Cobra Resources PLC Wudinna Project Update: Stage 1 Completion (8312G)
30 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMCOBR
RNS Number : 8312G
Cobra Resources PLC
30 November 2020
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30 November 2020
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update:
Stage 1 Completion
Cobra, the mining exploration company focused on the Wudinna
Gold Project in South Australia, is pleased to announce that the
Company has (through its wholly owned subsidiary, Lady Alice Mines)
issued a notice of completion to Andromeda Metals Limited
("Andromeda") and Peninsula Resources Limited confirming that Cobra
has fulfilled its Stage 1 obligations entitling it to the initial
50% of the Wudinna Project (the "Project").
The interest in the Project may be increased to 75% by the
Company spending a further A$2.9 million over a 3-year period.
Cobra will now work with Andromeda to establish a formal joint
venture structure pursuant to which the Company's wholly owned
subsidiary, Lady Alice Mines, will acquire a 50% participating
equity interest in the Project. A further announcement will be made
once the joint venture has been formally established.
Progress to date
The Wudinna Mineral Resource estimate, as at March 2019, for the
Barns, White Tank and Baggy Green deposits stands at 211,000 ounces
above a 0.5 g/t gold cut-off grade, classified and reported in
accordance with the guidelines of the JORC (2012) Code. Since
Cobra's acquisition of Lady Alice Mines in March 2019, considerable
progress has been made towards our strategy to expand this gold
resource. This has included gold target definition through
geochemical (soil) sampling, leading to a substantial drilling
programme to test direction, orientation and extension of existing
resource. 41 Reverse Circulation (RC) holes were drilled for a
total of 6,090 m between September and November 2020, with
encouraging alteration observed indicative of gold mineralisation.
The sample preparation and assay processes are underway in Adelaide
and Perth. The assay laboratories are experiencing a significant
backlog because of Coronavirus restrictions and other factors. The
Company looks forward to reporting initial results as they become
available, however the Lab has advised that all results may not be
completed before the new year.
Craig Moulton, Director of Cobra, commented:
"Fulfilling our Stage 1 earn-in obligations represents a major
milestone in Cobra's development which will result in the Company
being issued an initial 50% interest in the Project. The funds
invested in the Project to date in order to achieve this earn-in
have been strategically applied to priority existing deposits where
we believe an opportunity exists for incremental resource expansion
over time to 1 million ounces and beyond.
Wudinna is an exceptional opportunity within an established gold
system in the Central Gawler Gold Province of South Australia. It
offers multiple layers of value creation potential through
brownfield development of existing gold deposits, with further
upside from 22 regional prospects with multi-million-ounce resource
potential and four IOCG (Olympic Dam style) copper-gold
targets.
We are planning our 2021 work programme, which is likely to
focus on continuing to grow the existing resource base, finding new
mineralisation in other identified prospects to establish new
deposits, and also testing those potential IOCG targets. This is a
very exciting time for the gold sector and for our Company to be
securing its initial 50% interest in the Project."
End
Enquiries:
Cobra Resources plc
Craig Moulton (Australia)
Dan Maling (UK) +44 (0)20 7390 0234
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413 500
Peterhouse Capital Limited (Joint Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Communications (Financial Public Relations)
Ben Simons
Simon Woods +44 (0)20 7390 0234
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 oz JORC resource, as well as one copper-gold prospect, and
four IOCG targets.
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