TIDMCOBR
RNS Number : 9124L
Cobra Resources PLC
11 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
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11 September 2023
Cobra Resources plc
("Cobra" or the "Company")
Positive Metallurgy Confirms Ionic Rare Earth Mineralisation at
Boland Prospect, Wudinna
&
New Tenement Applications to Increase Project Size
Cobra's Geological Concept Has Capacity to Change Future Supply
of Critical REEs to Drive Decarbonisation
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, is pleased to advise
that metallurgical testwork carried out by the Australian Nuclear
Science and Technology Organisation ("ANSTO") confirms Rare Earth
Elements ("REE") mineralisation at the Boland palaeo-channel
prospect to be cost-efficient, easily recoverable ionic adsorption
rare earth clays.
Cobra can now attest to having highly desirable ionic rare earth
mineralisation at Wudinna, where extraction is low-cost and yields
high recoveries of heavy and magnet rare earths which the Company
believes to be regionally scalable.
Accordingly, the Company has made two further applications west
of the Wudinna Project to establish itself as the dominant
landholder on the Narlaby palaeo-channel.
Highlights
-- Ionic metallurgy : testing by ANSTO demonstrates rapid
recoveries by desorption leaching within 30 minutes using ammonium
sulphate in weak acid conditions (pH4), with low acid consumption
and low dissolution of gangue elements, where:
o Further increases in REE recovery are demonstrated through
increased leach time (six hours) and a slight increase in acidity
(pH3) where maximum extractions of 58% Magnet Rare Earth Oxides
("MREOs") and 65% Heavy Rare Earth Oxides ("HREOs") were
achieved
o Low acid consumption of 6-30 kg/t supports very positive
economic metrics for further processing optimisation
o Low rates of dissolution of gangue elements (aluminium,
calcium, iron, thorium and uranium)
-- Preferred mineralogy : ionic clay REE deposits are a superior
source of HREOs and MREOs (neodymium, praseodymium, dysprosium and
terbium), owing to their enrichment relative to Light Rare Earth
Oxides ("LREOs") and their ability to be desorbed through ion
exchange rather than aggressively baked and acid leached which is
high cost and increases environmental risk
-- Superior ratios of recovery: high recoveries of high-value
HREOs and lower recoveries of low-value LREOs that enable the
cost-effective generation of a superior REE carbonate product
-- New concept for ionic mineralisation : the Boland prospect
presents as a new alternate source of low disturbance, low-cost
MREOs and HREOs owing to its amenability to Insitu Recovery Mining
("ISR") and cost-effective metallurgy
-- Significant scalability : over 430 km(2) of untested
palaeo-channel has been defined over the existing Wudinna Project
tenements. These results confirm "proof-of-concept" and are
game-changing for future REE expansion drilling
-- Expanded footprint : a further two tenement applications
(Figure 1) have been submitted by Lady Alice Mines Pty Ltd (a Cobra
subsidiary) to add a further 1,512 km(2) of prospective
palaeo-channel geology making Cobra the dominant holder of
palaeo-channel ground in the region
-- Forward plan : to rapidly advance the Boland discovery, the Company plans to:
o Drill sonic core holes to better understand the nature of
mineralisation, define permeability potential, and recover
sufficient samples to produce a REE carbonate
o Install monitoring wells to gather baseline hydrology data to
inform pilot ISR extraction tests
o Resource expansion Aircore ("AC") drilling to define a maiden
ionic REE resource
o Re-analysis of historic drill samples on new tenement
applications to define new ionic REE occurrences
o Regional AC palaeo-channel testing to demonstrate province
scale potential
Rupert Verco, CEO of Cobra, commented :
"These metallurgy results place the Company amongst the handful
of projects which can attest to having highly desirable ionic rare
earth mineralisation.
Low-cost metallurgy, coupled with low-cost insitu recovery
mining, are the key ingredients to enable a clean, low-impact
sustainable source of rare earth metals.
