TIDMCOBR
RNS Number : 7082O
Cobra Resources PLC
12 October 2021
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12 October 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Pathfinder drilling programme & fulfilment of Stage 2
expenditure obligations
Cobra, a gold exploration company focused on the Wudinna Gold
Project in South Australia, is pleased to provide an update on the
Company's recent exploration activities.
The Company has successfully executed the first phase of its
2021 exploration programme, through undertaking an extensive
geochemistry drilling programme using pathfinder chemistry, with a
total of 875 holes for 7,335 metres drilled across eight priority
targets. The second phase of the 2021 programme will commence as
planned later this month with the Reverse Circulation ("RC")
drilling programme.
Highlights of the drilling programme:
-- Clarke Deposit
o Pathfinder drilling defined elevated gold (up to 0.76 g/t)
that now indicates a large 1.1 kilometre zone of mineralisation,
significantly increasing the target zone from last year's drilling
intercepts that include 31 metres at 3.06 g/t.
o This zone at Clarke sits outside of the current mineral
resource.
-- Benaud
o Highly anomalous gold in saprolite (up to 1.04 g/t)
encountered, where two distinct zones of elevated gold define north
northwest trending target zones.
o Identified two highly attractive greenfield RC targets at
Benaud.
-- Barns
o Highly anomalous (up to 170ppb) gold in calcrete defining
targets north, south and west of the current Barns Mineral
Resource.
-- Baggy Green
o Elevated silver (up to 11.95 g/t) and pathfinder elements
define highly prospective structures northwest of the current Baggy
Green Mineral Resource.
-- IOCGs 1-3
o Highly anomalous copper (100-200ppm) and elevated pathfinders
confirm the prospectivity of IOCG targets 1-3.
Ownership in Wudinna Project
Cobra is also pleased to announce today that through its wholly
owned subsidiary, Lady Alice Mines, it has issued a notice of
completion to Andromeda Metals Limited ("Andromeda") and Peninsula
Resources Limited confirming that Cobra has fulfilled its Stage 2
expenditure obligations, as agreed in the Heads of Terms Agreement
with Andromeda, entitling the Company to increase its ownership of
the Wudinna Project (the "Project") from 50% to 65%.
Pathfinder Geochemistry Update
-- The saprolite drilling programme was completed in early
September. A total of 875 holes for 7,335 metres were drilled
across eight priority targets. (Target locations detailed in Figure
1).
-- Drilling was performed through Rotary Air Blast ("RAB")
drilling, a low-cost technique, effective in fast drillhole turn
over. Holes were drilled to the depth of weathered basement where a
2 metre sample was taken.
-- The presence of pathfinder elements Bismuth (Bi), Tungsten
(W), Molybdenum (Mo), Tellurium (Te) as well as elevated gold and
copper demonstrate potential for economic mineralisation at
depth.
-- Results have been received, interpreted and planning is
underway to follow up results with a RC drill programme scheduled
to commence in late October.
-- A ground gravity survey is planned to improve the definition
of three of the Company's IOCG targets.
Figure 1: Location of pathfinder drillholes
http://www.rns-pdf.londonstockexchange.com/rns/7082O_1-2021-10-11.pdf
The collection of the pathfinder data and gold mineralisation
events through the first phase of the drilling programme enables
the Company to:
-- Confirm the mineralisation potential of pre-defined structures;
-- Establish the orientation of mineralisation at key targets; and
-- Define priority targets for RC drill testing.
Interpretation of the pathfinder results will influence the
planned RC drilling programme to commence later this month. Through
adopting this approach, the Company is confident it can cost
effectively optimise its planned RC drilling campaign, with the aim
of delivering resource growth and exploration success.
Key results from the pathfinder drilling programme include:
-- A defined mineralised strike of approximately 1.1 kilometres
at the Clarke Prospect with elevated gold up to 0.76 g/t just 10
metres from surface and multiple zones of anomalous pathfinder
chemistry. (Refer to Figure 2).
-- The defined strike zone corresponds well to the 31 metres at
3.06 g/t from the 2020 campaign and an associated IP anomaly.
-- Two anomalous gold zones at the Benaud prospect with a
defined strike of 300 metres with elevated gold up to 1.04 g/t just
18 metres from surface. (Refer to Figure 3).
