TIDMCOBR
RNS Number : 2142D
Cobra Resources PLC
20 June 2023
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20 June 2023
Cobra Resources plc
("Cobra" or the "Company")
Exceptional REE Results Defined at Boland with Characteristics
of Ionic Mineralisation
Further High-Grade Intersections Support REE Resource Growth
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, announces additional
Rare Earth Element ("REE") results from Aircore ("AC") drilling,
which demonstrate further REE resource growth and a highly
desirable style of mineralisation.
Key Points
-- Combined 48m intersection at the Boland prospect of over
2,000 ppm Total Rare Earth Oxides ("TREO")
-- Characteristics of REE mineralisation demonstrate properties
supportive of ionic mineralisation (subject to desorption and
simple leach testing)
o Mineralisation occurs within Eocene aged playa clays that are
low in phosphate and zircon and are therefore not expected to
contain primary mineral REE phases
o Mineralisation has been defined within palaeo-channel
sediments, a geological environment that could enable low impact,
low cost insitu leach mining
o Mineralised clays are bound stratigraphically by
un-mineralised, permeable sands, indicating that REEs have been
transported
o Mineralisation occurs on the eastern margin of the
palaeo-channel where playa clays are in contact with, or close
proximity to, saprolite
o Grade peaks are associated with variances in
acidity/alkalinity that occur between sand and clay units which are
a principal catalyst for clay adsorption
o REE intersections are associated with reduced (smectitic)
clays (with high adsorption capacities) and are the principal host
of other Australian ionic REE projects
o Ratios of heavy REEs vary significantly between saprolite and
channel intersections, supporting transportation and enrichment
processes that are characteristics of ionic REE deposits
o Insitu leach mining is an established technique among South
Australia's uranium producers which is low in environmental impact
and requires lower capital and operating costs than load and haul,
hard rock mining
o Ionic REE mineralisation would complement insitu leaching
owing to its fast rate of desorption and its ability to be
integrated into current land use
-- Drilling has tested only 1.5 km of a prospective >30 km
zone of palaeo-channel where clays are likely to make contact with
saprolite on channel boundaries - highly scalable
-- Selected samples have been sent to Australia's Nuclear
Science and Technology Organisation ("ANSTO") for desorption and
simple leach testing
Rupert Verco, CEO of Cobra, commented :
"It is truly exciting to have identified palaeo-channel-hosted
REEs in our first targeted programme, with these results
re-affirming the Company's approach to advancing rare earth targets
that have unique economic advantages.
While not yet definitive, the Boland results are significant due
to the style of mineralisation being amenable to low impact,
low-cost extraction with significant growth potential due to the
scalability of palaeo-channel systems on our tenements. This places
Cobra in the minority of Australian REE companies able to show
unique REE occurrences with significant economic enablers.
The Board believes that, between the unique dual gold and REE
resource and the confirmation of palaeo-channel hosted REEs, the
Wudinna Project is positioned with highly competitive economic
advantages that make it a market standout.
I would like to congratulate our technical team and partners for
their work which has driven our understanding of REE mobility and
the key drivers for economic REE mineralisation which has led to
defining the Boland discovery."
Boland Highlights
Signature intersections:
-- CBAC0164: 3m at 942 ppm TREO (22% Magnet Rare Earth Oxides
("MREO")) from 15m, and 3m at 1,333 ppm TREO (13% MREO) from 30m
and 42m at 2,189 ppm TREO (25% MREO) from 36m
-- CBAC0163: 3m at 559 ppm TREO (24% MREO) from 18m, and 3m at
618 ppm TREO (22% MREO) from 21m and 12m at 1,191 ppm TREO (27%
MREO) from 36m
-- CBAC0168: 12m at 948 ppm TREO (19% MREO) from 42m
-- CBAC0176: 3m at 429 ppm TREO (23% MREO) from 27m, and 3m at
661 ppm TREO (19% MREO) from 48m and 3m at 1,984 ppm TREO (22%
MREO) from 54m
Further resource extension highlights include:
-- CBAC0130: 10m at 2,349 ppm TREO (23% MREO) from 21m,
including 3m at 5,382 ppm TREO (23% MREO)
-- CBAC0179: 18m at 2,854 ppm TREO (24% MREO) from 36m,
including 6m at 5,066 ppm TREO (25% MREO) from 39m
-- CBAC0133: 15m at 1,040 ppm TREO (22% MREO) from 24m,
including 6m at 1,206 ppm TREO (22% MREO) from 27m
-- CBRC0081: 15m at 1,557 ppm TREO (17% MREO) from 33m
-- CBAC0128: 23m at 847 ppm TREO (23% MREO) from 12m, including
