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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 | 3,236,319 | 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 2023 to Apr 2024
TIDMCOBR
RNS Number : 6719Y
Cobra Resources PLC
09 May 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.
9 May 2023
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Project Update
Initial RC Drilling Results Underpin Gold Resource Growth Potential
Completion of Aircore Drilling Confirms Highly Prospective Conditions for Ion-Adsorbed Rare Earths
Notice of UK Private Shareholder Reception
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia, announces further gold results from a recent 20-hole, 2,466m Reverse Circulation ("RC") drilling programme aimed at expanding the Company's existing gold and rare earth resources. Additionally, the Company is pleased to announce that is has completed a dual purpose, 95-hole regional Aircore ("AC") drilling programme.
RC Drilling Highlights
-- Significant resource expansion potential at the White Tank 13,000 Oz gold resource, demonstrated by CBRC0070 which intersected 12m at 2.35 g/t gold from 54m, including 2m at 8.5 g/t gold(1)
-- Increased strike of gold mineralisation at the Clarke prospect to over 700m and depth extensions validated through the following intersections:
o CBRC0078 intersected 1m at 1.37 g/t gold at 81m, 1m at 1.5 g/t gold at 90m, and 37m at 0.50 g/t gold from 100m, including 2m at 4.58 g/t gold from 100m
o CBRC0086 intersected 3m at 1.13 g/t gold from 123m
o CBRC0076 intersected 8m at 0.63 g/t gold from 101m, including 1m at 1.93 g/t gold from 105m
o CBRC0077 intersected 1m at 0.55 g/t gold and 4m at 0.8 g/t gold from 96m, including 1m at 2.09 g/t gold from 99m
o CBRC0084 intersected 5m at 0.53 g/t gold from 89m and 3m at 0.41 g/t gold from 98m
-- Further shallow resource extensions to the Barns 104,000 Oz gold resource, where:
o CBRC0072 intersected 2m at 0.69 g/t gold
o The first AC hole CBAC0092 intersected 2m at 1.00 g/t gold from 12m
-- Remaining gold results for three outstanding RC holes and selected AC holes are expected during May
-- Rare earth results from selected RC holes are expected in late May
(1) Results reported at a 0.3 g/t gold cut-off, with a maximum of 2m internal dilution with a minimum carrying grade of 0.1 g/t Au. Intersections are reported down-hole
AC Drilling Highlights
-- A total of 95 holes for 3,950m were drilled across eight prospects with the dual purposes including:
o Confirming REDOX conditions within a significantly scalable palaeo-drainage system that is considered highly prospective for ion-adsorbed Rare Earth Elements ("REE") mineralisation, with reduced clays occurring within oxidised sands and directly above weathered saprolite at both the Boland and Bradman prospects
o Expanding the existing clay-hosted rare earth resource that complements gold mineralisation at the Baggy Green and Clarke prospects through testing structural extensions considered prospective for further gold and rare earth mineralisation
o Testing further gold mineralisation east of Barns, where historical drilling has intersected numerous shallow gold intervals, including:
-- 7m at 2.23 g/t gold from 52m, including 1m at 8.3 g/t gold from 57m
-- 6m at 1.35 g/t gold from 64m
-- 7m at 1.35 g/t gold from 64m
-- AC gold and REE results are expected throughout May and June
-- Selected REE samples have been sent to the University of South Australia for both desorption testing and metallurgical optimisation studies
UK Private Shareholder Reception
Rupert Verco, Chief Executive Officer of Cobra, is visiting London this week to attend the 121 Mining Conference. Mr Verco will be conducting a presentation for private shareholders on Wednesday, 17 May 2023 at 10.30 a.m. BST in Mayfair, where there will be an opportunity for Q&A discussion. A copy of the presentation will be made available on the Company's website at www.cobraplc.com .
Please email cobra@vigoconsulting.com to register your attendance for the event and in order to be provided with details of the location.
Rupert Verco, CEO of Cobra, commented :
"These results demonstrate the growth potential of Cobra's existing 211,000 Oz gold resource at Wudinna and will contribute to a 2023 gold Mineral Resource Estimate update. In particular, the growing strike of gold mineralisation at the Clarke prospect has the potential to favourably contribute to the growing resource.
We are excited by what we have potentially unveiled at the Boland and Bradman prospects; the palaeo-drainage system is significant, interpreted to cover 65 km(2) , and contains conditions favourable for easily leachable rare earths within a geological domain that is amenable to in situ leach mining.
This dual resource project is unique in South Australia. I look forward to having the opportunity to meet UK shareholders in person and provide a detailed update - in particular to explain the significance of the palaeo-drainage system - on our activities and future plans."
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 Partners LLP (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.
