TIDMCOBR
RNS Number : 7419Y
Cobra Resources PLC
17 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
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.
17 May 2021
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update:
2021 Aircore Geochemistry Programme
&
Capital Markets Presentation
Cobra, the gold explorer focused on the Wudinna Gold Project in
South Australia, is pleased to provide a further update on its
exploration programme. Following the success of the 2020 drilling
programme, 2021 fieldwork commenced in April and will initially
include a geochemistry sampling programme of up to 976 holes
designed to de-risk the planned Reverse Circulation (RC) drilling
programme which will follow in H2 2021 once all the data have been
processed and interpreted.
138 holes in the geochemistry sampling programme have been
completed to date with the following objectives:
-- A 99-hole manual auger geochemistry programme spaced at 50m x
10m across the Barns JORC resource to aid in confirming the
orientation of mineralisation.
-- A 39-hole manual auger geochemistry programme spaced at 50m x
10m across the White Tank JORC resource to aid in confirming the
orientation of mineralisation.
The prepared pulps from this part of the programme have been
dispatched from the ALS laboratory in Adelaide to the ALS
laboratory in Perth for multielement geochemical analysis. Due to
high demand through all exploration laboratories, these results are
expected in the next 3 to 5 weeks.
The remaining (up to) 838-hole programme will be conducted using
a Toyota Landcruiser mounted aircore drilling rig, as many of the
target areas are covered by a thicker layer of transported sand,
making manual sampling ineffective. The use of this small aircore
rig will enable saprolite (weathered rock) to be sampled, which is
the best medium for pathfinder analysis, and a more accurate
indicator of basement gold mineralisation. This programme will
commence as soon as the contractor is available, with current
indications being towards the end of May. The programme will
include:
-- Clarke Deposit - up to 129 holes at a spacing of 50m x 10m to
test the new interpreted model oriented at 288deg and dipping to
the north. The close spaced (10m) sampling grid will aim to define
continuity and orientation of the significant, high-grade
mineralisation intersected in Hole CBRC009 of 31 metres at 3.06 g/t
of gold (including 15 metres at 5.2 g/t). A further 14 holes will
be drilled to test for mineralisation on a major east-west
structure that intersects with the Clarke deposit.
-- Clarke South - up to 66 holes on a grid spacing of 100m x 25m
to define priority RC drilling targets to the south of the existing
Clarke deposit. Historic surface sampling has anomalous
gold-in-calcrete of between 20ppb and 36.5ppb of gold. The new
sampling will define the extent of the anomalism, which has yet to
be drill tested.
-- Baggy Green North / South - up to 253 holes at a spacing of
between 50m to 200m x 10m to test the two alternative
interpretations. The first model is oriented at 288deg (i.e.
similar to Clarke), whereas the alternative model is oriented at
315deg, while both models assume that the mineralisation dips to
the north. The close spaced (10m) sampling grid will aim to define
continuity and orientation of mineralisation.
-- Baggy Green Far North - two areas will be tested as regional
exploration targets to the existing JORC resources at Baggy Green.
The first will include up to 18 holes on a 50m x 25m grid proximal
to the 1m at 3.7 g/t of gold in Hole CBRC0020, to define the
orientation of that mineralisation. The second will also include up
to 18 holes on a 50m x 25m grid, to extend and define an area on a
north-westerly oriented structure that has previously recorded gold
in surface samples of 48ppb and 69.5ppb of gold, two of the highest
gold in surface sample values to date.
-- Benaud - up to 198 holes at an approximate spacing of 50m x
25m will focus on defining priority RC drilling targets at this new
priority prospect, approximately 1 km north of Barns, proximal to
historic surface sampling where results were greater than 10ppb of
gold. The extent of this sampling grid is in excess of 1.5 km.
-- Laker - up to 68 holes along six lines spaced at 100m, with
most lines approximately 800m in length. These lines will test a
series of key magnetic highs and embayments at the margins of the
Hiltaba suite granite. This will include 18 holes on a 50m x 25m
grid proximal to the historic RC Hole WUD2C-0646 which intersected
37.8 g/t of gold towards the bottom of the hole. This area has
elevated copper in surface samples compared to Baggy Green and
Barns and a line of a further 11 holes will also be drilled
proximal to surface sample values of between 20ppm and 66ppm of
copper, in an attempt to define the extent and continuity of these
samples.
