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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cobra Resources Plc | LSE:COBR | London | Ordinary Share | GB00BGJW5255 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.15 | 14.63% | 1.175 | 1.10 | 1.25 | 1.175 | 1.05 | 1.05 | 2,692,020 | 14:00:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 0 | -509k | -0.0009 | -13.00 | 6.93M |
From Apr 2022 to Apr 2024
TIDMCOBR
RNS Number : 5539Q
Cobra Resources PLC
21 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) 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.
21 February 2023
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
CSAMT Geophysics Defines Further Gold and REE Associations;
Highlights Additional Priority Targets To Be Tested in Planned Drilling
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia, is pleased to provide an update on results of the Controlled Source, Audio-Frequency Magnetotelluric ("CSAMT") and Natural Source Audio Frequency Magnetotelluric ("AMT") surveys at the Clarke prospect. As a result of the surveys, seven additional targets with structural similarities and corresponding to anomalous gold in calcrete will be tested in an upcoming drilling programme scheduled to commence in March.
Summary Interpretation and Implications of the CSAMT Survey
-- Increases in saprolite depth are locally related to structures containing gold mineralisation, hydrothermal alteration, sulphides and subsequently elevated rare earths. Deeper weathering profiles are considered to be a product of acidic weathering conditions that result from the presence of sulphides
-- Immediately adjacent to the interpreted Clarke gold-bearing structure, a zone of moderate conductivity is interpreted to reflect sodic alteration associated with gold mineralisation
-- Regional, unmineralised structures display different geophysical responses to localised mineralised structures. These include shallow saprolite weathering and strong conductive down-plunge responses that are thought to be related to the presence of saline groundwater
-- Gold mineralisation is contained in second order structures where dilation is likely increased by the relative proximity to primary structures, and alteration subsequently yields a de-magnetised geophysical response
-- Structural observations made through the CSAMT survey have been applied to the regional Airborne Electromagnetic ("AEM") survey conducted by Newmont in 2004. A number of demagnetised zones are interpreted to contain first and second order structures and are comparable to the structural interpretation at the dual gold and rare earth Clarke prospect
-- Results support basement interpretations and structural inferences derived from the Loupe TEM survey completed in November 2022
-- Seven additional targets with structural similarities and corresponding to anomalous gold in calcrete will be tested in an upcoming drilling programme scheduled to commence in March
-- Both Reverse Circulation ("RC") and Aircore drilling programmes will be executed in concurrence, designed to expand both gold and REE resources
The CSAMT and AMT surveys were co-funded by the South Australia Accelerated Discovery Initiative ("ADI").
Rupert Verco, CEO of Cobra, commented:
"The CSAMT survey has enabled us to evaluate and discern differences between mineralised and un-mineralised features. We have applied these findings to our regional dataset and have defined several prospective targets that we look forward to testing in our upcoming drilling programmes.
RC drilling will focus on adding gold ounces to our resource, where we plan to extend mineralisation at Clarke and test extensions at Barns and White Tank. We also plan to execute a regionally extensive Aircore programme targeting rare earth resource growth at Clarke and Thompson whilst testing these regional gold targets.
We are grateful for the South Australian Government's support in this initiative, which will be invaluable in accelerating the definition of our multi-commodity project, and we are fortunate to be working in a jurisdiction supportive of mineral exploration and advancing exploration technologies."
March 2023 Drilling Programme
Commencing in March, Cobra will execute a significant dual-pronged drilling programme aimed at expanding complementary gold and rare earth resources, where 2,000-3,000m of RC drilling will:
-- Target near-resource extensions at Barns and White Tank gold prospects
-- Test further strike and depth extensions at the defined 600m of mineralised gold strike at the Clarke prospect
-- Enable gold mineralisation at Clarke to be incorporated into an updated mineral resource estimate
5,000-7,000m of Aircore drilling will:
-- Target expansion of the 20.9 Mt Rare Earth JORC Resource at Clarke and Baggy Green by targeting identified zones of deep saprolite generation where acidity and clay formation are considered important catalysts for clay adsorption of rare earths
-- Infill drilling at the Thompson 81-233 Mt REE Exploration Target
-- Test targets generated by the CSAMT survey, prospective for both gold and rare earth mineralisation
Enquiries:
Hot Features
Premium
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
+44 (0)1483 413 500
Shard Capital Limited (Joint Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
Vigo Consulting (Financial Public
Relations)
Ben Simons
Charlie Neish
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was Rupert Verco, Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna Project in South Australia's Gawler Craton, a tier one mining and exploration jurisdiction which hosts several world-class mines. Cobra's Wudinna tenements, totalling 3,261 km(2) , contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high-grade gold intersections, with ready access to infrastructure. Cobra has 22 orogenic gold targets outside of the current 211,000 Oz gold JORC Mineral Resource Estimate. In 2021, Cobra discovered rare earth mineralisation proximal to and above the gold mineralisation which has been demonstrated to be regionally scalable. In 2023, Cobra published a maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt at 658 ppm Total Rare Earth Oxides enabling a strategic baseline to advance an economically beneficial combination of gold and rare earth resources.
