TIDMCOBR
RNS Number : 0175Z
Cobra Resources PLC
09 January 2024
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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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
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9 January 2024
Cobra Resources plc
("Cobra" or the "Company")
New Rare Earth Tenements Granted - Gawler Craton, South
Australia
Boland Core Drilling Scheduled for February 2024
Cobra , an exploration company focused on the Wudinna Gold and
Rare Earth Project ("Wudinna") in South Australia, is pleased to
announce it has been granted two further tenements totalling 1,512
km(2) . The tenements are located on the Narlaby Palaeochannel
which is considered to be prospective for ionic Rare Earth Element
("REE") mineralisation similar to Cobra's Boland discovery where
metallurgy confirmed ionic mineralisation within geology that is
amenable to low cost, low disturbance In Situ Recovery ("ISR")
mining. This establishes Cobra as the dominant holder of
palaeochannel geology prospective for in situ recoverable ionic
REEs in the region.
New Tenement Highlights
-- Tenements EL 6966 ("Smokey Bay") and EL 6967 "(Pureba") cover
over 1,000 km(2) of the Narlaby Palaeochannel where previous
uranium focused drilling encountered playa clays which are
analogous to Boland mineralisation over extensive areas
-- Tenements contain Hiltaba Suite intrusives - sources of primary rare earth enrichment
-- 220 samples from historical drillholes have been submitted
for analysis aimed at vastly increasing the scale of Cobra's tested
area from 5 km(2) (Boland) to >500 km(2) . Results are expected
in late January 2024 but preliminary assessment is positive for a
significant increase in the scale of the Boland ionic REE
discovery
-- Further samples from historical drillholes will be selected
for re-analysis based on initial results
-- Re-analysis assays will inform land access and future drill targeting
Boland Update
Cobra is pursuing a strategy to demonstrate the true value of
the Boland ionic REE discovery. Scale, grade concentration and ISR
are considered the three pillars that will define the significance
of the discovery as a low-cost, environmentally credentialled
source of heavy rare earths.
To demonstrate grade concentration and ISR potential:
-- A Sonic drilling contractor has been booked for February
2024, with the Company planning to drill and case 3-5 core
drillholes which will:
o Inform the concentration of ionic REE mineralisation at
sand/clay boundaries and its amenability to ISR
o Provide infrastructure to capture hydrology data and future
pilot testing
o Provide samples to commence bench scale ISR leach tests and
flow-sheet studies with Watercycle Technologies
-- Engineering firm Wallbridge Gilbert Aztec has been engaged to
manage and oversee bench scale ISR studies
-- Environmental consultancy group Eco Logical Australia has
been engaged to provide hydrological support and commence
preliminary hydrological studies
Rupert Verco, CEO of Cobra, commented :
"Demonstrating scalability is one of the central pillars of
Cobra's 2024 strategy and these additional tenements facilitate
that goal.
Cobra has moved quickly to commence re-analysis of historical
samples that are stored in South Australia's world class core
library. Preliminary assessment of historical drilling is positive
for a significant increase in the scale of the Boland ionic REE
discovery and we look forward to confirming this with re-analysis
results in the coming weeks.
In addition to defining scale, we aim to unlock the value of the
Boland discovery by highlighting the likely concentration of grade
and proving recovery by ISR, a low cost, low impact mining process
that provides a significant market advantage over other REE
projects.
Cobra's 2024 work programme will provide high value news flow
that will highlight the significance of this discovery and its
ability to cleanly provide a diversified supply of heavy rare
earths."
Figure 1: Indicative workflow
Figure 2 : Location of new tenements "Smokey Bay" and "Pureba"
on the Narlaby Palaeochannel and historical drillholes currently
being analysed
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
Global Investment Strategy (Joint
Broker)
James Sheehan
James.sheehan@gisukltd.com +44 (0)20 7048 9437
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
Gold and Rare Earth 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 2,941 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. Additionally, Cobra holds a 213 km(2)
exploration tenement in northern Tasmania which is also considered
highly prospective for ionic rare earth mineralisation.
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, and several iron oxide
copper gold (IOCG) targets.
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