The REE mineralisation at Boland can be rapidly recovered using
a lixiviant comparable to orange juice in acidity, in a mining
practice that can be integrated into current agricultural land
practices.
It is these attributes that make this discovery significant. The
Boland discovery has the right technical components to secure the
future supply of critical rare earth metals necessary to
decarbonise the western world.
With the further two exploration licence applications, Cobra is
now the dominant holder of REE prospective palaeo-channel in the
region, a jurisdiction experienced in, and supportive of, insitu
recovery mining."
David Clarke, Non-Executive Director of Cobra, commented :
"The proof-of-concept Cobra has delivered at Boland is the
result of exceptional geological thinking from Rupert Verco and
Robert Blythman whom I congratulate on behalf of the Board. It was
a strongly reasoned concept but nothing like this model has
previously existed. It may take some time for the full implications
of Cobra's model to be apparent - but it is already clear that it
is positive for Cobra's shareholders and the western world's ready
access to a range of critical rare earth metals required for
permanent magnets that are the efficiency enabler for
electrification."
Boland Background
AC drilling in April at the Boland prospect was designed for
"proof-of-concept" to confirm the mobilisation of REEs from
enriched saprolites to the younger clays hosted within the
palaeo-channel system.
A total of 17 holes were drilled across a broad area
representing 12 km(2) , and drilling produced multiple
intersections, where:
-- Smectite clays hosted within palaeo-channel sands and basal
clays in contact with saprolite are enriched in HREOs
-- Intersections extended into underlying saprolite where
elevated grades are depleted in heavy rare earths in comparison to
overlying smectite clays
-- Intersections in palaeo-channel clays up to 3m at 1,004 ppm
Total Rare Earth Oxide ("TREO") and up to 42m at 2,189 ppm TREO in
underlying saprolite
A total of 17 representative 3m composite samples from the
Boland prospect were submitted to ANSTO for desorption
metallurgical testing (see Table 1). Samples are characterised by
three geological domains:
1. Smectite playa clays (five samples)
2. Contacting palaeo-channel saprolite (five samples)
3. Underlying saprolite (seven samples)
Metallurgical Results
Results show rapid recoveries by desorption of REEs in the first
30 minutes using 0.5 mol ammonium sulphate as a lixiviant, at
ambient temperatures and weak acidic conditions (see Table 1).
The highest recoveries are observed from domain 1 (playa clays
hosted within the palaeo-channel) and domain 2 (contacting
palaeo-channel saprolite), where mineralisation is interpreted to
ionically bind to smectite clays at the contact with channel sands,
where ionic adsorption is driven by discrete changes in
acidity/alkalinity.
An important characteristic of ionic clay hosted rare earths is
the low acid consumption (results average 6-30 kg/t) and the low
dissolution of gangue minerals including cerium, aluminium, calcium
and iron. Additionally, the dissolution of uranium and thorium is
low.
Increases in REE recovery were achieved by increasing the leach
time to six hours (pH4) and lowering the acidity to pH3 over a
leach time of up to six hours (see Table 1).
Within the palaeo-channel, maximum recoveries at pH3 (six hours)
are 58% for MREOs and 65% for HREOs (see Figure 3). These results
are considered highly encouraging with scope for increased
recoveries with optimised sample compositing and increased
understanding of REE clay adsorption distribution and
mineralogy.
Pleasingly, samples of saprolite in contact with the
palaeo-channel exhibit low-moderate extractions under desorption
conditions (see Figure 4).
In contrast, saprolite samples show low <10% recoveries and
higher acid consumptions than palaeo-channel sediments under
desorption conditions.
