TIDMCOBR
Cobra Resources PLC
08 July 2020
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
08 July 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Programme Update - Stage 3 Geochemistry and Drilling
Programme
Cobra is an exploration and mining company which today announces
an update on exploration and evaluation of the Wudinna Gold
Project. A pdf version of this announcement with maps is available
via the Company's website:
https://cobraplc.com/investors/regulatory-announcements
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This announcement is to update the market on the Stage 3
geochemistry programme and planned drilling programme:
Highlights:
-- The Stage 3 geochemistry programme has commenced with both
historic Reverse Circulation (RC) drill samples and soil samples
sent to ALS laboratories for analysis.
-- Approximately 3000 historic RC samples from Baggy Green;
Baggy Green North; Clarke; and Laker; and a further approximately
1100 soil samples from Larwood have been submitted for
multi-element Geochemical analysis.
-- These results will provide pathfinder analysis and final
targeting for a planned drilling programme to commence in Quarter
3, 2020.
-- The Company has an approved drilling permit for drilling at
Baggy Green; Baggy Green North; and Clarke; as well as a new soil
sampling programme at Larwood.
-- An ongoing exploration permit is currently being negotiated
to enable an RC drilling programme at Laker.
-- The Company currently expects the drilling programme to commence in September.
In Detail:
The Stage 3 geochemistry programme is focused on refining
greenfields drilling targets at Clarke; Laker; and Larwood; as well
as providing further definition at Baggy Green North and Baggy
Green following the completion of the Stage 2 soils programme.
The aim of this work is to define the orientation of extensions
to the existing resource, as well as the orientation of existing
high-grade greenfields intercepts, outside of existing
resources.
The pathfinder analysis derived from these geochemical data will
refine drilling targets and maximise the value of the planned
drilling programme. Gold analyses exist for all of the samples
described below, and therefore samples will not be re-assayed for
gold.
Clarke
At the Clarke, analysis is targeting a series of high-grade
intercepts including:
BHID Depth_From Depth_To Au g/t
BGRC-0858 107 108 2.59
----------- --------- -------
BGRC-0859 44 45 1.93
----------- --------- -------
BGRC-0859 57 58 4.36
----------- --------- -------
BGRC-0859 58 59 1.83
----------- --------- -------
BGRC-0859 72 73 4.68
----------- --------- -------
BGRC-0859 74 75 7.31
----------- --------- -------
BGRC-0859 90 91 4.59
----------- --------- -------
BGRC-0859 91 92 2.04
----------- --------- -------
BGRC-0860 59 60 8.04
----------- --------- -------
BGRC-0860 107 108 3.99
----------- --------- -------
BGRC-0861 66 67 1.43
----------- --------- -------
BGRC-0861 67 68 16.4
----------- --------- -------
BGRC-0861 68 69 3.83
----------- --------- -------
BGRC-0861 72 73 2.13
----------- --------- -------
BGRC-1231 83 84 1.5
----------- --------- -------
At Clarke, 17 historic Reverse Circulation (RC) holes (including
over 800 samples) have been submitted for multi-element
analysis.
Baggy Green
At Baggy Green North, 10 historic RC holes (approximately 450
samples) have been submitted, targeting areas of elevated or
anomalous pathfinder elements in soils, as well as two gold
intercepts of 1.44g/t in hole WUD6-0177 and 1.6g/t in hole
WUD6-0761.
At Baggy Green / Baggy Green South, 27 historic RC holes (over
1000 samples) have been submitted for analysis targeting extensions
of the existing resources to the north, north east and south.
Laker
At Laker 23 historic RC holes (over 700 samples) have been
submitted, targeting maximum hole gold intercepts including:
BHID Au g/t
WUD2C-0646 37.81
-------
WUD2C-0834 2.31
-------
WUD2C-0256 1.47
-------
WUD2C-0652 1.00
-------
WUD2C-0325 0.92
-------
WUD2C-0637 0.84
-------
WUD2C-0649 0.78
-------
WUD2C-0692 0.75
-------
WUD2C-0648 0.72
-------
WUD2C-0306 0.72
-------
WUD2C-0655 0.67
-------
Larwood
At Larwood, the Company is targeting a significant gold anomaly
in soils, thought to represent the migration of gold in cover
within a topographic low. The source deposit is believed to be
up-slope from the anomaly. The Company has submitted over 1100 soil
samples for multi-element analysis, which will aid in defining the
origin of the gold in these samples, and is in process of designing
an auger soil sampling programme on the up-slope section to target
the source.
