Cobra Resources issues Wudinna project update
Published by Isabelle Keltie,
Editorial Assistant
Global Mining Review,
Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia, has announced that the company, through its wholly owned subsidiary Lady Alice Mines, has fulfilled its Stage 3 expenditure obligations, as agreed in the Heads of Terms Agreement with Andromeda Metals, entitling Cobra to increase its ownership of the Wudinna Project from 65% to 75%.
Highlights
- Andromeda has advised that its audit of the Company’s expenditure of AUS$5 million between 2019 and the end of January 2023, relating to exploration activities between 2019 and year end 2022, entitles Cobra to 75% ownership of the Project.
- Parties are now working to implement an ownership structure through which to best advance the Project towards feasibility.
Rupert Verco, CEO of Cobra, commented: “We are pleased to have achieved this milestone prior to receiving results from a significant exploration programme. We look forward to working with Andromeda, a near-term producer, to consolidate our ownership and continue to grow our gold and rare earth resources to support a future operation. We are eagerly anticipating results from 2144 m of Reverse Circulation drilling aimed at expanding gold resources, and are in the process of completing a significant Aircore programme aimed at testing near resource gold targets and expanding our rare earth resource. We are excited to be in the process of drilling the Boland target, which has been devised from extensive mineralogical and geochemical analysis, and is, we believe, highly prospective for ionic, easily leachable magnet rare earths. We look forward to updating shareholders on our continued progress.”
Read the article online at: https://www.globalminingreview.com/mining/24042023/cobra-resources-issues-wudinna-project-update/
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