Figure 1: Composite LAM9170 exhibits high recoveries of MREOs
and HREOs under desorption conditions
Figure 2: Individual REE recoveries from LAM9170 composite under
tested desorption conditions
Figure 3 : Average recoveries and acid consumption of the five
playa clay sample composites
Figure 4 : Average recoveries and acid consumption of the five
saprolite sample composites in contact with palaeo-channel
sediments
Figure 5: Locality plan highlighting the Company's exploration
tenement applications on the Narlaby palaeo-channel
About Insitu Recovery Mining
ISR is a highly cost-effective method of mining that involves
recovering the ore where it is in the ground, and recovering
minerals from it by dissolving them and pumping pregnant solutions
to the surface where the minerals can be recovered. This is
achieved owing to aquifer permeability and applied in a manner to
ensure that mining solutions do not contaminate groundwater away
from the orebody. Once ore extraction is complete, aquifers are
returned to their natural chemistry by neutralising mining
solutions. This style of mining is cost-effective, low in
environmental impact on aquifers and surfaces.
Owing to the interbedded nature of mineralised clay beds and
permeable sand layers at Boland, and the fast extractions achieved
through REE desorption, it is believed that ISR mining could be
integrated with current land-uses considerate and adaptable to
farming, conservation and indigenous heritage.
South Australia is the leading state in Australia for insitu
recovery mining where it is actively endorsed, actively governed
and successfully implemented.
Figure 6 : Conceptual ISR process for REE extraction at
Boland
Next Steps
Cobra will now aim to capitalise on the significance of these
results from the Boland prospect and commence a scope of work that
includes:
-- Mineralogical and insitu recovery studies - drilling of 3-5 core holes to:
o Determine the distribution of REEs within clay bands
o Identify parameters for future insitu recovery testing
o Define appropriate future composite sample lengths
o Enable advancement of metallurgical testing to ultimately
produce a REE carbonate for commercial marketing
-- Monitoring well installation - to enable baseline monitoring and analysis of aquifers
-- Resource drilling - AC drilling aimed at expanding the
footprint of Ionic REE mineralisation at the Boland prospect
-- Maiden Boland Mineral Resource Estimate ("MRE")
-- Regional palaeo-channel testing - AC drilling testing the
concept within the Corrobinnie palaeo-channel at the Wudinna
Project
-- Sample re-analysis and maiden AC drilling to test
palaeo-channel targets on other 100% owned Cobra tenements
-- Further metallurgical testing to optimise recoveries and test further zones of mineralisation
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 71869952
Vigo Consulting (Financial Public
Relations)
Ben Simons
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 1,832 km(2) , and other nearby
tenement rights totalling 1,429 km(2) , contain highly desirable
and ionic rare earth mineralisation, amenable to low-cost, low
impact insitu recovery mining, and critical to global
decarbonisation.
Cobra's Wudinna tenements also 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 279,000
Oz gold JORC Mineral Resource Estimate.
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Competent Persons Statement
Information in this announcement has been assessed by Mr Luke
Stannard, a Fellow of the Australasian Institute of Mining and
Metallurgy ("FAusIMM"). Mr Stannard is a Consultant to Cobra
Resources Plc and has sufficient relevant experience in the type of
extraction process 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 7 years of leaching
extraction.
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:
-- "Maiden Rare Earth Resource Estimate - Unique and Unconstrained" dated 9 January 2023
-- "Drilling Defines REE Resource Extension Potential" dated 12 June 2023
-- "Exception REE Results at Boland" dated 20 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) )
HREO - Heavy Rare Earth Oxides
LREO - Light Rare Earth Oxides
MRE - Mineral Resource Estimate
Cobra's 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. These metallurgy results at Boland have
provided proof of concept and provide an excellent foundation for
positive economics
Further Information Regarding the Boland Metallurgy Results
Ionic clay adsorption REE mineralisation is the industry
preferred style of rare earth mineralisation owing to its ability
to be desorbed from clay particles under relatively benign
acidities, with superior ratios of high-value REEs. In general,
weaker acids (higher acidities) are more cost effective to produce,
less environmentally harmful and operationally safer to manage. As
a consequence of the desorption process, extractions occur quickly
(minutes to hours) and at ambient temperatures making REE recovery
most economically competitive.
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 Company's 3,261 km(2) land tenure.
