Cobra Resources provides Wudinna Project update

The results received to date from 29 shallow holes drilled at the Clarke prospect are exceptional for both gold and rare earths and confirm:

• Further along-strike gold mineralisation, highlighted by CBAC0014 that intersected 12 m at 1.25 g/t gold (Au) from only 18 m and includes 6 m at 2.29 g/t Au. This extends intersected gold mineralisation at Clarke beyond 500 m.
• Significant, target-generating gold in saprolite has been defined across broad zones north of previously intersected gold mineralisation. In comparison to drilled mineralisation zones, the anomalous zones northwest of Clarke are more significant, supporting further mineralisation down-dip and along strike.
• Expanding high-grade clay hosted rare earths: rare earth elements (REE) have been intersected above and proximal to gold intersections, with 26 of the 29 holes yielding intersections with a length weighted average intersection of 13.3 m at 934 ppm total rare earth oxide (TREO), and an average magnet rare earth (MREO) equating to 24% of the TREO.
• The REE results infill and extend the defined 4 km2 mineralisation footprint of clay hosted REE mineralisation and demonstrate grade upside. REE mineralisation remains open in all directions.
• Significant REE intersections include:
  • CBAC0021: 14 m at 3703 ppm TREO from 18 m, including 6 m at 6648 ppm TREO from 22 m.
  • CBAC0022: 10 m at 2220 ppm TREO from 42 m, including 2 m at 8163 ppm TREO from 48 m.
  • CBAC0023: 34 m at 854 ppm TREO from 16 m, including 4 m at 1205 ppm TREO from 34 m.
  • CBAC0027: 26 m at 928 ppm TREO from 14 m, including 6 m at 2046 ppm TREO from 22 m.
• The results provide the Board with confidence of further exploration success within the planned RC drilling scheduled to commence once all results are received.

Rupert Verco, CEO of Cobra, commented: “These results confirm along-strike continuity of gold and rare earth mineralisation at the Clarke prospect. Some of the widths and grades intersected at such shallow depths are extremely exciting and should have positive implications on grades at depth when we return with the RC rig. Whilst we eagerly await further assays, the results from Clarke enable us to refine our geological models and improve the precision of our planned RC drilling campaign.

“Over a six-month period, we have unveiled an exceptional value-add opportunity with rare earth mineralisation that is not only complementary to gold mineralisation, but regionally scalable. Whilst there remains further metallurgical test work to improve recoveries to be undertaken, the vertically associated nature of mineralisation at Clarke and Baggy Green supports favourable mining economics, whilst the growing regional occurrence across our 3261 km2 land holding places Cobra in a position to define a potentially extensive clay-hosted rare earth resource enabling us to capitalise on the global demand for critical rare earth minerals and to contribute to decarbonisation.

“We look forward to updating the market as further results are received and we complete our preparations for our highly anticipated RC programme.”

Results highlights

• CBAC0014 intersected 12 m at 1.25 g/t Au from 18 m, including 6 m at 2.29 g/t from 22 m. This is the shallowest defined gold mineralisation encountered at the project.
• Highly anomalous gold in saprolite across broad zones recorded within 16 holes, supporting further gold mineralisation along strike and at depth that will be followed up with planned RC drilling. Notable anomalous zones include:
  • CBAC0020 intersected 16 m at 0.22 g/t Au from 12 m, including 2 m at 0.9 g/t from 16 m.
  • CBAC0013 intersected 12 m at 0.29 g/t Au from 18 m.
  • CBAC0007 intersected 18 m at 0.14 g/t Au from 14 m.
  • CBAC0027 intersected 6 m at 0.31 g/t Au from 16 m.
  • CBAC0016 intersected 10 m at 0.16 g/t Au from 10 m.
  • CBAC0009 intersected 12 m at 0.1 g/t Au from 20 m.
  • CBAC0017 intersected 8 m at 0.12 g/t Au from 50 m.
• Gold mineralisation at Clarke has now been intersected over 500 m of strike at Clarke, with mineralisation remaining open to the northwest.
• 89% of holes yield significant REE mineralisation greater than 500 ppm TREO, where:
  • The highest 2 m intersection grade is 8682 ppm TREO, where the neodymium + praseodymium + dysprosium + terbium oxide grade is 2015 ppm (CBAC0021).
  • The average true width of reported intersections is 13.3 m and the weighted average TREO is 934 ppm.
  • The length weighted average TREO minus cerium (TREO-Ce) is 609 ppm, demonstrating a favourable basket assemblage of high-value rare earths.
  • Intersections are enriched in high-value rare earths used in permanent magnets MREO, where neodymium + praseodymium + dysprosium + terbium equate to 24% of the TREO.
  • The length weighted average of scandium oxide (Sc2O3) is 30 ppm which is comparable to other REE associated resources. Scandium is an element utilised in aviation, is in growing demand and is often associated with clay hosted REE deposits.
• REE mineralisation remains open to the north, east and west of the defined REE mineralisation footprint.
• Results provide favourable drill density to contribute to a planned maiden REE resource estimate.
• Highlight intersections above and proximal to gold mineralisation at Clarke include:
  • CBAC0021 intersects 14 m at 3703 ppm TREO from 18 m, including 6 m at 6648 ppm TREO from 22 m.
  • CBAC0022 intersects 10 m at 2220 ppm TREO from 42 m, including 2 m at 8163 ppm TREO from 48 m.
  • CBAC0023 intersects 34 m at 854 ppm TREO from 16 m, including 4 m at 1205 ppm TREO from 34 m.
  • CBAC0027 intersects 26 m at 928 ppm TREO from 14 m, including 6 m at 2046 ppm TREO from 22 m.
  • CBAC0019 intersects 26 m at 793 ppm TREO from 26 m.
  • CBAC0026 intersects 22 m at 704 ppm TREO from 16 m.
  • CBAC0012 intersects 12 m at 1212 ppm TREO from 18 m.
  • CBAC0008 intersects 2 m at 789 ppm TREO and 17 m at 1515 ppm TREO from 56 m.
  • CBAC0007 intersects 22 m at 672 ppm TREO from 22 m.
  • CBAC0016 intersects 10 m at 965 ppm TREO from 14 m.
• Multi-element pathfinder chemistry remains outstanding for all drillholes. Gold and REE assays are outstanding for the remaining 62 drillholes and are expected to be received over the coming weeks.

Read the article online at: https://www.globalminingreview.com/exploration-development/16082022/cobra-resources-provides-wudinna-project-update/