TIDMCOBR
Cobra Resources PLC
27 February 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
27 February 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Update - Stage 1 Analysis Delivers Breakthrough Gold
Fingerprint
Cobra is an exploration and mining company which today announces
an update on exploration and evaluation of the Wudinna Gold
Project.
The Wudinna Project is located on the Eyre Peninsula in the
Central Gawler Gold Province, a 450-kilometre-long arcuate belt in
South Australia which contains numerous mineral occurrences.
In November 2019 the Company announced a three-stage geochemical
(soil) sampling programme with the aim of improving the definition
of gold targets at Wudinna prior to drilling.
These stages include:
Stage 1. Calibration program - Establish new geochemical
relationships that provide improved pathfinders to high grade Gold
mineralisation.
Stage 2. Brownfields / Extensions - Use Stage 1 learnings to
identify priority drill targets that may extend mineralisation at
Barns, Baggy Green or White Tank.
Stage 3. Greenfields Targets - Apply results from Stages 1 &
2 to define high priority drilling targets for new Gold and Copper
discoveries at Wudinna.
Summary of Key Findings:
-- Cobra has identified a unique and distinctive chemical
fingerprint for Gold mineralisation at Barns, White Tank and Baggy
Green.
-- This breakthrough will significantly improve drill targeting of gold mineralisation.
-- This new approach is expected to provide lower risk drill
targets as it identifies the remnant traces of mineralisation in
the weathering profile.
-- The fingerprint also indicates that Wudinna has potential for Olympic Dam-style IOCG (Iron-Oxide-Copper-Gold) mineralisation.
Detailed Findings:
The Stage 1 calibration programme collected soil / calcrete
samples above areas of high-grade gold mineralisation at Barns,
White Tank and Baggy Green. Cobra also re-assayed selected
drillhole samples from these deposits. All samples were assayed
using lower detection limits and a more extensive suite of chemical
elements than used by previous explorers.
Following detailed geochemical analysis, it has been established
that:
-- High grade Gold (Au) is associated with significantly
elevated levels of Bismuth, Tellurium, Tungsten, Copper and Silver.
(Bi-Te-W-Cu-Ag).
-- As Silver, Copper and Gold (Ag-Cu-Au) are removed during
intense weathering they are often absent closer to surface.
-- The patherfinder elements Bismuth, Tellurium, Tungsten
(Bi-Te-W) remain present even in deeply weathered rock.
-- The Stage 1 analyses showed that elevated Bismuth, Tellurium,
Tungsten (Bi-Te-W) anomalies can be seen in soil samples directly
up-dip of high-grade gold mineralisation at Baggy Green.
The benefits of this breakthrough include:
-- Lower risk drilling targets : targeting Bi-Te-W anomalies in
soils where Gold may have been leached will de-risk future drilling
programmes and provide better chemical pathfinders to
mineralisation at depth.
-- Lower cost exploration : available historic soil and drilling
samples can be re-assayed for Bi-Te-W-Cu-Ag anomalies reducing the
cost of data collection and greatly expanding the effective search
area.
-- Better pathfinders to mineralisation: Previous methods
required soil samples to contain calcrete which is not always
present, this new approach will work in areas where calcrete is
absent.
-- New IOCG Potential : A Bi-Te-W-Cu-Ag signature is typical of
IOCG or Iron-Oxide-Copper-Gold mineralisation, similar to BHP's
giant Olympic Dam Copper-Gold mine (308km to the northeast of
Wudinna), indicating that the project may be prospective for
Copper-Gold Mineralisation.
The company is now planning the Stage-2 sampling programme,
which will focus on infilling sample sites that target extensions
to Barns, White Tank and Baggy Green. Field work is expected to
commence mid-March and will also include the re-assaying of
available soil and drill hole samples. The market will be updated
as this work progresses.
Craig Moulton, Managing Director of Cobra commented:
"This breakthrough represents a major step forward in our
ability to target gold mineralisation at Wudinna and will
significantly improve our ability to de-risk future drilling
programmes."
The person who arranged for the release of this announcement on
behalf of the Company was Craig Moulton, Director of the
Company.
End
Enquiries:
+61 (0) 40 6932187
Cobra Resources plc Craig Moulton +61 (0) 8 9316 4938
Nick Emerson
SI Capital Limited (Broker) Sam Lomanto +44 (0) 14 8341 3500
--------------- -----------------------
Duncan Vasey
Peterhouse Capital Limited Lucy Williams +44 (0) 20 7469 0932
--------------- -----------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAGGGDDRBDDGGR
(END) Dow Jones Newswires
February 27, 2020 02:01 ET (07:01 GMT)
Cobra Resources (LSE:COBR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cobra Resources (LSE:COBR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