Follow us on social media:
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Twitter: https://twitter.com/Cobra_Resources
Subscribe to our news alert service: https://cobraplc.com/news/
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
Information in this announcement relates to exploration results that have been reported in the following announcements:
-- "Wudinna Project Update - Initial Gold and Rare Earth Results", dated 14 December 2021
-- "Wudinna Project Update - Northern Drillholes at Clarke Intersect Additional Gold Mineralisation, Additional Rare Earth Intersections Directly Above Gold Zones", dated 7 February 2022
-- "Wudinna Project Update - Re-Analysis Defines Large Rare Earth Mineralisation Footprint Above Baggy Green and Clarke Gold Mineralisation", dated 4 May 2022
-- "Wudinna Project Update - Aircore Drilling Yields Exceptional Gold and Rare Earth Results at Clarke" dated 16 August 2022
-- "Wudinna Project Update - Additional High-Grade Rare Earths Defined Across Regional Targets " dated 12 September 2022
-- "Wudinna Project Update - Exceptional Rare Earth Scale Potential at Thompson Prospect Increases REE Footprint from 4 km (2) to 22.5 km (2) " dated 26 September 2022
-- "Wudinna Project Update - Maiden Rare Earth Resource Estimate - Unique and Unconstrained " dated 9 January 2023
-- "Wudinna Project Update - RC Drilling Results - Expanding Gold and Rare Earth Occurrence
at Clarke Prospect Position Cobra for Dual Resource Expansion" dated 17 January 2023
-- "Wudinna Project Update - Stage 3 Earn-In to Obtain 75% of the Wudinna Project Achieved" dated 24 April 2023
Definitions
REO - Rare Earth Oxides
TREO - Total Rare Earth Oxides plus yttrium
MRE - Mineral Resource Estimate
Au - Gold
Ongoing work programme
The Company is executing a scope of work that is designed to advance the Wudinna Project towards a scoping study. Key items include:
-- Once all outstanding results have been received; update the existing 211,000 Oz gold MRE to incorporate over 10,000m of additional drilling across all existing gold resources and to incorporate the gold mineralisation at the Clarke Prospect
-- Reiterative assessment of Metallurgical tests to devise a commercial flowsheet from samples from the current resource area
-- Desorption metallurgical tests from samples from the Boland and Bradman Prospects (Palaeochannel) to determine the presence of easily leachable IAC mineralisation
-- SEM analysis of received samples to evaluate quantities of REE mineral phases within various materials and at various sample conditions
Further Information Regarding RC Drilling Results
A total of 20 holes (2,466m) of RC drilling has been completed where:
-- Three holes were drilled at the White Tank Prospect to test up-dip, easterly extensions to the existing 13,000 Oz MRE. Mineralisation continuity has been confirmed where:
CBRC0070 intersected 12m at 2.35 g/t Au from 54m (including 2m at 8.5 g/t from 55m) 40m east of RHBN-0248 that intersected 21m at 2.9 g/t Au from 59m (including 6m at 7.95 g/t Au from 61m) Figure 1
o CBRC0069 intersected 9m at 0.41 g/t Au from 46 meters 80m east of RCBN-246 that intersected 3m at 0.53 g/t Au from 115m and represents the most southern intersection at White Tank
-- Four RC holes were drilled at the Barns prospect to test up-dip extensions to the existing 104,000 Oz MRE and 10 shallow AC holes were drilled to follow up mineralisation that lies east of the existing MRE. This has demonstrated:
o Gold mineralisation, albeit low in grade, continues up-dip to the east of the defined resource where drillholes CBRC0072 intersected 2m at 0.69 g/t Au from 45m
o CBAC0092 confirms the continuity of shallow gold mineralisation at Barns East where previous drilling has yielded:
o 7m at 2.23 g/t gold from 52m, including 1m at 8.3 g/t gold from 57m
o 6m at 1.35 g/t gold from 64m
o 7m at 1.35 g/t gold from 64m
o 5m at 1.00 g/t gold from 10m
Figure 1 : Section 6,365,065mN highlighting the up-dip continuity of mineralisation intersected in drillhole CBRC0070
Figure 2 : Overview of RC drilling Results at Barns and White Tank Gold Resources
-- At Clarke, drilling has extended the strike of intersected gold mineralisation to beyond 700m where:
o Mineralisation has been extended a further 50m to the south through:
o CBRC0075 intersecting 2m at 0.93 g/t Au from 58m and 1m at 0.56 g/t Au from 73m
o CBRC0076 intersecting 8m at 0.63 g/t Au from 101m including 1m at 1.93 g/t Au from 105m
o Both intersections provide robust validation of the interpretation of mineralisation in the south of the Clarke Prospect
o Mineralisation to the north has been increased in strike by a further 50m beyond the 2022 drilling intersection of CBRC0059 that intersected 6m at 4.15 g/t gold from 34m (including 4m at 5.74 g/t Au) through:
o CBRC0082 and intersecting 2m at 0.61 g/t Au from 137m
o CBRC0083 intersecting 1m at 0.80 g/t Au from 64m and 1m at 0.70 g/t Au from 122m
o Down dip continuities have been validated through additional intersections including:
o CBRC0077 intersecting 1m at 0.55 g.t Au from 91m and 4m at 0.80 g/t Au from 96m (including 1m at 2.09 g/t Au)
o CBRC0078 intersecting 1m at 1.37 g/t Au from 81m and 1m at 1.50 g/t Au from 90m and 37m @ 0.50 g/t Au from 100m (including 2m at 4.58 g/t Au)
o CBRC0086 intersecting 3m at 1.13 g/t Au from 123m validating the down dip continuity of the intersection received in CBRC0050 that intersected 33m at 1.03 g/t Au from 65m that was drilled in 2021
-- Results for three further holes testing a further 200m of strike to the north are expected in the coming weeks
-- REE results from selected holes aimed at increasing the footprint of the existing 20.9Mt REE resource are expected at the end of May
-- These results shall enable the Clarke Prospect to be incorporated into an updated the MRE
Figure 3 : Long section of drilling at the Clarke Prospect, demonstrating the defined 700m of mineralised strike.