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Competent Persons Statement
Information and data presented within this announcement has been compiled by Mr Robert Blythman, a Member of the Australian Institute of Geoscientists ("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has sufficient experience, which is relevant to the style of mineralisation, deposit type and to the activity which he is undertaking to qualify as a Competent Person defined by the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC" Code). This includes 10 years of Mining, Resource Estimation and Exploration relevant to the style of mineralisation.
Information in this announcement has been assessed by Mr Rupert Verco, a Fellow of the Australasian Institute of Mining and Metallurgy ("FAusIMM"). Mr Verco an employee of Cobra Resources Plc has more than 16 years relevant industry experience, which is relevant to the style of mineralisation, deposit type and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC" Code). This includes 11 years of Mining, Resource Estimation and Exploration.
APPIX
Figure 1 : CSAMT line 8 section at the Clarke prospect - cool colours indicate high resistivity and warm colours indicate low resistivity. Significant gold intersections highlighted in red
Figure 2: CSAMT Survey sections at the Clarke prospect overlain by the regional magnetics
Figure 3 : Areas of demagnetisation relating to priority structural targets to be tested by planned Aircore drilling
About CSAMT
Controlled Source Audio-Frequency Magnetotelluric is a low impact, non-intrusive, ground geophysical survey method used to measure sub-surface resistivity. The survey involves transmitting a controlled signal at given frequencies into the ground from one location (transmitter) and measuring the electric and magnetic responses at receiving points. The ratios of orthogonal, horizontal electric and magnetic field magnitudes are used to calculate the resistivity structure of the earth.
CSAMT provides better resolution and much greater penetration than alternate methods such as IP surveys. The resistive variances in the geology enable structures, lithology and groundwater to be modelled.
Clarke Survey Details
The survey has been co-funded through the South Australian ADI. From November to December 2022, Zonge Engineering and Research Organisation Australia conducted a CSAMT survey at the Clarke prospect. A total of 12.6 line kilometres of data was collected over the course of the survey.
Each CSAMT/AMT receiver array consisted of up to seven E-field dipoles and a single H-field antenna at a station spacing of 25m. Data was recorded over a frequency range from 4 to 8192 Hz. Distance between receiving lines and transmitter dipole ranged from 6.5-8.5 km. The maximum transmitter current was 31 amps.
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Results presented in this release relate to CSAMT and
random chips, or specific specialised industry AMT data obtained in a survey completed in December
standard measurement tools appropriate to the 2022.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Zonge Engineering and Research Organization conducted
meaning of sampling. 12.6 line kilometers over 14 days using a Zonge
multipurpose GDP-32/24 receiver and a Zonge GGT-30
geophysical transmitter. The transmitter was powered
* Include reference to measures taken to ensure sample by a ZMG-30 generator system. Signal frequency and
representivity and the appropriate calibration of any synchronization was controlled by an XMT-32
measurement tools or systems used. controller with the receiver and controller
synchronized daily.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * Grounded, porous ceramic pots filled with copper
sulphate were used to collect electric field data.
CSAMT and AMT magnetic-field data were sensed using
* In cases where 'industry standard' work has been done EMI ANT6 coils. Receiver arrays were constructed with
this would be relatively simple (eg 'reverse 2.5mm insulated copper wires.
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more * Each receiver array consisted of up to seven E-field
explanation may be required, such as where there is dipoles with one central H field antenna. Data from
coarse gold that has inherent sampling problems. each channel were recorded simultaneously to provide
Unusual commodities or mineralisation types (eg scalar" TM mode" coverage across each line.
submarine nodules) may warrant disclosure of detailed
information.
* CSAMT data were recorded over the frequency range
from 4 to 8192 Hz.
* AMT data were taken at each of the CSAMT receiver
positions to collect deeper information as the CSAMT
data alone did not penetrate to the desired depths.
* The distance between the receiving lines and
transmitter dipole ranged from 6.5-8.5km.
* Maximum transmitter current was approximately 31
amps.
* 9 lines of 1400m were analysed with station spacings
of 25m and a total of 504 stations of data collected.
* raw CSAMT data quality was assessed using the Zonge
CSAVGW software
* Unreliable data was removed from processing but has
been retained in the raw data set
* AMT time series data were processed using Zonge's
MTedit software. Raw time series data were filtered
then Fourier coefficients calculated for each
frequency. These were then processed as impedance
data over the frequency range 1 - 8192Hz. AMT
impedance phase data were used to smooth and
interpolate portions of the AMT apparent resistivity
curve where resistivity data was not of sufficient
quality.
* AMT scalar soundings were merged with far-field
scalar CSAMT soundings to produce complete far-field
scalar soundings for each station over the 1-8192Hz
range. Data from 1-256Hz were derived from the AMT
and data from 256-8192Hz were derived from the CSAMT.
