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
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON
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7 February 2024
Cobra Resources
plc
("Cobra"
or the "Company")
Sonic Drilling Commences at
Boland Rare Earths Prospect
Cobra,
an exploration company focused on the Wudinna Project ("Wudinna")
in South Australia, is pleased to advise that sonic core drilling
has commenced at the Boland rare earths prospect. Cobra confirmed
ionic recoveries of rare earths at Boland in September 2023 and is
working to demonstrate the value of the discovery by proving the
scale, grade concentration, and in situ recovery ("ISR")
potential.
This programme is a key workstream
in Cobra's objective to demonstrate ISR potential. A total of
five sonic core holes are planned that will enable Cobra to
determine the concentration of ionic rare earth mineralisation on
sand/clay boundaries and evaluate the potential for ISR extraction.
The drilling will be focused on one of the signature intersections
drilled by Cobra in April 2023 which yielded exceptional results
(as announced on 20 June 2023).
The proposed location for drilling
has been selected based on the variability of recoveries across
various sand/clay interfaces and their perceived potential to be
recovered via ISR.
The drilling programme is expected
to take 8-10 days and will provide samples for the following work
flows:
·
Narrow composite sampling to identify the
anticipated high grade REE concentration
·
Provide adequate samples for bench scale
laboratory ISR testing and inform metallurgical flow sheet
development
·
Determine sample densities and
permeabilities
Holes are permitted and monitoring
wells are to be installed to:
·
Perform baseline hydrological and environmental
studies
·
Determine the potential production capacity of the
confined aquifer
·
Serve a future 'pilot' push-pull ISR
study
Rupert Verco, CEO of Cobra,
commented:
"We believe that the Boland discovery has the potential to
disrupt the current supply of magnet rare earths. Through this
programme we aim to demonstrate the unprecedent economic and
environmental advantages that in situ recovery
provides.
Core samples from the programme will enable several
workstreams that will provide high value news flow as we work to
define a low-capital metallurgical process and determine the
productivity potential of in situ recovery."
Figure 1: Sonic drilling
underway at the Boland prospect
Figure 2: Core being recovered
from sonic drilling at the Boland prospect
Enquiries:
|
Cobra Resources plc
Rupert Verco (Australia)
Dan Maling (UK)
|
via Vigo
Consulting
+44 (0)20
7390 0234
|
|
SI
Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
|
+44
(0)1483 413 500
|
|
Global Investment Strategy (Joint Broker)
James Sheehan
|
+44 (0)20
7048 9437
james.sheehan@gisukltd.com
|
|
Vigo
Consulting (Financial Public Relations)
Ben Simons
Kendall Hill
|
+44 (0)20
7390 0234
cobra@vigoconsulting.com
|
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 Gold and Rare Earth 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 1,832 km2, and other
nearby tenement rights totalling 2,941 km2,
contain highly desirable and ionic rare
earth mineralisation, amenable to low-cost, low impact in situ
recovery mining, and critical to global decarbonisation.
Additionally, Cobra holds a 213 km2 exploration tenement
in northern Tasmania which is also considered highly prospective
for ionic rare earth mineralisation.
Cobra's Wudinna tenements also
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 279,000 Oz gold JORC
Mineral Resource Estimate, and several iron oxide copper gold
(IOCG) targets.
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