3m at 1,701 ppm TREO (24% MREO) from 12m
-- CBAC0125: 29m at 630 ppm TREO (22% MREO) from 12m
-- CBAC0180: 9m at 1,107 ppm TREO (22% MREO) from 39m
-- Drilling has defined significant extensions to the existing
20.9 Mt REE JORC resource in areas that complement defined gold
mineralisation
-- High-grade mineralisation remains open to the north of the
Clarke prospect and to the southwest of Baggy Green
REE Strategy
The economic viability of clay hosted REEs is more dependent
upon low mining and processing costs, a consequence of mineralogy
rather than grade. On this basis, the Company has focused on:
1. REE resource expansion aimed at growing its complementary
dual gold and REE resources, where the spatial proximity of REE
mineralisation to gold enables cost efficient, value add
potential
2. Targeting low cost, easily extractable ionic clay hosted
mineralisation by defining and targeting conditions that promote
ionic mineralisation. The Boland prospect was defined on the basis
of chemical and geological conditions that promote the mobility and
adsorption of ionic REEs. AC drilling has validated this
concept
Whilst the Exploration Target at the Thompson prospect and
high-grade intersections at the Anderson prospect demonstrate
regionally scalable REE mineralisation potential that will be
tested in the foreseeable future, the Company has prioritised the
drilling of the Boland prospect based on its potential to host
easily leachable ionic REE mineralisation, thereby accelerating the
commercial pathway of the project.
Next Steps
The Company will now focus on advancing work scopes in alignment
with its strategic advancement of expanding dual gold and rare
earth resources:
Metallurgy
-- Select samples submitted to ANSTO for desorption and simple
leach testing to confirm ionic mineralisation and leachability of
mineralisation from the Boland prospect
-- Select samples from the Baggy Green and Thompson prospects
submitted for simple leach testing to inform expansion strategies
at both targets
-- Optimisation studies focusing on beneficiation and recovery
optimisation from resource extension samples
Resource Updates
-- Update the 211,000 Oz 2019 Gold MRE to incorporate over
10,000m of resource expansion drilling as well as over 700m of
defined mineralised gold strike at the Clarke prospect
-- Update the 20.9 Mt at 658 ppm TREO REE MRE which overlies
gold mineralisation to incorporate results from 2023 expansion
drilling
Further drilling will be planned on the results of the
above.
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 - 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
-- "Drilling Defines REE Resource Extension Potential" dated 12 June 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) )
HREE - Heavy Rare Earth Elements
MRE - Mineral Resource Estimate
Further Information Regarding the Boland Results
Since the prospectivity of REEs at the Wudinna Project was
identified in late 2021, the Company has taken a technical approach
in understanding the enrichment, mobility, and mineralogy of REE
occurrences within clay saprolite and tertiary and quaternary aged
clays across the 3,261 km(2) land tenure of the Wudinna
Project.
Owing to the depletion of saprolite-hosted REEs at the 104,000
Oz Barns Gold Resource, the Company believed that the highly acidic
conditions (pH<2) contribute to the re-mobilisation of REEs away
from the Barns gold resource and the sulphide rich Hiltaba
granites. The Boland prospect is considered to host the right
conditions to promote ionic adsorption of mobilised REEs and
therefore act as a 'trap' for fluid mobile REEs.
Drilling results demonstrate:
-- Mineralisation is most prominent along the eastern margin of
the tested area, where channel clays are in direct contact with
granitic saprolite
-- HREEs are depleted within saprolite zones and enriched in
assemblage within the palaeo-channel sediments
-- REE enrichment in playa smectite clays at discrete changes in sample acidity/alkalinity
-- Light Rare Earth ("LREO") enrichment in saprolite that is in
direct contact with palaeo-channel sediments
A total of 17 holes for 775m was drilled at the Boland prospect.
Owing to the aquifers contained within the palaeo-channel sands,
where excessive sand intervals were intersected, 10 holes were
abandoned before achieving targeted depths due to challenges
maintaining hole integrity due to the abundance of ground
water.
Figure 1 : Overview of AC drilling results at the Boland
prospect
Two distinct playa clay bands are present within interbedded
channel sands that are variable in oxidation state. Mobility of
REEs from the saprolite to the playa clays is demonstrated by the
variability of HREEs within the downhole profile.
