TIDMCOBR
RNS Number : 8269M
Cobra Resources PLC
19 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
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RELEVANT LAWS OF SUCH JURISDICTION.
19 September 2023
Cobra Resources plc
("Cobra" or the "Company")
MoU with Watercycle to Progress Ionic Rare Earth Extraction
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia, is pleased to advise
that it has signed a Memorandum of Understanding ("MoU") with
Watercycle Technologies Ltd ("Watercycle"), a UK-based deep tech
company focused on developing sustainable, high-yield, low-cost,
mineral extraction and water treatment systems, with the objective
to collaborate on sustainable Rare Earth Elements ("REE")
extraction via membrane desorption and filtration.
Metallurgical testing performed on samples from Cobra's Boland
prospect by the Australian Nuclear Scientific Technology
Organisation has demonstrated high recoveries of valuable magnet
REEs of up to 58%, and 65% heavy REEs at pH3 with low acid
consumption, confirming REE mineralisation as highly desirable,
easily extractable ionic REE mineralisation that has the added
advantage of being amenable to low-cost, low-disturbance In Situ
Recovery mining ("ISR").
The MoU is the first step in forming a partnership to progress
the process for REE extraction from the Company's Boland ionic REE
discovery, where innovation and flowsheet development will form the
basis of commercialisation.
Through this strategy, Cobra intends to examine alternative
approaches to REE extraction that suit the Company's unique and
advantageous REE mineral occurrence. Watercycle, which is based out
of the University of Manchester, UK, has a highly experienced
technical team, with access to world-class facilities and a proven
record of innovative ISR mineral extraction design. Through early
engagement, Cobra endeavours to fast-track testing to a pilot
study, whilst exploring value add opportunities.
More information on Watercycle and its approach to mineral
extraction can be found on its website at:
www.watercycletechnologies.com .
Rupert Verco, CEO of Cobra, commented :
"Cobra's immediate priority is building upon our recent
metallurgical results to ensure the rapid advancement of the Boland
ionic REE discovery, Australia's only ionic REE deposit with in
situ recovery potential.
As such, we are very excited to be working with Watercycle who
share similar ambitions to create value through the extraction of
critical minerals through sustainable practices. What Sebastian
Leaper and the team at Watercycle have managed to achieve in the
development of DLEC(TM)* technologies for lithium extraction from
groundwater is industry-leading and has direct applications to REE
desorption extraction, purification, and product generation.
What we want to achieve through collaboration is an optimised
approach to REE extraction that suits our unique REE mineral
occurrence. This will ultimately condense the time between
discovery and decision to mine. We will initially be sending
samples over to the UK and subsequently expect Watercycle will be
involved in the pilot study at Wudinna."
Sebastian Leaper, CEO of Watercycle, commented :
"The metallurgical results from Cobra's Boland discovery
demonstrate high recoveries using weak acids. Coupled with the
preferred mining method of ISR, this project aligns with our
ambition to enable the sourcing of critical minerals with the
lowest possible environmental impact.
On the back of our success in defining portable extraction
plants for geothermal lithium extraction, we are excited to
demonstrate the applicability of our DLEC (TM) technologies to
other critical minerals such as rare earths."
(*) DLEC(TM) - Direct Lithium Extraction & Crystallisation
process
MoU
Defined by the MoU, the companies demonstrate intent to achieve
the following:
-- Formation of a contractual working collaboration agreement
with regards to testing the suitability of Watercycle's DLEC(TM)
technologies for the recovery of REE from materials derived from
Cobra's claims - aim to conclude this collaboration agreement
October 2023
-- Evaluate optimisation parameters for REE extraction from core samples
-- Purification, or gangue element removal through membrane desorption and filtration
-- Concentration of REEs from pregnant solution to carbonate
crystallisation to demonstrate the production of a saleable
product
-- Solution conditioning for aquifer remediation
-- Explore mine gate value add opportunities, including:
o Removal, separation and amalgamation of targeted REEs to
improve final product value
o Extraction of other valuable minerals including but not
limited to vanadium and uranium
o Sulphide extraction for lixiviant recycling and acid
production
o Water purification
-- Concept implementation, applying the outcomes defined in the
milestones to a pilot scale extraction study for concept validation
and to determine mining parameters
-- Assist in the design and commercialisation of a flowsheet and
mobile plant to support project design
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
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 in situ 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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END
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