Figure 4 : Plan overview of gold drill results at the Clarke Prospect
Table 1 : Significant Gold intersections from the 2023 gold focused RC drilling.
PROSPECT HOLE ID FROM (m) TO (m) INT (m) AU ppm COMMENTS
White Tank CBRC0069 46 55 9 0.41
=========== ========= ======= ======== ======= =================================
White Tank CBRC0070 54 66 12 2.35 Including 2m at 8.5 g/t from 55m
=========== ========= ======= ======== ======= =================================
Barns CBRC0072 40 41 1 0.40
=========== ========= ======= ======== ======= =================================
Barns CBRC0072 45 47 2 0.69
=========== ========= ======= ======== ======= =================================
Barns CBRC0073A 43 44 1 0.30
=========== ========= ======= ======== ======= =================================
Clarke CBRC0075 51 52 1 0.49
=========== ========= ======= ======== ======= =================================
Clarke CBRC0075 58 60 2 0.93
=========== ========= ======= ======== ======= =================================
Clarke CBRC0075 73 74 1 0.56
=========== ========= ======= ======== ======= =================================
Clarke CBRC0076 101 109 8 0.63 Inc 1m at 1.93 g/t from 105m
=========== ========= ======= ======== ======= =================================
Clarke CBRC0077 91 92 1 0.55
=========== ========= ======= ======== ======= =================================
Clarke CBRC0077 96 100 4 0.80 inc 1m at 2.09 from 99m
=========== ========= ======= ======== ======= =================================
Clarke CBRC0078 81 82 1 1.37
=========== ========= ======= ======== ======= =================================
Clarke CBRC0078 90 91 1 1.50
=========== ========= ======= ======== ======= =================================
Clarke CBRC0078 100 137 37 0.50 inc 2m at 4.58 g/t from 100m
=========== ========= ======= ======== ======= =================================
Clarke CBRC0082 137 139 2 0.61
=========== ========= ======= ======== ======= =================================
Clarke CBRC0083 64 65 1 0.80
=========== ========= ======= ======== ======= =================================
Clarke CBRC0083 122 123 1 0.70
=========== ========= ======= ======== ======= =================================
Clarke CBRC0084 89 94 5 0.53
=========== ========= ======= ======== ======= =================================
Clarke CBRC0084 98 101 3 0.41
=========== ========= ======= ======== ======= =================================
Clarke CBRC0086 123 126 3 1.13
=========== ========= ======= ======== ======= =================================
Barns CBAC0092 12 14 2 1.00
=========== ========= ======= ======== ======= =================================
Further Information Regarding the Aircore (AC) Drilling Programme
-- A total of 95 holes for 3,950m were drilled across eight prospects including:
o Clarke North where 11 holes were drilled to test for REE resource extensions and to test interpreted structural dilations perspective for further gold mineralisation
o Clarke South, where 11 holes were drilled to test for extensions to both gold mineralisation and REE resource extensions
o Grace prospect where 23 exploration holes drilled to test structures similar to gold and REE enriched structures at the Clarke Prospect
o Baggy Green East and West where 14 holes tested demagnetised zones that demonstrate increased saprolite horizons perspective for REE resource extensions
o Barns East: 10 holes drilled to test and infill pervious drilling intersecting shallow gold mineralisation that lies outside of the existing Barns MRE. Historical intersections include:
-- 7m at 2.23 g/t gold from 52m, including 1m at 8.3 g/t gold from 57m -- 6m at 1.35 g/t gold from 64m -- 7m at 1.35 g/t gold from 64m -- 5m at 1.00 g/t gold from 10m
o Bradman where 11 holes have verified the Electromagnetic interpretation of an extensive Palaeo-drainage system with geologic conditions ideal for highly desirable Ion Adsorbed (IAC) REEs that are expected to occur at REDOX zones
o Boland where 20 holes validate the presence of significant palaeo-drainage system where smectite clays occur within 5-15m interbeds of oxidised and reduced channel sands. The presence of abundant lignite (organic matter) is a positive sign for chemical reduction and subsequent absorption of REEs
-- AC gold and REE results are expected throughout May and June
-- Selected REE samples have been sent to the University of South Australia for both desorption testing and metallurgical optimisation studies
The Potential Significance of the Palaeo-Drainage System