Significant intersections include:
-- CBAC0164: 3m at 942 ppm TREO (22% MREO) from 15m (playa
clay), and 3m at 1,333 ppm TREO (13% MREO) from 30m (playa clay)
and 42m at 2,189 ppm TREO (25% MREO) from 36m (saprolite clay)
-- CBAC0163: 3m at 559 ppm TREO (24% MREO) from 18m (playa
clay), and 3m at 618 ppm TREO (22% MREO) from 21m (playa clay) and
12m at 1,191 ppm TREO (27% MREO) from 36m (saprolite clay)
-- CBAC0168: 12m at 948ppm TREO (19% MREO) from 42m (saprolite clay)
-- CBAC0176: 3m at 516 ppm TREO (23% MREO) from 27m (playa clay)
and 3m at 661 ppm TREO (19% MREO) from 48m (contact saprolite clay)
and 1,984 ppm TREO (22% MREO) from 54m (saprolite clay)
-- CBAC0175: 3m at 429 ppm TREO (23% MREO) from 27m (playa clay)
-- CBAC0172: 3m at 685 ppm TREO (20% MREO) from 54m (saprolite clay)
-- CBAC0177: 3m at 545 ppm TREO (26% MREO) from 42m (saprolite clay) to EOH
-- CBAC0162: 6m at 437 ppm TREO (24% MREO) from 42m (playa clay)
-- CBAC0160: 3m at 390 ppm TREO (22% MREO) from 15m (playa clay)
Figure 2 : Cross section demonstrating significant intersections
in relation to geology
Figure 3: 3m composite samples from CBAC00164 normalised to
chondrite REE abundance, demonstrating the HREE enrichment in the
sample 18-21m (941 ppm TREO) in comparison to the 30-33m (1,133 ppm
TREO) and the samples from deeper than 36m (>2000 ppm TREO)
Fluid and clay acidity/alkalinity is an important environmental
control on the adsorption process of REE to clay particles.
Discrete variances in alkalinity/acidity occur across lithologies
and suggest a relationship between pH and REE grade distribution.
Unlike Kaolin clays that require a lower (acidic) pH to optimise
adsorption potential, Smectite clays require a higher (alkaline) pH
to promote adsorption. The observed pH variances in association
with reduced clays are a positive indication for clay
adsorption.
Figure 4 : Downhole plot of REO grade distribution and
associated sample pH for drillhole CBAC00164
Samples of variable chemical and lithological conditions have
been selected from the Boland prospect for desorption and simple
leach testing to confirm their potential for insitu leach
recovery.
Further Information Regarding the Clarke and Baggy Green
Resource Extension Results
Resource expansion drilling demonstrates the growth potential of
the existing 20.9 Mt REE MRE. Areas of expansion drilling at Baggy
Green west and Clarke (north and south) were designed to complement
future optimisation of both gold and REE mineralisation.
The existing MRE estimate is based upon a defined mineralisation
footprint of 4km(2) . These results expand the defined
mineralisation footprint to 6km(2) .
Results demonstrate broad, and high-grade zones of REE
mineralisation as demonstrated by the following intersections:
-- CBAC0130: 10m at 2,349 ppm TREO from 21m where the MREO
equates to 23%, including 3m at 5,382 ppm TREO from 21m where the
MREO equates to 23%
-- CBAC0179: 18m at 2,854 ppm TREO from 36m where the MREO
equates to 24%, including: 6m at 5,066 ppm TREO from 39m where the
MREO equates to 25%
-- CBAC0131: 6m at 459 ppm TREO from 24m where the MREO equates to 23%
-- CBAC0133: 15m at 1,040 ppm TREO from 24m where the MREO
equates to 22%, including 6m at 1,206 ppm TREO from 27m where the
MREO equates to 22%
-- CBAC0118: 15m at 769 ppm TREO from 24m where the MREO equates
to 21%, including 3m at 1,298 ppm TREO from 30m where the MREO
equates to 22%
-- CBAC0119: 12m at 785 ppm TREO from 30m where the MREO equates
to 24%, including 3m at 1,230 ppm TREO from 30m where the MREO
equates to 25%
-- CBAC0120: 12m at 743 ppm TREO from 18m where the MREO equates
to 32%, including 3m at 1,139 ppm TREO from 24m where the MREO
equates to 33%
-- CBAC0121: 6m at 420 ppm TREO from 27m where the MREO equates to 21%
-- CBAC0122: 6m at 644 ppm TREO from 30m where the MREO equates to 22%
-- CBAC0123: 25m at 527 ppm TREO from 33m where the MREO equates to 22%
-- CBAC0124: 6m at 663 ppm TREO from 12m where the MREO equates
to 22% and 3m at 562 ppm TREO from 27m where the MREO equates to
25%
-- CBAC0125: 29m at 630 ppm TREO from 12m where the MREO equates to 22%
-- CBAC0126: 9m at 569 ppm TREO from 12m where the MREO equates to 20%
-- CBAC0127: 12m at 513 ppm TREO from 24m where the MREO equates to 20%
-- CBAC0128: 23m at 847 ppm TREO from 12m where the MREO equates
to 23%, including: 3m at 1,701 ppm TREO from 12m where the MREO
equates to 24%
-- CBAC0129: 3m at 885 ppm TREO from 15m where the MREO equates to 24%
-- CBAC0184: 18m at 632 ppm TREO from 24m where the MREO equates to 20%
-- CBAC0186: 9m at 487 ppm TREO from 27m where the MREO equates to 23%
-- CBRC0081: 15m at 1,557 ppm TREO from 33m where the MREO equates to 17%
-- CBAC0180: 9m at 1,107 ppm TREO from 39m where the MREO equates to 22%
Additional samples from resource expansion drilling have been
selected to advance metallurgical optimisation studies that will
focus on beneficiation, increased extraction through varying