* All soundings were averaged, merged, and then
inspected using Zonge ASTATIC software for final QC
before static corrections on apparent resistivity
data were calculated.
* Final average files were input into Zonge SCS2D AMT
inversion modelling software.
* Topographic information used in modelling the data
have been extracted from NASA's SRTM data setwith a
30m lateral resolution and an 8m vertical accuracy.
--
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Not applicable - no drilling is reported
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
Drill sample
recovery * Method of recording and assessing core and chip * Not applicable - no drilling is reported
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
Logging
* Whether core and chip samples have been geologically * Not applicable - no drilling is reported
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Not applicable - no drilling is reported
and sample half or all core taken.
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality of
assay data * The nature, quality and appropriateness of the * Not applicable - no drilling is reported
and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
Verification
of sampling * The verification of significant intersections by * Not applicable - no drilling is reported
and assaying either independent or alternative company personnel.
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
Location of
data points * Accuracy and quality of surveys used to locate drill * All image and data were recorded and stored in GDA94
holes (collar and down-hole surveys), trenches, mine MGA53
workings and other locations used in Mineral Resource
estimation.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
Data spacing
and * Data spacing for reporting of Exploration Results. * The CSAMT survey was conducted across nine lines of
distribution 1400m with 200m spacing in between. Station spacing
was 25m along each line for a total of 504 stations
* Whether the data spacing and distribution is and a total line length of 12.6km
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Lines were run SW-NE in orientation to best defined
relation to sampling of possible structures and the extent to the primary structural orientations defined at the
geological which this is known, considering the deposit type. Clarke prospect.
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Sample
security * The measures taken to ensure sample security. * Stacked datasets were downloaded daily from the Loupe
instrument and sent to SGC for review of data quality
and for safe storage of data.
Audits or * No audits or reviews have been completed.
reviews * The results of any audits or reviews of sampling
techniques and data.
============= ============================================================ ======================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * This geophysical program has been carried out on EL
land tenure including agreements or material issues with third 6131, currently owned 100% by Peninsula Resources
status parties such as joint ventures, partnerships, limited, a wholly owned subsidiary of Andromeda
overriding royalties, native title interests, Metals Limited.
historical sites, wilderness or national park and
environmental settings.
* Alcrest Royalties Australia Pty Ltd retains a 1.5%
NSR royalty over future mineral production from both
* The security of the tenure held at the time of licences.
reporting along with any known impediments to
obtaining a licence to operate in the area.
* Baggy Green, Clarke, Laker & the IOCG targets are
located within Pinkawillinnie Conservation Park.
Native Title Agreement has been negotiated with the
NT Claimant and has been registered with the SA
Government.
* Aboriginal heritage surveys have been completed over
the Baggy Green project area, with no sites located
in the immediate vicinity.
* A Native Title Agreement is in place with the
relevant Native Title party.
Exploration
done by other * Acknowledgment and appraisal of exploration by other * On-ground exploration completed prior to Andromeda
parties parties. Metals' work was limited to 400 m spaced soil
geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
* Other than the flying of regional airborne geophysics
and coarse spaced ground gravity, there has been no
recorded exploration in the vicinity of the Baggy
Green deposit prior to Andromeda Metals' work.
Geology
* Deposit type, geological setting and style of * The deposits are either lode gold or intrusion type
mineralisation. mineralisation related to the 1590 Ma Hiltaba/ GRV
tectonothermal event.
* Gold mineralisation has a spatial association with
mafic intrusions/ granodiorite alteration and is
associated with metasomatic alteration of host rocks.
* Rare earth minerals occur within the kaolinised
saprolite horizon. Preliminary work supports Ion
Adsorbed Clay ("IAC") mineralisation.
* XRF, Hylogger spectral analysis, SEM and preliminary
metallurgical testing demonstrate a change in mineral
phase from basement to lower saprock. Elevated REE
grades within saprolite have low occurrences of
identifiable REE bearing minerals supporting that a
component of the REE bursary is adsorbed to clay.
* pH testing supports that REE grade and mineral state
is a product of REDOX conditions with elevated REE
grades being associated with conditions pH6-7 and pH
9.5-10.5.
* Further work is planned to define mineralogy and
nature of mineral occurrence.
* A summary of all information material to the * Not applicable - no drilling is reported
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Not applicable - no drilling is reported
methods techniques, maximum and/or minimum grade truncations
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship
between * These relationships are particularly important in the * Not applicable - no drilling is reported
mineralisation reporting of Exploration Results.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * Plan maps are referenced that demonstrate results of
tabulations of intercepts should be included for any interest.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * The reporting is considered balanced
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * Previously reported significant Gold and REE
exploration should be reported including (but not limited to): mineralization and resource areas are shown on
data geological observations; geophysical survey results; associated plans
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work
* The nature and scale of planned further work (eg * Further AC and RC drilling is planned to test the new
tests for lateral extensions or depth extensions or interpretation from this new data set as outlined on
large-scale step-out drilling). the associated plan maps.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== =================================================================
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