-- Mineralogical and Metallurgical analysis of clay hosted REEs at 20.9Mt MRE indicate REE mobility through the Saprolite horizon
-- Where the Saprolite is highly acidic, REE grades are low with REEs being mobilised away from their hard rock source
-- Thorough the analysis of saprolite acidity, Cobra has demonstrated that REEs are enriched at pHs 6-7 and 9-10 conditions that enhance the process of physisorption (binging of REEs to clay particles)
-- Drainage into the defined 65km(2) Palaeo-drainage system is expected to have mobilised REEs from saprolite weathering to zones of oxidation where mobilised REE's bind to clays under REDOX conditions
-- Should ion adsorbed REEs be defined in such a system, there is potential for REEs to be mined via Insitu Leach methods (ISL), a very low impact and low capital method of mining
Figure 5 : EM interpretation of the 65km(2) Palaeo-drainage system defining Aircore drilling locations, inset: drill Chips from CBAC0168 demonstrating the horizons of the channel system
Location and Land Tenure
The Wudinna Project is located on the northern Eyre Peninsula, within South Australia, a tier 1 mining jurisdiction. The defined REE MRE occurs within EL6131 (Corrobinnie) and lies within the Pinkawillinie Conservation Park (dual proclamation land). Gold Resources extend across EL5953 (Minnipa) and EL6131. The tenements are held by Peninsula Resources, a subsidiary of Andromeda Metals. In April 2023, the Company announced its 75% earn-in had been recognised by Andromeda Metals under the terms of the Wudinna Heads of Agreement.
Figure 6 : Locality plan
Geology and Nature of the REE Mineralisation
The gold and REE deposits at the Wudinna Project are considered to be related to the structurally controlled basement weathering of epidote-pyrite alteration related to the 1590 Ma Hiltaba/GRV tectonothermal event of the Gawler Craton. Gold and REE mineralisation have a spatial association with mafic intrusions/granodiorite alteration and is associated with metasomatic alteration of host rocks. Epidote alteration associated with gold mineralisation is REE enriched and believed to be the primary source.
The REE mineralisation is regionally extensive in weathered (saprolite and saprock) zones developed on basement rocks. The nature of controlling structures that act as conduits for gold mineralisation are also thought to act as catalysts for the secondary processes that promote weathering and subsequent mobilisation of REEs to the saprolite and saprock.
The following simplified model is proposed for clay hosted REEs and the Clarke and Baggy Green prospects:
-- Gold and sulphide mineralisation is directly associated with Hiltaba Suite volcanics (1590-1575 Ma)
-- WNW redial shears under NS compression (craton emplacement) act as dilatational conduits through Kimbian and Sleaford age granitoids
-- Hiltaba suite mafics are enriched in light REEs
-- Gold and sulphide mineralisation forms along sheeted granitoid "dome" joints, bound within shear zones
-- Sericite and epidote alteration halos form peripheral to gold mineralisation -- Epidote alteration is enriched in REEs providing an enriched source
-- Supergene enrichment of gold occurs at the base of oxidation, where the weathering of primary sulphides generates acidic conditions
-- Primary REE phases are weathered to secondary REE phases through prolonged weathering -- Acidic conditions generated by the weathering of sulphides re-mobilises REEs -- Near redox boundaries (pH 6-7) a greater component of REE is absorbed to clay particles -- Colloidal phases occur as conditions become alkaline
Figure 7 : Proposed geological model for gold and REE mineralisation at the Clarke and Baggy Green prospects
Table 2 : Drillhole survey details
HOLE ID EASTING NORTHING ELEVATION DIP AZI EOH
CBRC0068 542389.8 6365026.5 127.6 -60 135 108
========= ========== ========== ==== ==== ====
CBRC0069 542451.9 6365038.4 128.5 -60 135 80
========= ========== ========== ==== ==== ====
CBRC0070 542496.4 6365064.6 129.9 -60 135 120
========= ========== ========== ==== ==== ====
CBRC0071 542417.7 6366119.7 122.1 -68 90 120
========= ========== ========== ==== ==== ====
CBRC0072 542427.3 6366074.7 123.4 -68 90 90
========= ========== ========== ==== ==== ====
CBRC0073a 542428.9 6366025.2 124.4 -68 90 78
========= ========== ========== ==== ==== ====
CBRC0074 542438.8 6365970.8 125.2 -68 90 90
========= ========== ========== ==== ==== ====
CBRC0075 547183.2 6364873.3 108.2 -60 190 90
