Cobra Resources PLC Wudinna Exploration Programme Update - Stage 2
17 Marzo 2020 - 2:33AM
RNS Non-Regulatory
TIDMCOBR
Cobra Resources PLC
17 March 2020
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For immediate release
17 March 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Update - Stage 2 Sampling Programme Commences
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 to 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.
Highlights:
-- The Stage 2 sampling programme has commenced.
-- 552 soil samples are being sent to ALS Laboratories for multi-element analysis
-- Field activity will commence on Wednesday 18(th) March for 10 days
-- 238 new soil samples will be collected to test the following Brownfields targets:
o Barns - southern extension,
o Clarke Prospect - A new prospect to the north of Baggy
Green,
o Baggy Green - northern and southern extensions
In Detail:
The Stage 2 soil sampling programme will collect 238 new
multi-element samples as well as re-assaying 552 historic soil
samples, where detailed multi-element analysis was not performed.
This will provide a detailed sample grid with a full chemical
element suite across and around existing deposits. These new data
will enable the Company to use its recently announced
mineralisation fingerprint analysis to target extensions to the
existing resource.
Four areas will be targeted including:
Deposit Name Extension New Soil Samples Re-Assay Samples
Barns Southern 57 355
----------------- ----------------- -----------------
Baggy Green Clarke Prospect 107 113
----------------- ----------------- -----------------
Baggy Green North 84
----------------- ----------------- -----------------
Baggy Green South 74
----------------- ----------------- -----------------
Total 238 552
----------------- -----------------
The areas being sampled during this programme have already
demonstrated high grade gold intersections outside of the existing
resources:
-- Areas around the existing 104,000oz Barns gold deposit
include 22 drillholes outside of the current JORC resource with
maximum grades ranging from 1g/t to 16.5 g/t.
-- Areas around the existing 94,000oz Baggy Green gold deposit
include 11 drillholes outside of the JORC resource with maximum
grades ranging from 1g/t to 16.4 g/t.
-- Most of these holes at Baggy Green are concentrated in the newly named Clarke Prospect.
The current work programme is forecast to be complete by the
27(th) of March with results available three to four weeks after
submission.
Craig Moulton, Managing Director of Cobra commented:
"The soil data being collected over the next 10 days will
provide a new level of confidence in in our drill targeting of
brownfields resources. I am particularly excited about the new
Clarke prospect which has already demonstrated high-grade gold
potential outside of the existing resource."
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
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END
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