THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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For immediate release
18 February 2020
Cobra Resources plc
("Cobra" or the "Company")
Wudinna Exploration Programme Update
Cobra, is an exploration, development and mining company which today announces an update on the Exploration Programme for the Wudinna Gold Project.
The Wudinna Project is located on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia which contains numerous mineral deposits and prospects.
In November 2019 the Company announced a three-stage geochemical sampling programme with the aim of improving the definition of gold targets at Wudinna prior to drilling, reducing spend and improving target definition. The three stages are broadly described as:
Stage 1. Calibration program - Establish pathfinder relationships across a broader suite of 49 chemical elements
Stage 2. Brownfields / Extensions - Define / refine targets proximal to mineralisation at Barns / Baggy Green and White Tank
Stage 3. Greenfields Targets - Review all regional targets, incorporating the learnings from the previous programs
Stage 1 Sampling Programme:
The Company is pleased to announce that the Stage-1 geochemical sampling programme has been completed. This involved the collection of 64 soil/calcrete samples and the re-analysis of 177 reverse circulation drilling (RC) samples from previous drilling. Historically most RC drilling was assayed for either gold only, or gold with a limited number of other elements.
All 241 samples were subjected to low detection limit analysis by Australian Laboratory Services (ALS) including gold and 48 other elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr,)
Historically the Barns deposit has been defined using gold values above 2.5 parts per billion (ppb) in calcrete, with values above 20 ppb considered highly anomalous. Of the 64 calibration samples collected during the Stage 1 programme, the following values above 20 ppb gold (Au) were returned, along with corresponding silver and copper values:
Prospect |
Au_ppb |
Ag_ppb |
Cu_ppm |
Baggy Green |
20 |
20 |
10.3 |
Baggy Green |
21 |
20 |
7.7 |
Baggy Green |
23 |
20 |
6.7 |
Baggy Green |
29 |
30 |
10.3 |
Barns |
21 |
20 |
19.4 |
Barns |
28 |
10 |
6.1 |
Barns |
29 |
20 |
6.4 |
Barns |
36 |
30 |
11.9 |
Barns |
43 |
10 |
2.5 |
Barns |
48 |
20 |
5.5 |
Barns |
95 |
10 |
8.1 |
White Tank |
20 |
10 |
10.2 |
Similarly, the 177 RC pulps that were re-analysed represented drill holes in close spatial proximity to the new soil / calcrete samples at each of the three prospects. Samples were selected approximately every 5m down hole, plus a sample from zones of mineralisation. Samples above 1g/t (1ppm) gold are shown below:
Prospect |
Hole_ID |
Depth From |
Depth To |
Au ppm |
Ag ppm |
Cu ppm |
Barns |
RCBN-0307 |
75 |
76 |
3.79 |
1.69 |
413 |
Barns |
RCBN-0307 |
90 |
91 |
4.09 |
0.37 |
12 |
Barns |
RCBN-0307 |
136 |
137 |
9.42 |
0.84 |
54.6 |
Barns |
RCBN-0307 |
204 |
205 |
2.8 |
1 |
373 |
Barns |
RCBN-0309 |
42 |
43 |
3.57 |
0.17 |
20 |
Barns |
RCBN-0309 |
43 |
44 |
1.615 |
0.07 |
16.9 |
Barns |
RCBN-0309 |
45 |
46 |
2.02 |
0.06 |
12.4 |
Barns |
RCBN-0309 |
48 |
49 |
1.46 |
0.05 |
14.8 |
Barns |
RCBN-0309 |
51 |
52 |
3.01 |
0.06 |
14.1 |
Barns |
RCBN-0309 |
60 |
61 |
7.23 |
0.2 |
89.7 |
Barns |
RCBN-0309 |
121 |
122 |
28.7 |
8.02 |
1860 |
Barns |
RCBN-0308 |
42 |
43 |
2.35 |
0.05 |
29 |
Barns |
RCBN-0308 |
43 |
44 |
1.815 |
0.07 |
13.1 |
Barns |
RCBN-0308 |
60 |
61 |
2.39 |
9.14 |
125.5 |
Barns |
RCBN-0308 |
79 |
80 |
2.17 |
1.23 |
18.8 |
Barns |
RCBN-0308 |
90 |
91 |
2.38 |
0.19 |
39.1 |
White Tank |
RCBN-241 |
75 |
76 |
5.91 |
4.88 |
2720 |
White Tank |
RCBN-241 |
76 |
77 |
5.66 |
0.22 |
50.7 |
White Tank |
RCBN-241 |
78 |
79 |
2.28 |
0.1 |
27.1 |
Baggy Green |
BGRC-0856 |
83 |
84 |
1.85 |
8.35 |
2500 |
The aim of the Stage 1 programme is to establish advanced relationships between previously defined gold resources and the soil / calcrete samples at surface. It is expected that these relationships will identify pathfinders to further gold mineralisation, and in turn de-risk future drilling programmes. These analyses are currently underway, and shareholders will be updated in the near future. This further release will essentially be the completion of Stage 1 and Stage 2 will commence immediately thereafter.
Craig Moulton, Director of Cobra commented:
"This initial programme will lay the foundation for identifying new mineralisation both proximal to existing resources and regionally. We are encouraged by the initial results. Further interpretation of these data is ongoing, and we would expect a further release in the next 10 days."
The person who arranged for the release of this announcement on behalf of the Company was Craig Moulton, Director of the Company.
End
Enquiries:
Cobra Resources plc |
Craig Moulton |
+61 (0) 8 9316 4938 |
SI Capital Limited (Broker) |
Nick Emerson Sam Lomanto |
+44 (0) 14 8341 3500 |
Peterhouse Capital Limited |
Duncan Vasey Lucy Williams |
+44 (0) 20 7469 0932 |