========= ========== ========== ==== ==== ====
CBRC0076 547213.1 6364932.5 108.7 -60 190 154
========= ========== ========== ==== ==== ====
CBRC0077 547052.9 6364997.6 108.1 -70 180 150
========= ========== ========== ==== ==== ====
CBRC0078 546999.4 6364960.5 109.3 -70 180 138
========= ========== ========== ==== ==== ====
CBRC0079 546734.8 6365441.3 106.4 -65 230 132
========= ========== ========== ==== ==== ====
CBRC0080 546743.9 6365364.7 105.9 -65 230 120
========= ========== ========== ==== ==== ====
CBRC0081 546804.9 6365337.0 107.1 -65 230 147
========= ========== ========== ==== ==== ====
CBRC0082 546767.5 6365308.7 108.0 -65 230 150
========= ========== ========== ==== ==== ====
CBRC0083 546804.4 6365252.1 108.2 -65 230 150
========= ========== ========== ==== ==== ====
CBRC0084 546864.4 6365286.1 105.9 -65 240 150
========= ========== ========== ==== ==== ====
CBRC0085 546948.3 6365107.2 106.8 -65 190 120
========= ========== ========== ==== ==== ====
CBRC0086 546845.7 6365077.6 108.5 -65 70 138
========= ========== ========== ==== ==== ====
Appendix 1: JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Pre 2021
techniques * Nature and quality of sampling (eg cut channels, * Historic RC and RAB drilling methods have been
random chips, or specific specialised industry employed at Clarke and Baggy Green Prospects since
standard measurement tools appropriate to the 2000.
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad * Pulp samples from pre-Cobra Resources' drilling were
meaning of sampling. collected with intervals of 1-6 m. Samples were
riffle split if dry or sub split using a trowel if
wet.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Pulp samples were obtained from Challenger geological
services using a combination of logging and
geochemical selection criteria. Samples pulled from
* Aspects of the determination of mineralisation that storage were re-pulverised at the laboratory prior to
are Material to the Public Report. further analysis.
* In cases where 'industry standard' work has been done 2021 - 2022
this would be relatively simple (eg 'reverse * Sampling during Cobra Resources 2022 aircore ("AC")
circulation drilling was used to obtain 1 m samples drilling programme at all Prospects were obtained
from which 3 kg was pulverised to produce a 30 g through AC drilling methods.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * 2 m samples were collected in 20l buckets via a rig
Unusual commodities or mineralisation types (eg mounted cyclone. An aluminum scoop was used to
submarine nodules) may warrant disclosure of detailed collect a 2-4 kg sub sample from each bucket. Samples
information. were taken from the point of collar, but only samples
from the commencement of saprolite were selected for
analysis.
* Samples submitted to the Genalysis Intertek
Laboratories, Adelaide and pulverised to produce the
25g fire assay charge and 4 acid digest sample.
* A summary of previous RC drilling at the Wudinna
Project is outlined in the Cobra Resources' RNS
number 7923A from 7 February 2022.
2023
* Samples were collected via a Metzke cone splitter
mounted to the cyclone. 1m samples were managed
through chute and butterfly valve to produce a 2-4 kg
sample. Samples were taken from the point of collar,
but only samples from the commencement of saprolite
were selected for analysis.
* Samples submitted to the Burea Veritas Laboratories,
Adelaide, and pulverised to produce the 50 g fire
assay charge.
============================================================ =======================================================================
Drilling Pre 2021
techniques * Drill type (eg core, reverse circulation, open-hole * Drill methods include AC, RH and RAB in
hammer, rotary air blast, auger, Bangka, sonic, etc) unconsolidated regolith and aircore hammer in hard
and details (eg core diameter, triple or standard rock. Some shallow RC holes have been drilled in
tube, depth of diamond tails, face-sampling bit or place of AC and RAB, a single diamond drillhole has
other type, whether core is oriented and if so, by been incorporated in the estimate.
what method, etc).
2021- 2022
* Drilling completed by McLeod Drilling Pty Ltd using
75.7 mm NQ air core drilling techniques from an ALMET
Aircore rig mounted on a Toyota Landcruiser 6x6 and a
200psi, 400cfm Sullair compressor.
* Slimline RC drilling was completed by Wuzdrill pty
limited and Indicator drilling services Pty Ltd using
a 400D and Mantis C60R drill rigs using a 4" hammer
and 78mm drill rods.