lixiviants and salt spiking with the aim of designing a REE
extraction flowsheet that can complement gold mining.
Figure 5 : Overview of resource extension targeted AC drilling
results at the Clarke and Baggy Green prospects
Table 1 : New significant intersections from 2023 AC
drilling
Prospect BHID From To Int TREO MREO Nd(2) Pr(6) Dy(2) Tb(2)
(m) (m) (m) ppm ppm O(3) O(11) O(3) O(3)
ppm ppm ppm ppm
============= =========== ===== ===== ===== ====== ===== ====== ======= ======
Clarke
South CBAC0118 24 39 15 769 161 112 32 15 2.6
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
including 30 33 3 1,298 280 191 53 30 5.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0119 30 42 12 785 185 133 38 12 2.1
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
including 30 33 3 1,230 309 225 68 13 2.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0120 18 30 12 743 237 174 47 14 2.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
including 24 27 3 1,139 381 286 73 19 3.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0121 27 33 6 420 87 61 17 7 1.2
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
Baggy Green
East CBAC0122 30 36 6 644 142 99 28 12 2.1
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0123 33 58 25 527 116 82 23 9 1.7
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0124 12 18 6 663 147 103 30 11 2.1
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 27 30 3 562 140 101 27 10 1.9
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0125 12 41 29 630 137 95 27 13 2.2
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0126 12 21 9 569 117 79 22 14 2.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0127 24 36 12 513 103 70 25 6 1.2
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0128 12 35 23 847 198 138 44 13 2.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
including 12 15 3 1,701 405 283 93 24 4.9
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0129 15 18 3 885 214 145 46 20 3.7
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
Baggy Green
West CBAC0130 21 31 10 2,349 543 377 118 40 7.7
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
including 21 24 3 5,382 1215 843 262 92 17.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0131 24 30 6 459 107 74 25 7 1.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0133 24 39 15 1,040 225 150 53 18 3.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
including 27 33 6 1,206 263 176 64 20 3.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
Boland CBAC0160 15 18 3 390 87 61 18 7 1.2
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0162 42 48 6 437 103 74 23 5 1.0
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0163 15 18 3 550 123 87 26 8 1.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 21 24 3 618 138 96 28 12 2.1
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 36 48 12 1,191 292 214 69 8 1.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0164 18 21 3 942 222 159 43 17 3.1
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 30 33 3 1,333 179 121 54 3 0.7
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 36 78 42 2,189 587 442 128 14 3.2
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0168 42 54 12 948 182 133 41 7 1.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0172 54 57 3 685 140 98 32 8 1.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0175 27 30 3 429 100 70 20 9 1.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0176 27 30 3 516 117 83 22 10 1.7
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 48 51 3 661 123 87 24 11 2.0
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
and 54 57 3 1,984 444 328 99 15 2.9
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0177 42 45 3 545 141 98 29 12 2.2
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
Grace CBAC0178 9 11 2 1,666 408 300 88 17 3.4
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0179 36 54 18 2,854 696 486 124 73 12.6
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
including 39 45 6 5,066 1264 879 227 134 23.8
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0180 39 48 9 1,107 239 173 52 12 2.0
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0181 30 33 3 780 197 140 48 8 1.5
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0184 24 42 18 632 124 86 25 12 1.8
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
CBAC0186 27 36 9 487 113 78 20 13 2.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
Clarke CBRC0079 16 20 4 697 171 123 33 12 2.3
============= =========== ===== ===== ===== ====== ===== ====== ======= ====== ======
CBRC0081 33 48 15 1,557 259 178 43 33 5.3
========================= ===== ===== ===== ====== ===== ====== ======= ====== ======
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 6 : 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
-- At acid/alkalinity changes (pH 6-7) a greater component of REE is absorbed to clay particles
-- Colloidal phase REEs are thought to result from ongoing chemical and environmental changes.