-- IOCGs 1-3 - up to 63 holes on a grid at an approximate
spacing of 100m x 50m to provide valuable multielement geochemistry
data across the three IOCG (Iron-Oxide-Copper-Gold) targets to
establish if these targets have economic potential. It is noted
that these targets may also represent base metal skarns or lode
gold targets.
The above fieldwork is expected to take up to six weeks to
complete, with assays expected up to five weeks after the programme
has been completed. The focus of these programmes is to capture
multielement pathfinder geochemistry. Raw gold values will also be
measured, with highly anomalous values typically considered as
being in excess of 20 ppb of gold. Once complete, the Company will
move directly into a follow-up RC drilling programme in H2 2021 as
soon as the results have been processed and interpreted, the
appropriate consents have been granted and contractors have been
engaged. It is the Company's intention to commission an updated
analysis of resources once sufficient data have been acquired which
would enable it to do so.
Walker East Tenement Application
The Company has applied for a tenement due east and contiguous
with the existing Wudinna tenement holdings. The application has
been accepted by the South Australian Department of Energy and
Mining (DEM). Currently known as ELA 2021/00022, the tenement
covers an area of 536 km(2) and will be owned 100% by Lady Alice
Mines Pty Ltd, the Company's wholly owned subsidiary. Based on
advice from the DEM the application is expected to be processed
later in the year due to the existing backlog and will increase the
total Wudinna Project area to 2,464 km(2) .
Hagstrom Drilling
Due to the extraordinary demand for exploration services in
Australia currently, Hagstrom Drilling Pty Ltd advised the Company
that it would be unable to provide an RC rig for the planned 2021
drilling programmes. Both companies have mutually agreed to
terminate the previously announced partially equity-based drilling
agreement but will look for opportunities to work together in the
future on a fee-for-service basis. The previous agreement has been
settled on a pro-rata basis with Hagstrom receiving 1,445,713
ordinary shares, as announced on 29 April 2021, in relation to the
2,355m drilled by Hagstrom in Q4 2020.
Capital Markets Presentation
Cobra intends to hold a Capital Markets Presentation for
analysts and investors at 10.00 a.m. BST on Thursday, 3 June 2021.
The presentation will be given by webcast, will be hosted by Greg
Hancock (Chairman), Craig Moulton (Managing Director), and Peter
Walker (Geochemical Consultant), and will include a detailed
strategic and technical overview of the Wudinna Gold Project and an
opportunity for Q&A. Details of how to register for the event
will be announced in due course.
Craig Moulton, Managing Director of Cobra, commented:
"We thank our shareholders for their patience while we undertook
the detailed study and interpretation that was needed of the 2020
exploration programme, and the planning of the forward work
programme. This work is now complete, and we are on track for a
busy field season. While drilling and lab capacity in Australia are
still subject to high demand, we are confident that we can now
begin to execute our dual strategy that will continue to build
resource inventory while also making exciting new discoveries. We
are very excited to start work on our IOCG targets and I look
forward to personally returning to the field in the coming weeks to
oversee this exciting new phase of Cobra's development of the
Wudinna Gold Project."
End
Enquiries:
Cobra Resources plc Via Vigo Consulting
Greg Hancock (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
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 Consulting (Financial Public Relations)
Ben Simons
Fiona Hetherington +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 16 g/t up to 37.4 g/t outside of the current
211,000 oz JORC resource, as well as one copper-gold prospect, and
four IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,928 km(2)
land holding in the Gawler Craton. The Wudinna Gold Project within
the Joint Venture tenement holding comprises a cluster of gold
prospects which includes the Barns, White Tank and Baggy Green
deposits.
The person who arranged for the release of this information is
Craig Moulton, the Company's Managing Director.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUSRNRAVUVAAR
(END) Dow Jones Newswires
May 17, 2021 02:00 ET (06:00 GMT)
Cobra Resources (LSE:COBR)
Historical Stock Chart
From Feb 2024 to Mar 2024
Cobra Resources (LSE:COBR)
Historical Stock Chart
From Mar 2023 to Mar 2024