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(Alliance News) - Cobra Resources PLC on Thursday reported significant gold intercepts at the Baggy Green deposit, a part of the Wudinna project in South Australia.
The UK-based exploration and mining company said the Baggy Green resource is currently estimated at 94,000 ources and occurs as two deposits. Some 13 holes were drilled to the north and south of, and in between, the existing resource zones, with a further six exploration holes targeting new mineralisation.
These results are associated with the 19 reverse circulation holes, totalling 2,504 metres, which were drilled during Cobra's recent drilling programme. Generally, holes were spaced at 50 metres east-west and 200 metres north-south in an aim to establish the orientation of the mineralisation and any potential extensions or connections, the company explained.
Going forward, Cobra said it continues to await assay results from drilling at the Barns and White Tank deposits which are now expected to be announced in January 2021.
"We are currently focused on the geochemical and structural interpretation of these results, and expect that, when combined with the borehole wireline logging data, they will provide a strong indication on the orientation of the mineralisation at Baggy Green," said Director Craig Moulton.
"This has positive implications for defining further extensions to the resource. It is encouraging to see relatively thick low-grade intercepts to the south of the existing resource as well as a high-grade intercept well to the north. We now eagerly await the remaining assays at Barns," added Moulton.
Cobra Resources shares were trading 22% lower in London on Thursday at 1.99 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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