2023
* Drilling completed by Bullion Drilling Pty Ltd using
5 3/4 " reverse circulation drilling techniques from
a Schramm T685WS rig with an auxiliary compressor.
============================================================ =======================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Sample recovery was generally good with water being
sample recoveries and results assessed. intersected in less than 10% of the drilled holes.
All samples were recorded for sample type, quality
and contamination potential and entered within a
* Measures taken to maximise sample recovery and ensure sample log.
representative nature of the samples.
* In general, sample recoveries were good with 20-25 kg
* Whether a relationship exists between sample recovery for each 2 m interval being recovered.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material. * No relationships between sample recovery and grade
have been identified.
* R C d rilling completed by Bullion Drilling Pty Ltd
using 5 3/4 " reverse circulation drilling techniques
from a Schramm T685WS rig with an auxiliary
compressor
* Sample recovery f or RC was generally good with water
being intersected in 10% of the drilled holes. All
samples were recorded for sample type, quality and
contamination potential and entered within a sample
log.
* In general, R C sample recoveries were good with
35-50 kg for each 1 m interval being recovered.
* No relationships between sample recovery and grade
have been identified.
============================================================ =======================================================================
Logging
* Whether core and chip samples have been geologically * All drill samples were logged by an experienced
and geotechnically logged to a level of detail to geologist at the time of drilling. Lithology, colour,
support appropriate Mineral Resource estimation, weathering and moisture were documented.
mining studies and metallurgical studies.
* Logging is generally qualitative in nature.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* All drill metres have been geologically logged on s
ample intervals (1-2 m) .
* The total length and percentage of the relevant
intersections logged.
============================================================ =======================================================================
Sub-sampling Pre-2021
techniques * If core, whether cut or sawn and whether quarter, * Samples from AC, RAB and "bedrock" RC holes have been
and sample half or all core taken. collected initially as 6 m composites followed by 1 m
preparation re-splits. Many of the 1 m re-splits have been
collected by riffle splitting.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* RC samples have been collected by riffle splitting if
dry, or by trowel if wet
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Pulverised samples have been routinely checked for
size after pulverising
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples. * Pulp samples were re- pulverised after storage to
re-homogenise samples prior to analysis.
* Measures taken to ensure that the sampling is
representative of the in situ material collected, 2021-onward
including for instance results for field * The use of an aluminum scoop to collect the required
duplicate/second-half sampling. 2-4 kg of sub-sample from each 2 m AC sample length
controlled the sample volume submitted to the
laboratory.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
* Additional sub-sampling was performed through the
preparation and processing of samples according to
the Intertek Genalysis internal protocols.
* Duplicate AC samples were collected from the sample
buckets using an aluminium scoop at a 1 in 50 sample
frequency.
* Sample sizes were appropriate for the material being
sampled.
* Assessment of duplicate results indicated this
sub-sample method provided good repeatability for
rare earth elements.
* RC drill samples were sub-sampled using a cyclone rig
mounted splitter with recoveries monitored using a
field spring scale.
* Manual re-splitting of RC samples through a riffle
splitter was undertaken where sample sizes exceeded 4
kg.
* RC field duplicate samples were taken nominally every
1 in 20 samples. These samples showed good
repeatability for REE.
============================================================ =======================================================================
Quality of
assay data * The nature, quality and appropriateness of the * Samples were submitted to Genalysis Intertek
and assaying and laboratory procedures used and whether Laboratories, Adelaide for preparation and analysis.
laboratory the technique is considered partial or total.
tests
* Multi element geochemistry were digested by four acid
* For geophysical tools, spectrometers, handheld XRF ICP-MS and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd,
instruments, etc, the parameters used in determining Ho, La, Lu, Na, Nd, Pr, Sc, Sm, Tb, Th, Tm, U, Y and
the analysis including instrument make and model, Yb.
reading times, calibrations factors applied and their
derivation, etc.
* Field gold blanks and rare earth standards were
submitted at a frequency of 1 in 50 samples.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * Field duplicate samples were submitted at a frequency
lack of bias) and precision have been established. of 1 in 50 samples
* Reported assays are to acceptable levels of accuracy
and precision.
* Internal laboratory blanks, standards and repeats for
rare earths indicated acceptable assay accuracy.
============================================================ =======================================================================
Verification
of sampling * The verification of significant intersections by * Sampling data was recorded in field books, checked
and assaying either independent or alternative company personnel. upon digitising and transferred to database.
* The use of twinned holes. * Geological logging was undertaken digitally via the
MX Deposit logging interface and synchronised to the
database at least daily during the drill programme.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * Compositing of assays was undertaken and reviewed by
Cobra Resources staff.
* Discuss any adjustment to assay data.
* Original copies of laboratory assay data are retained
digitally on the Cobra Resources server for future
reference.
* Samples have been spatially verified through the use
of Datamine and Leapfrog geological software for pre
2021 and post 2021 samples and assays.