The identification of REE depletion within the saprolite above
and proximal to the 104,000 Oz Barns gold resource, led the Company
to theorise 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. These metallurgical results are a proof of concept confirming
desorption of REEs from palaeo-channel clays.
ANSTO is a world leader in REE metallurgy and the development in
REE metallurgical flowsheets. Diagnostic testing parameters
included:
-- 0.5 M (NH4)2SO4 as lixiviant
-- pH 4; pH3
-- pH 4: 0.5 h & 6 h, pH3: 0.5 h, 2 h & 6 h
-- Ambient temperature (22 deg C)
-- 4 wt% solids density
-- Acidity maintained through the addition of H2SO4
Metallurgical results demonstrate:
-- Desorption is greatest within Eocene age clays
-- Recoveries increase with time and increasing acidity
-- HREOs are recovered in greater ratios than LREOs
-- Moderate desorption times are interpreted to be a consequence
of sample composite dilution. Faster desorption rates are likely
with refined sample compositing
Table 1 : Average recoveries of playa clays (five samples) and
contacting saprolite (five samples)
REO Playa Clays Contacting Saprolite
------------------
pH4 pH4
pH4 6hrs pH3 pH3 pH3 pH4 6hrs pH3 pH3 pH3
------------------
0.5hrs 6hrs 0.5hrs 2hrs 6hrs 0.5hrs 6hrs 0.5hrs 2hrs 6hrs
------------------ ------- ------ ------- ----- ----- ------- ------ ------- ----- -----
La(2)
O(3) 11 15 17 19 22 3 5 4 5 5
CeO(2) 17 22 25 26 30 4 7 6 6 7
Pr(6)
O(11) 18 22 27 29 33 5 8 7 8 9
Nd(2)
O(3) 21 27 33 35 38 7 11 10 11 13
Sm(2)
O(3) 25 31 39 43 46 9 13 13 17 18
Eu(2)
O(3) 24 36 44 48 49 16 15 22 25 25
Gd(2)
O(3) 25 37 43 46 49 14 19 22 24 27
Tb(4)
O(7) 26 36 42 44 49 22 21 27 27 27
Dy(2)
O(3) 28 40 45 48 51 14 16 18 22 25
Ho2O3 29 37 39 41 47 25 20 26 27 27
Er(2)
O(3) 26 37 43 45 50 10 14 18 20 22
Tm(2)
O(3) 35 35 40 40 46 - - - - -
Yb(2)
O(3) 22 32 37 42 44 8 11 14 14 14
Lu(2)
O(3) 29 34 35 35 35 - - - - -
Y(2) O(3) 26 34 37 39 43 17 18 24 28 29
LRE 16 21 24 26 29 4 6 6 6 7
HRE 26 35 41 44 47 10 13 15 18 20
MRE 21 27 33 35 38 7 10 9 11 12
TREY-Ce 19 25 29 31 35 6 9 8 9 10
------- ------ ------- ----- ----- ------- ------ ------- ----- -----
Acid Consumption
kg/t 12 14 17 21 25 9 13 16 24 33
------- ------ ------- ----- ----- ------- ------ ------- ----- -----
Significant intersections from maiden Boland AC drilling
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 948 ppm 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)
Figure 7 : Overview of AC drilling results and metallurgical
recoveries at the Boland prospect
Table 2 : Lithium borate fusion assays of composite samples
submitted for metallurgical testing
HoleID SampleID Geological La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 TREO+Y LREO HREO MREO
domain
ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm
Playa
CBAC0163 LAM9165 Clay 100 267 27 95 16 3 11 2 9 2 4 1 4 1 38 579 488 52 132
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Playa
CBAC0163 LAM9168 Clay 116 286 30 110 18 3 16 2 14 3 7 1 6 1 74 688 542 72 156
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Playa
CBAC0163 LAM9170 Clay 110 150 20 65 13 2 12 2 11 2 7 1 6 1 65 468 345 57 98
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Playa
CBAC0164 LAM9184 Clay 177 434 45 162 29 5 23 3 19 3 9 1 8 1 83 1,004 817 103 230
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Playa
CBAC0176 LAM9381 Clay 103 230 24 83 15 3 12 2 10 2 5 1 5 1 51 548 441 56 120
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Cont
CBAC0163 LAM9173 Sap 225 230 39 107 12 2 7 1 5 1 3 0 3 1 28 665 601 35 152
