may act as a catalyst for Ionic and
Colloidal adsorption.
* REE mineral phase change with varying saprolite
acidity and REE abundances support that a component
of REE bursary is adsorbed to clays.
* Palaeo drainage has been interpreted from historic
drilling and re-interpretation of EM data that has
generated a top of basement model.
* The conditions within the interpreted Palaeo system
are considered supportive of ionic REE
mineralisation.
=============================================================== =================================================================
Drillhole
Information * A summary of all information material to the * Exploration results are not being reported as part of
understanding of the exploration results including a the Mineral Resource area.
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
=============================================================== =================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Reported summary intercepts are weighted averages
methods techniques, maximum and/or minimum grade truncations based on length.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* No maximum/ minimum grade cuts have been applied.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade * No metal equivalent values have been calculated.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * Gold results are reported to a 0.3 g/t cut-off with a
maximum of 2m internal dilution with a minimum grade
of 0.1 g/t Au.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
* Rare earth element analyses were originally reported
in elemental form and have been converted to relevant
oxide concentrations in line with industry standards.
Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO(2) 1.2284
Dy(2)
Dysprosium O(3) 1.1477
Er(2)
Erbium O(3) 1.1435
Eu(2)
Europium O(3) 1.1579
Gd(2)
Gadolinium O(3) 1.1526
Ho(2)
Holmium O(3) 1.1455
La(2)
Lanthanum O(3) 1.1728
Lu(2)
Lutetium O(3) 1.1371
Nd(2)
Neodymium O(3) 1.1664
Pr(6)
Praseodymium O(11) 1.2082
Sc(2)
Scandium O(3) 1.5338
Sm(2)
Samarium O(3) 1.1596
Tb(4)
Terbium O(7) 1.1762
Tm(2)
Thulium O(3) 1.1421
Y(2)
Yttrium O(3) 1.2699
Yb(2)
Ytterbium O(3) 1.1387
========
* The reporting of REE oxides is done so in accordance
with industry standards with the following
calculations applied:
* TREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
+ Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) +
Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* CREO = Nd(2) O(3) + Eu(2) O(3) + Tb(4) O(7) + Dy(2)
O(3) + Y(2) O(3)
* LREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
* HREO = Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4)
O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2)
O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* NdPr = Nd(2) O(3) + Pr(6) O(11)
* TREO-Ce = TREO - CeO(2)
* % Nd = Nd(2) O(3) / TREO
* %Pr = Pr(6) O(11) /TREO
* %Dy = Dy(2) O(3) /TREO
* %HREO = HREO/TREO
* %LREO = LREO/TREO
=============================================================== =================================================================
Relationship
between * These relationships are particularly important in the * Preliminary results support unbiased testing of
mineralisation reporting of Exploration Results. mineralised structures.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Previous holes have been drilled in several
the drill hole angle is known, its nature should be orientations due to the unknown nature of
reported. mineralisation.
* If it is not known and only the down hole lengths are * Most intercepts are vertical and reflect true width
reported, there should be a clear statement to this intercepts.
effect (eg 'down hole length, true width not known').
* Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Relevant diagrams have been included in the
tabulations of intercepts should be included for any announcement.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional * Exploration results are not being reported for the
views. Mineral Resources area.
=============================================================== =================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * Not applicable - Mineral Resource and Exploration
Results is not practicable, representative reporting Target are defined.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results. * Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =================================================================
Other
substantive * Other exploration data, if meaningful and material, * Refer to previous announcements listed in RNS for
exploration should be reported including (but not limited to): reporting of REE results , metallurgical testing and
data geological observations; geophysical survey results; detailed gold intersections.
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============================================================== =================================================================
Further work
* The nature and scale of planned further work (eg * Infill and extensional drilling aimed at growing the
tests for lateral extensions or depth extensions or Mineral Resource and converting Inferred Resources to
large-scale step-out drilling). Indicated Resources is planned.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============================================================== =================================================================
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END
DRLEAKKNESNDEFA
(END) Dow Jones Newswires
June 12, 2023 02:00 ET (06:00 GMT)
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