* Twinned drillholes from pre 2021 and post 2021 drill
programs showed acceptable spatial and grade
repeatability.
* Physical copies of field sampling books are retained
by Cobra Resources for future reference.
* Significant intercepts have been prepared by Mr
Rupert Verco and reviewed by Mr Robert Blythman.
============================================================ =======================================================================
Location of Pre 2021
data points * Accuracy and quality of surveys used to locate drill * Collar locations were pegged using DGPS to an
holes (collar and down-hole surveys), trenches, mine accuracy of +/-0.5 m.
workings and other locations used in Mineral Resource
estimation.
* Downhole surveys have been completed for deeper RC
and diamond drillholes
* Specification of the grid system used.
* Collars have been picked up in a variety of
* Quality and adequacy of topographic control. coordinate systems but have all been converted to MGA
94 Zone 53. Collars have been spatially verified in
the field.
* Collar elevations were historically projected to a
geophysical survey DTM. This survey has been adjusted
to AHD using a Leica CS20 GNSS base and rover survey
with a 0.05 cm accuracy. Collar points have been
re-projected to the AHD adjusted topographical
surface.
2021- onward
* Collar locations were initially surveyed using Google
Pixel 6 mobile phone utilising the Avenza Map app.
Collar points recorded with a horizontal accuracy
within 5 m.
* Collar locations were picked up using a Leica CS20
base and Rover with an instrument precision of 0.05
cm accuracy.
* Locations are recorded in geodetic datum GDA 94 zone
53.
* No downhole surveying was undertaken on AC holes. All
holes were set up vertically and are assumed
vertical.
* RC holes have been down hole surveyed using a Reflex
TN-14 true north seeking downhole survey tool.
* All surveys are corrected to MGA 94 Zone 53 within
the MX Deposit database.
* The quality and accuracy of the topographic control
is considered sufficient for the Mineral Resource
estimation and classification applied.
============================================================ =======================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Drillhole spacing was designed on transects 50-80 m
distribution apart. Drillholes generally 50-60 m apart on these
transects but up to 70 m apart.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Additional scouting holes were drilled
and Ore Reserve estimation procedure(s) and opportunistically on existing tracks at spacings
classifications applied. 25-150 m from previous drillholes.
* Whether sample compositing has been applied. * Regional scouting holes are drilled at variable
spacings designed to test structural concepts
* Data spacing is considered adequate for a saprolite
hosted rare earth Mineral Resource estimation.
* No sample compositing has been applied
* Drillhole spacing does not introduce any sample bias.
* The data spacing and distribution is sufficient to
establish the degree of geological and grade
continuity appropriate for interpretation of the REE
mineralised horizon and the classification applied.
============================================================ =======================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * RC drillholes have been drilled between -60 and -75
relation to sampling of possible structures and the extent to degrees at orientations interpreted to appropriately
geological which this is known, considering the deposit type. intersect gold mineralisation
structure
* If the relationship between the drilling orientation * Gold results are not presented as true width but are
and the orientation of key mineralised structures is not considered to present any down-dip bias.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
============================================================ =======================================================================
Sample Pre 2021
security * The measures taken to ensure sample security. * Company staff collected or supervised the collection
of all laboratory samples. Samples were transported
by a local freight contractor
* No suspicion of historic samples being tampered with
at any stage.
* Pulp samples were collected from Challenger
Geological Services and submitted to Intertek
Genalysis by Cobra Resources' employees.
2021 - onward
* Transport of samples to Adelaide was undertaken by a
competent independent contractor. Samples were
packaged in zip tied polyweave bags in bundles of 5
samples at the drill rig and transported in larger
bulka bags by batch while being transported.
* There is no suspicion of tampering of samples.
============================================================ =======================================================================
Audits or
reviews * The results of any audits or reviews of sampling * No laboratory audit or review has been undertaken.
techniques and data.
* Genalysis Intertek and BV Laboratories Adelaide are a
NATA (National Association of Testing Authorities)
accredited laboratory, recognition of their
analytical competence.
============================================================ =======================================================================
Appendix 2: Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * RC drilling occurred on EL 6131, currently owned 100%
land tenure including agreements or material issues with third by Peninsula Resources limited, a wholly owned
status parties such as joint ventures, partnerships, subsidiary of Andromeda Metals Limited.
overriding royalties, native title interests,
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
licenses EL6001, EL5953, EL6131, EL6317 and EL6489.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area. * Baggy Green, Clarke, Laker and 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 Prospect 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 gold and REE deposits are considered to be
mineralisation. related to the structurally controlled basement
weathering of epidote- pyrite alteration related to
the 1590 Ma Hiltaba/GRV tectonothermal event.
* Mineralisation has a spatial association with mafic
intrusions/granodiorite alteration and is associated
with metasomatic alteration of host rocks. Epidote
alteration associated with gold mineralisation is REE
enriched and believed to be the primary source.
