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LONDON (Alliance News) - Cobra Resources PLC on Tuesday reported a rise in the resource at the Wundinna gold project, though at a slightly lower grade.
The new resource at Wundinna, on South Australia's Eyre peninsula, is 4.4 million tonnes at 1.5 grams of gold per tonne of ore. The previous resource was 3.9 million tonnes at 1.6 gold.
As a result, the overall amount of gold has climbed to 211,000 ounces from 200,300 ounces.
Wundinna is 100% owned by Sydney-listed Andromeda Metals Ltd, with Lady Alice Mines Pty Ltd having agreed last October to a 75% farm-in.
In March, Cobra agreed to buy Lady Alice Mines. The deal is considered a reverse takeover, so shares are currently suspended in London.
Cobra Managing Director Craig Moulton said: "I am delighted with the updated resource estimate for this key project in Cobra's portfolio."
"The increase in the JORC mineral resource based on this new interpretation, and without new drilling data, confirms our belief there is significant value to be unlocked from this exciting project."