TIDMCOBR
RNS Number : 7395D
Cobra Resources PLC
30 October 2020
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For immediate release
30 October 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Update
Cobra, the mining exploration company focused on the Wudinna
Gold Project in South Australia, provides an exploration
update.
Key Highlights
-- Drilling at Baggy Green, Baggy Green North and Clarke has been completed.
-- Alteration which can be associated with gold mineralisation
has been observed in a number of holes, with the first batch of
assays expected within the next two weeks.
-- Drilling at Barns (Proposed Stage 3) has commenced to ensure
field crews do not have to quarantine over the upcoming holiday
period.
The company is pleased to announce that significant progress is
being made with its exploration programme which commenced on the
28(th) of September 2020. As of the 29(th) of October the Company
had drilled 23 Reverse Circulation (RC) holes, including a total of
21 RC holes across Baggy Green, Baggy Green North and Clarke.
Pyrite, biotite and some quartz alteration have been observed in
a number of intervals across a number of holes, and while not
definitive, this style of alteration can be associated with gold
mineralisation. The samples are being sent in batches to ALS
laboratories, where they are prepared in Adelaide and then assayed
in Perth. ALS have advised that initial batches of sample pulps
have been received in Perth, and the initial results should be
available within the next two weeks.
Some challenging ground and weather conditions have been
encountered, both in terms of drilling conditions and site access.
To ensure that drilling production rates were maintained, a second
RC drilling rig from a local contractor was brought to site on the
16(th) of October. This has resulted in production levels returning
to plan.
As the COVID-19 travel restrictions are still in force for entry
from South Australia to Western Australia, the Company and Hagstrom
Drilling have decided to continue with the drilling programme,
rather than complete it in stages as previously proposed.
A programme notification was submitted to the Department of
Energy and Mining (DEM) for a total of 18 RC holes at the Barns
deposit (Proposed Stage 3), which has been approved, and 2 holes
have been completed so far. These 18 holes are planned to increase
the definition and extent of the known Barns JORC resource, which
currently stands at 104,000 ounces using a 0.5g/t gold cut-off
grade, as well as to test a thesis that there may be a possible
connection between the Barns deposit and the White Tank deposit.
The total Wudinna project resource is 211,000 ounces.
The planned 4 holes at Laker will be completed following the
completion of the drilling at Barns.
Discussions with local landowners are progressing constructively
to enable access to land for the sampling and drilling programme at
Larwood (Proposed Stage 2). To ensure appropriate consultation, it
is likely that this part of the programme will be scheduled early
in the new year.
Craig Moulton, Director of Cobra, commented:
"We are making great progress with our maiden drilling programme
at Baggy Green and now will continue into the Barns area ahead of
schedule. Naturally, we are eagerly awaiting the results of these
analyses and encouraged by the alteration observed to date."
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
-------------------- ------------------------
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton
which 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. In total Cobra has over 22 orogenic gold prospects,
with grades of between 16g/t up to 37.4g/t outside of the current
211,000 ounce JORC resource, as well as 1 copper-gold prospect, and
4 IOCG targets.
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END
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