* Rare earth minerals occur within the saprolite
horizon. XRD analysis by the CSIRO identifies kaolin
and montmorillonite as the primary clay phases.
* SEM analysis identified REE bearing mineral phases in
hard rock:
* Zircon, titanite, apatite, andradite and epidote.
* SEM analyses identifies the following secondary
mineral phases in saprock:
* Monazite, bastanite, allanite and rutile.
* Elevated phosphates at the base of saprock do not
correlate to rare earth grade peaks.
* Upper saprolite zones do not contain identifiable REE
mineral phases, supporting that the REEs are adsorbed
to clay particles.
* Acidity testing by Cobra Resources supports that
REDOX chemistry may act as a catalyst for Ionic and
Colloidal adsorption.
* REE mineral phase changes with varying saprolite
acidity and REE abundances support that a component
of REE bursary is ionically adsorbed to clays.
* Palaeo drainage has been interpreted from historic
drilling and re-interpretation of EM data that
enables the hardrock surface to be modelled.
* The conditions within the interpreted Palaeo system
are considered supportive of ionic REE
mineralisation.
=============================================================== =================================================================
Drillhole
Information * A summary of all information material to the * Exploration results are not being reported as part of
understanding of the exploration results including a the Mineral Resource area.
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 * Reported summary intercepts are weighted averages
methods techniques, maximum and/or minimum grade truncations based on length.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* No maximum/ minimum grade cuts have been applied.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade * No metal equivalent values have been calculated.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * Gold results are reported to a 0.3 g/t cut-off with a
maximum of 2m internal dilution with a minimum grade
of 0.1 g/t Au.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
* Rare earth element analyses were originally reported
in elemental form and have been converted to relevant
oxide concentrations in line with industry standards.
Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO(2) 1.2284
Dy(2)
Dysprosium O(3) 1.1477
Er(2)
Erbium O(3) 1.1435
Eu(2)
Europium O(3) 1.1579
Gd(2)
Gadolinium O(3) 1.1526
Ho(2)
Holmium O(3) 1.1455
La(2)
Lanthanum O(3) 1.1728
Lu(2)
Lutetium O(3) 1.1371
Nd(2)
Neodymium O(3) 1.1664
Pr(6)
Praseodymium O(11) 1.2082
Sc(2)
Scandium O(3) 1.5338
Sm(2)
Samarium O(3) 1.1596
Tb(4)
Terbium O(7) 1.1762
Tm(2)
Thulium O(3) 1.1421
Y(2)
Yttrium O(3) 1.2699
Yb(2)
Ytterbium O(3) 1.1387
========
* The reporting of REE oxides is done so in accordance
with industry standards with the following
calculations applied:
* TREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
+ Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4) O(7) +
Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* CREO = Nd(2) O(3) + Eu(2) O(3) + Tb(4) O(7) + Dy(2)
O(3) + Y(2) O(3)
* LREO = La(2) O(3) + CeO(2) + Pr(6) O(11) + Nd(2) O(3)
* HREO = Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) + Tb(4)
O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2)
O(3) + Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3)
* NdPr = Nd(2) O(3) + Pr(6) O(11)
* TREO-Ce = TREO - CeO(2)
* % Nd = Nd(2) O(3) / TREO
* %Pr = Pr(6) O(11) /TREO
* %Dy = Dy(2) O(3) /TREO
* %HREO = HREO/TREO
* %LREO = LREO/TREO
=============================================================== =================================================================
Relationship
between * These relationships are particularly important in the * Preliminary results support unbiased testing of
mineralisation reporting of Exploration Results. mineralised structures.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Previous holes have been drilled in several
the drill hole angle is known, its nature should be orientations due to the unknown nature of
reported. mineralisation.
* If it is not known and only the down hole lengths are * Most intercepts are vertical and reflect true width
reported, there should be a clear statement to this intercepts.
effect (eg 'down hole length, true width not known').
* Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Relevant diagrams have been included in the
tabulations of intercepts should be included for any announcement.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional * Exploration results are not being reported for the
views. Mineral Resources area.
=============================================================== =================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * Not applicable - Mineral Resource and Exploration
Results is not practicable, representative reporting Target are defined.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results. * Exploration results are not being reported for the
Mineral Resource area.
=============================================================== =================================================================
Other
substantive * Other exploration data, if meaningful and material, * Refer to previous announcements listed in RNS for
exploration should be reported including (but not limited to): reporting of REE results , metallurgical testing and
data geological observations; geophysical survey results; detailed gold intersections.
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 * Infill and extensional drilling aimed at growing the
tests for lateral extensions or depth extensions or Mineral Resource and converting Inferred Resources to
large-scale step-out drilling). Indicated Resources is planned.
* 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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