-- Strongly reduced sediments (playa clays) deposited in the
Eocene (a period of tropical climate conditions) form interbeds and
aquitards within palaeo-channels
-- Fluid mobile REEs migrating into palaeo-drainage systems are
adsorbed to playa clays at discrete changes in fluid chemistry
(acidic to alkaline)
Figure 7 : Proposed geological model for gold and REE
mineralisation at the Clarke and Baggy Green prospects
Table 2 : Drillhole survey details
HOLE ID EASTING NORTHING ELEVATION DIP AZI EOH
CBAC0092 541930 6366022 129.6 -90 0 26
======== ========= ========== ==== ==== =====
CBAC0093 541880 6366122 130.1 -90 0 42
======== ========= ========== ==== ==== =====
CBAC0094 541805 6366123 129.7 -90 0 57
======== ========= ========== ==== ==== =====
CBAC0095 541932 6366124 129.9 -90 0 57
======== ========= ========== ==== ==== =====
CBAC0096 541935 6366222 127.4 -90 0 48
======== ========= ========== ==== ==== =====
CBAC0097 541884 6366223 127.7 -90 0 54
======== ========= ========== ==== ==== =====
CBAC0098 541881 6366022 132.3 -90 0 58
======== ========= ========== ==== ==== =====
CBAC0099 541804 6366022 131.5 -90 0 52
======== ========= ========== ==== ==== =====
CBAC0100 541729 6366022 130.3 -90 0 71
======== ========= ========== ==== ==== =====
CBAC0101 541729 6365922 131.2 -90 0 60
======== ========= ========== ==== ==== =====
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 -90 0 41
======== ========= ========== ==== ==== =====
CBAC0108 546301 6365444 110.9 -90 0 39
======== ========= ========== ==== ==== =====
CBAC0109 545980 6364922 113.6 -90 0 37
======== ========= ========== ==== ==== =====
CBAC0110 546144 6365037 113 -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
======== ========= ========== ==== ==== =====
CBAC0118 547676 6364511 135.9 -90 0 45
======== ========= ========== ==== ==== =====
CBAC0119 547879 6364475 114.9 -90 0 46
======== ========= ========== ==== ==== =====
CBAC0120 547479 6364275 121.2 -90 0 47
======== ========= ========== ==== ==== =====
CBAC0121 547679 6364275 115.3 -90 0 35
======== ========= ========== ==== ==== =====
CBAC0122 547679 6362475 129.5 -90 0 52
======== ========= ========== ==== ==== =====
CBAC0123 547939 6362479 125.9 -90 0 58
======== ========= ========== ==== ==== =====
CBAC0124 547941 6362680 125 -90 0 32
======== ========= ========== ==== ==== =====
CBAC0125 547679 6362675 126.7 -90 0 41
======== ========= ========== ==== ==== =====
CBAC0126 547942 6362875 135.7 -90 0 41
======== ========= ========== ==== ==== =====
CBAC0127 547679 6362875 125.5 -90 0 36
======== ========= ========== ==== ==== =====
CBAC0128 547937 6363071 119.9 -90 0 35
======== ========= ========== ==== ==== =====
CBAC0129 548174 6363079 118.2 -90 0 25
======== ========= ========== ==== ==== =====
CBAC0130 545775 6362677 136.4 -90 0 31
======== ========= ========== ==== ==== =====
CBAC0131 545996 6362674 135.5 -90 0 40
======== ========= ========== ==== ==== =====
CBAC0132 545993 6362864 122.2 -90 0 18
======== ========= ========== ==== ==== =====
CBAC0133 546247 6363521 118.6 -90 0 57
======== ========= ========== ==== ==== =====
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 -90 0 50
======== ========= ========== ==== ==== =====
CBAC0154 538849 6364807 120.2 -90 0 27
======== ========= ========== ==== ==== =====
CBAC0155 539747 6364744 118.6 -90 0 33
======== ========= ========== ==== ==== =====
CBAC0156 539112 6365169 118 -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
======== ========= ========== ==== ==== =====
CBAC0160 533729 6366526 107.3 -90 0 30
======== ========= ========== ==== ==== =====
CBAC0161 534053 6366365 108 -90 0 30
======== ========= ========== ==== ==== =====
CBAC0162 534406 6366177 108 -90 0 51
======== ========= ========== ==== ==== =====
CBAC0163 534583 6365541 109 -90 0 48
======== ========= ========== ==== ==== =====
CBAC0164 534165 6365770 110.2 -90 0 78
======== ========= ========== ==== ==== =====
CBAC0165 533790 6366000 110.5 -90 0 18
======== ========= ========== ==== ==== =====
CBAC0166 533478 6366174 110.4 -90 0 33