The Company has an approved exploration permit for this soil
sampling programme, however, access will be negotiated with local
land owners to fit in around harvesting activities.
Drilling Programme
The Company is finalising discussions will its preferred
drilling contractor, Hagstrom Drilling, to complete a drilling
program at Baggy Green, Baggy Green North, Clarke and Laker. The
staging and timing of this programme is being finalised and is
planned to commence in September.
Department of Energy and Mining (DEM) permitting is in place for
up to 23 holes at Baggy Green, Baggy Green North, and Clarke
prospects. An on-going exploration permit, known as an e-PEPR, is
being negotiated with the (DEM) to cover all future exploration
requirements, including Laker. Once approved this will
significantly reduce the time required for future exploration
approvals.
Further updates will be provided to the market as the timing and
design of the drilling programme is finalised later this month.
Andromeda JV Stage 1 earn-in
The Company has reached an agreement with its JV partner,
Andromeda Metals Ltd, to extend the Stage 1 earn-in timeframe by
two months to the 31(st) December 2020, largely due to the impact
of COVID-19 travel restrictions. Whilst the Company was scheduled
to meet its $A2.1 Stage 1 earn-in commitment by the due date, both
parties felt that an extension of two months would maximise the
value of the planned drilling programmes.
Craig Moulton, Managing Director of Cobra commented:
"With over 4000 Stage 3 geochem samples submitted for analysis,
we will soon have a large database of pathfinder elements which
will greatly aid the design of our upcoming drilling programme.
We plan to finalise the design of this programme in the coming
weeks and have a number of exciting targets to test, including
extensions to the existing mineralisation at Baggy Green and some
high priority greenfields targets at Clarke and Laker.
Our discussions with Hagstrom Drilling have progressed well and
we look forward to working with them. This fixed price drilling
contract will enable us to maximise the amount of drilling with
less risk of cost overruns.
We are looking forward to a busy second half of 2020."
Wudinna Project
The Wudinna Project (the 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.
The Wudinna Mineral Resource estimate, as at March 2019, for the
Barns, White Tank and Baggy Green deposits is shown below. This has
been classified and reported in accordance with the guidelines of
the JORC(2012) Code. The Mineral Resources have been reported above
a 0.5 g/t gold cut-off grade to reflect current commodity prices
and extraction by open pit mining.
Deposit Classification Tonnes Grade (g/t Gold ounces
(x1,000) gold)
Barns Indicated 410 1.4 18,000
Inferred 1,710 1.5 86,000
------------------------------ ---------- ----------- ------------
Total 2,210 1.5 104,000
------------------------------ ---------- ----------- ------------
White Tank Inferred 280 1.4 13,000
---------------- ---------- ----------- ------------
Baggy Green Inferred 2,030 1.4 94,000
---------------- ---------- ----------- ------------
Total 4,430 1.5 211,000
---------- ----------- ------------
The Company is earning a 75% interest in the Project by spending
A$5 million over a 6-year period.
Competent Person Statement - Technical
Technical information in this announcement has been reviewed by
Craig Moulton, the Company's Managing Director. Craig has 27 years'
experience in the industry, having worked for Rio Tinto, Cleveland
Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral
Economist. Craig holds a BSc Hons (Geology), MSc (Min Econs),
MAusIMM, FGS.
The person who arranged for the release of this information is
Craig Moulton, the Company's Managing Director.
End
Enquiries:
Craig Moulton +61 (0) 893164938
Cobra Resources plc Daniel Maling (UK) +44 (0) 758 003 2520
SI Capital Limited Nick Emerson
(Joint Broker) Sam Lomanto +44 (0) 14 8341 3500
-------------------- ------------------------
Peterhouse Capital Limited Duncan Vasey
(Joint Broker) Lucy Williams +44 (0) 20 7469 0932
-------------------- ------------------------
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END
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