Cobra Resources PLC Drilling/Production Report (2978W)
17 Agosto 2020 - 1:00AM
UK Regulatory
TIDMCOBR
RNS Number : 2978W
Cobra Resources PLC
17 August 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
17 August 2020
Cobra Resources plc
("Cobra" or the "Company")
Hagstrom Drilling Equity Agreement Update
Cobra is an exploration and mining company focussed on the
evaluation of its prized Wudinna Gold Project. With 6 tenements
covering 1,928sqkm, Wudinna is located in the prime Central Gawler
Craton Province ("CGC") of South Australia.
The Gawler Craton has been 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, as well as 3 potential IOCG
targets.
Cobra currently has over 22 orogenic gold prospects, with grades
of between 16g/t up to 37.8g/t outside of the current JORC
resource, as well as 1 copper-gold prospect, and 3 IOCG targets.
Leading edge multi-element geochemical analysis is being
systematically applied to define the orientation and continuity of
the mineralisation ahead of drilling, significantly reducing
risk.
Key Highlights
-- Hagtstrom Drilling Equity Agreement expanded from 4,650m to 10,000m of RC Drilling
In Detail:
On the 21(st) October 2019, the Company announced the Execution
of a Drilling Equity Agreement with Hagstrom Drilling, and its
owners, to provide Reverse Circulation (RC) drilling services at
the Wudinna Gold Project. The key highlights of this agreement
were:
-- Hagstrom drilling is an experienced drilling contractor
located in Perth, Western Australia with a fleet of over 22
drilling rigs, refer to https://www.hagstromdrilling.com.au/ for
more information.
-- Hagstrom, and its owners, have agreed to a fixed price
contract for the Wudinna drilling programme, reducing the drilling
cost risk for the planned exploration programme.
-- Hagstrom has also agreed to take 33.34% of this fixed cost as equity.
-- Each drilling programme will be subject to a specific
contract under the terms specified in the Equity Agreement.
As the Company has decided to accelerate it exploration plans,
this agreement has been increased to include a total of 10,000m of
RC drilling, from its original scope of 4,650m.
The Company will detail its planned exploration programmes later
this week, however, a start date of the second week of September
has been agreed between the Company and Hagstrom for the initial
drilling programme, subject to finalising the drilling contract and
mobilisation.
Unless there is a significant deterioration in COVID-19 cases
either in Western or South Australia, the Company does not expect
COVID-19 related travel restrictions will have a significant impact
on its planned drilling programmes.
Craig Moulton, Director of Cobra commented:
"Expanding this agreement, is a great result for the Company, it
will maximise our exploration budget and minimise risk. It is a
great vote of confidence in the Wudinna Gold Project by a notable
industry participant."
The person who arranged for the release of this announcement was
Craig Moulton, Managing Director of the Company
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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