======== ========= ========== ==== ==== =====
CBAC0167 533103 6366386 111.2 -90 0 36
======== ========= ========== ==== ==== =====
CBAC0168 532828 6366535 113 -90 0 54
======== ========= ========== ==== ==== =====
CBAC0169 532434 6366761 115.6 -90 0 36
======== ========= ========== ==== ==== =====
CBAC0170 532121 6366842 117.7 -90 0 45
======== ========= ========== ==== ==== =====
CBAC0171 533097 6366836 109 -90 0 33
======== ========= ========== ==== ==== =====
CBAC0172 532224 6366338 117.9 -90 0 57
======== ========= ========== ==== ==== =====
CBAC0173 532754 6365648 117.2 -90 0 27
======== ========= ========== ==== ==== =====
CBAC0174 533051 6365444 116.6 -90 0 43
======== ========= ========== ==== ==== =====
CBAC0175 533403 6365313 115.4 -90 0 51
======== ========= ========== ==== ==== =====
CBAC0176 533713 6365181 114.4 -90 0 57
======== ========= ========== ==== ==== =====
CBAC0177 534012 6365018 113.4 -90 0 48
======== ========= ========== ==== ==== =====
CBAC0178 549785 6364401 123.6 -90 0 11
======== ========= ========== ==== ==== =====
CBAC0179 549811 6364828 124.6 -90 0 54
======== ========= ==== ==== =====
CBAC0180 549801 6365261 125.4 -90 0 78
======== ========= ==== ==== =====
CBAC0181 550205 6364323 127.1 -90 0 73
======== ========= ========== ==== ==== =====
CBAC0182 550242 6364768 128.6 -90 0 41
======== ========= ========== ==== ==== =====
CBAC0183 550618 6364728 132.1 -90 0 34
======== ========= ========== ==== ==== =====
CBAC0184 550614 6365125 133.4 -90 0 51
======== ========= ========== ==== ==== =====
CBAC0185 550598 6364265 130.7 -90 0 63
======== ========= ========== ==== ==== =====
CBAC0186 550221 6365183 129.6 -90 0 57
======== ========= ========== ==== ==== =====
CBRC0079 546735 6365441 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 * Method of recording and assessing core and chip * Sample recovery was generally good.All samples were
recovery 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.
* RC drilling 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 for RC was generally good. All
samples were recorded for sample type, quality and
contamination potential and entered within a sample
log.
* In general, RC 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
sample 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 * The nature, quality and appropriateness of the * Samples were submitted to Bureau Veritas Laboratories,
data 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 Pre 2021
of data * Accuracy and quality of surveys used to locate drill * Collar locations were pegged using DGPS to an
points 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 * Data spacing for reporting of Exploration Results. * Drillhole spacing was designed on transects 50-80 m
and apart. Drillholes generally 50-60 m apart on these
distribution 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 * Whether the orientation of sampling achieves unbiased * RC drillholes have been drilled between -60 and -75
in relation sampling of possible structures and the extent to degrees at orientations interpreted to appropriately
to which this is known, considering the deposit type. intersect gold mineralisation
geological
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 * Type, reference name/number, location and ownership * RC drilling occurred on EL 6131, currently owned 100%
and land including agreements or material issues with third by Peninsula Resources limited, a wholly owned
tenure 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 * Acknowledgment and appraisal of exploration by other * On-ground exploration completed prior to Andromeda
other 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:
* easting and northing of the drill hole collar
* elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole collar
* dip and azimuth of the hole
* down hole length and interception depth
* 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
DRLFLMFTMTIBBAJ
(END) Dow Jones Newswires
June 20, 2023 02:00 ET (06:00 GMT)
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