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Cont
CBAC0163 LAM9174 Sap 320 378 60 192 22 3 12 1 8 1 4 1 4 1 38 1,046 951 57 262
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Cont
CBAC0164 LAM9188 Sap 107 137 11 26 3 1 3 1 4 1 3 1 4 1 31 332 281 20 42
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Cont
CBAC0164 LAM9189 Sap 480 649 51 118 12 1 6 1 3 1 2 0.2 2 0 25 1,350 1,297 28 173
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
Cont
CBAC0176 LAM9390 Sap 82 378 24 90 18 2 15 2 11 2 4 1 3 0 43 675 574 57 126
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0163 LAM9175 Saprolite 522 694 103 322 40 5 20 2 11 2 5 1 4 1 51 1,782 1,641 90 438
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0164 LAM9192 Saprolite 557 876 113 363 45 6 24 2 12 2 5 1 4 1 49 2,060 1,909 102 490
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0164 LAM9193 Saprolite 545 721 112 359 46 6 22 2 11 2 5 1 5 1 51 1,890 1,737 101 484
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0164 LAM9194 Saprolite 446 437 88 279 36 5 18 2 9 2 4 1 4 1 42 1,372 1,250 80 378
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0164 LAM9195 Saprolite 589 954 140 486 65 9 33 4 16 3 6 1 6 1 63 2,376 2,170 143 646
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0163 LAM9176 Saprolite 418 747 83 271 34 5 18 2 10 2 5 1 4 1 48 1,645 1,518 79 365
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
CBAC0176 LAM9393 Saprolite 427 927 93 323 42 7 25 3 14 3 7 1 6 1 83 1,963 1,770 109 433
---------- ------------ ------ ----- ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ----- ------- ------ ----- -----
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.
Metallurgical Test Work performed by the Australian Nuclear Science
and Technology Organisation
(ANSTO). Samples were 40g sourced from retained 1m composite pulp
samples.
* Standard desorption conditions:
* 0.5M (NH4)2SO4 as lixiviant
* pH 4
* 30 minutes & 6 hours
* Ambient temperature of 22degC; and
* 4 wt% solids density
* Prior to commencing the test work, a bulk 0.5 M
(NH4)2SO4 solution was prepared as the synthetic
lixiviant and the pH adjusted to 4 using H2SO4.
* Each of the leach tests was conducted on 80 g of dry,
pulverised sample and 1920 g of the lixiviant in a 2
L titanium/ stainless steel baffled leach vessel
equipped with an overhead stirrer.
* Addition of solid to the lixiviant at the test pH
will start the test. 1 M H2SO4 was utilised to
maintain the test pH for the duration of the test, if
necessary. The acid addition was measured.
-- Acidic water as lixiviant (using H2SO4)
-- pH3
-- Duration: 6 hours
-- Ambient temperature of 22degC
-- 4 wt% density
* At the completion of each test, the final pH was
measured, the slurry was vacuum filtered to separate
the primary filtrate.
* 30 minute and 2 hour hour liquor sample was taken
* The primary filtrate was analysed as follows: --
ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb,
Pr, Sc, Sm, Tb, Th, Tm, U, Y, Yb (ALS, Brisbane); --
ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si (in-house,
ANSTO);
* The water wash was stored but not analysed.
============================================================ =======================================================================
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
acidity/alkalinity 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 mISReading 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
UPDEASNPEFSDEFA
(END) Dow Jones Newswires
September 11, 2023 02:00 ET (06:00 GMT)
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