TIDMCOBR
RNS Number : 0238Y
Cobra Resources PLC
04 September 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
04 September 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Permit Approval Received
Cobra is an exploration and mining company focused on the
evaluation of the Wudinna Gold Project. With 6 tenements covering
1,928km(2) , Wudinna is located in the prime Central Gawler Craton
Province ("CGC") of South Australia.
Key Highlights
-- The Company has received approval for its "Ongoing e-PEPR" weeks ahead of schedule.
-- This exploration permit has been approved by the South
Australian Minister for the Environment and Water, and the Minister
for Energy and Mining.
-- This ongoing permit removes the need for annual approvals
within the permit area and covers all 22 gold prospects and 4 IOCG
targets.
-- Given this approval, the Company will commence the expanded
drilling program of 25 holes commencing on the 23(rd) September
2020.
In Detail:
Ongoing e-PEPR
On the 22(nd) of May this year the Company submitted an
application for an "Ongoing e-PEPR" which will allow the company to
explore all of its major target areas without the need for an
individual work permit approval (called an e-PEPR) for each
drilling program. The Ongoing e-PEPR is a commitment by the Company
to operate according to industry best practice with regards to the
impact of its operations on the environment, while also providing
significant time and cost savings for future drilling programs.
Approval was not expected until mid to late September but was
received yesterday.
This approval will enable the Company to complete an expanded
drilling programme as discussed in the RNS "Wudinna Drilling
Program Update" - dated 24(th) August 2020, and summarised
below:
"The Company currently has three exploration programs totalling
up to 6750m of Reverse Circulation (RC) drilling and 150 auger soil
samples, planned for the remainder of 2020:
-- Program 1 - up to 25 holes - 3750m RC Drilling at Baggy
Green, Baggy Green North, Laker and Clarke.
-- Program 2 - approximately 150 auger Geochem samples at Larwood.
-- Program 3 - up to 20 holes - 3000m RC Drilling at Barns and Larwood.
The strategic aim of these programs is to progress resource
development of the Wudinna Project towards the Boards initial
target of a 1m oz resource, with specific objectives including:
-- Confirm orientation and extend the mineralisation at Baggy Green and Barns
-- Define orientation and continuity of mineralisation at Clarke / Laker
-- Make new gold discoveries at Larwood and Baggy Green North
Significantly, the Company also expects to achieve its Stage 1
earn-in commitment with its JV partner Andromeda Metals Ltd
(ASX:ADN) of A$2.1m shortly after the completion of the first
program. This will see the Company secure it's initial 50% stake in
the Wudinna Gold project.
Hagstrom Drilling have confirmed the rig mobilisation date from
Perth as the 21st of September, arriving at Wudinna on the 23rd
September."
The drilling equity agreement with Hagstrom is for 10,000m. As
approximately 6,750m will be allocated during 2020, the remainder
will be available for the Company to use under the same fixed price
agreement in 2021.
Craig Moulton, Director of Cobra commented:
"Receiving this permit weeks earlier than expected is fantastic
news and will enable the Company to drill targets at Baggy Green
North and Laker in the first program. We look forward to updating
the market further as our drilling campaign commences later this
month."
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
-------------------- ------------------------
Notes:
Cobra's Wudinna Gold Project is located in the Gawler Craton 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, as well
as 4 potential IOCG targets.
Cobra currently has over 22 orogenic gold prospects, with grades
of between 16g/t up to 37.4g/t outside of the current JORC
resource, as well as 1 copper-gold prospect, and 4 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.
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END
REAGDGDCGDGDGGS
(END) Dow Jones Newswires
September 04, 2020 02:00 ET (06:00 GMT)
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