-- Anomalous pathfinder chemistry at Baggy Green that suggests
multiple resource extensions to the northwest with approximately
400 metres of interpreted strike that includes silver of up to 12
g/t just two metres from surface. (Refer to Figure 4).
-- Infill calcrete sampling at Barns defines elevated gold to
the northwest and southeast of the current deposit, as well as
highly anomalous gold in calcrete (170ppb) at the Barns West
target. (Refer to Figure 5).
-- Highly anomalous (>100ppm) copper and pathfinder elements
at IOCG targets 1-3 (Figure 6) and elevated copper up to 204ppm at
the Laker granite embayment target.
Figure 2: Clarke Prospect, detailing the modelled elevated gold
zone defined by the saprolite drilling, amalgamated with existing
datasets
http://www.rns-pdf.londonstockexchange.com/rns/7082O_2-2021-10-11.pdf
Figure 3 : Anomalous gold zones defined at Benaud
http://www.rns-pdf.londonstockexchange.com/rns/7082O_3-2021-10-11.pdf
Figure 4 : Baggy Green Pathfinder Results
http://www.rns-pdf.londonstockexchange.com/rns/7082O_4-2021-10-11.pdf
Figure 5 : Anomalous Gold in Calcrete at Barns
http://www.rns-pdf.londonstockexchange.com/rns/7082O_5-2021-10-11.pdf
Figure 6: Copper and Pathfinder Anomalies at IOCG targets
1-3
http://www.rns-pdf.londonstockexchange.com/rns/7082O_6-2021-10-11.pdf
Rupert Verco, CEO of Cobra, commented:
"We are delighted to report that Cobra's work programmes
continue to proceed as planned. The pathfinder results at Clarke
are extremely exciting; they have defined the orientation of
mineralisation that now indicates a continuous 1.1 kilometre strike
of mineralisation. Coupled with last year's drilling intercepts,
this demonstrates a real opportunity to considerably increase
Cobra's current gold resource at the completion of our upcoming RC
programme.
"Furthermore, anomalous copper and encouraging pathfinder
chemistry validate the project's prospectivity for IOCG style
mineralisation, and the addition of a detailed ground gravity
survey will ensure we are able to develop a targeted plan for IOCG
drilling. Additional encouraging results at Barns and Baggy Green
demonstrate the potential for, and orientation of, resource
extensions, whilst the results from Benaud highlight an additional
greenfield target to pursue.
"We are delighted to have satisfied the commitments to increase
our ownership of the Wudinna Project to 65%, particularly as we
approach the next phase of the drilling programme later this month,
and we look forward to updating the market on our progress in due
course."
Investor presentation
An updated investor presentation will made available today on
the Cobra Resources website. The webcast will be presented by
Rupert Verco, Chief Executive Officer, and will provide more detail
on the results of the pathfinder geochemistry sampling
programme.
To view the webcast, please visit:
https://cobraplc.com/category/presentations/
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
Peterhouse Capital Limited (Joint
Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Consulting (Financial Public
Relations)
Ben Simons
Fiona Hetherington
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, CEO of the Company.
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton
which is home to some of the largest IOCG discoveries in Australia
including Olympic Dam, as well as Prominent Hill and Carrapateena.
Cobra's Wudinna tenements contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to nearby
infrastructure. In total Cobra has over 22 orogenic gold prospects,
with grades of between 16 g/t up to 37.4 g/t outside of the current
211,000 oz JORC resource, as well as one copper-gold prospect, and
four IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,928 km(2)
land holding in the Gawler Craton. The Wudinna Gold Project within
the Joint Venture tenement holding comprises a cluster of gold
prospects which includes the Barns, White Tank and Baggy Green
deposits.
Competent Persons Statement
Information and data presented within this announcement has been
compiled by Mr Rupert Verco, a Fellow of the Australasian Institute
of Mining and Metallurgy (FAusIMM). Mr Verco, an employee of Cobra
Resources Plc, 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 as defined in 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.
All information included in the announcement conforms to JORC
reporting standards. A copy of the report is available on the Cobra
website: https://cobraplc.com/category/project-reports/
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END
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