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(Alliance News) - Cobra Resources PLC on Thursday said drilling has begun at Wudinna, after McLeod Drilling mobilised an Aircore drilling rig to the site.
Cobra Resources is a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia.
The company has completed 20 reverse circulation drillholes for 2,466 metres across the Barns, White Tank and Clarke prospects aimed at gold resource expansion. It said that drilling intersected "encouraging geology" supportive of further gold and rare earth mineralisation across all three prospects, with assay results expected in late April.
The aircore programme is now underway.
It is designed to test the orientation of gold mineralisation at the Barns East prospect, where historical drilling intersected numerous shallow gold intervals. Cobra also said the programme will maiden drill test the Boland target, where previous exploration has found paleo-channel hosted reduced clays and sands that contain lignites.
"We are pleased to have safely and efficiently executed our RC drilling campaign. Initial geological observations are positive for further gold mineralisation, and we expect results to materially contribute to a gold resource update later in the year. We appreciate the efforts of our contractors in executing a successful programme with careful attention to our environmental and community impact," said Chief Executive Officer Rupert Verco.
"We are now excited to test a number of regional targets prospective for both gold and rare earths through the AC drilling programme, where we aim to follow up encouraging geophysical findings from our ADI co-funded surveys. The incorporation of the Boland target into the drill programme is an exciting inclusion that has resulted from thorough mineralogical and chemical analysis of our rare earth occurrences."
Cobra Resources shares were trading 3.5% higher at 1.19 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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