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Cobra Resources PLC - Australia-focused gold and rare earth exploration company - Reports historical drillhole stage 1 re-assay results at its Wudinna project in South Australia, which "support massive scale potential of palaeochannel-hosted ionic rare earths". Says testing has defined heavy rare earth oxide enriched mineralisation in the Yaninee Palaeochannel, southwest of the Boland prospect. Intersections confirm prospectivity across a further 150 kilometres squared of Cobra-held palaeochannel. Mineralisation is in same geological units as Boland, where conditions support high recoveries.
Cobra adds that highest grades of rare earth element mineralisation occur proximal to and below sandstone-hosted uranium mineralisation, validating its exploration strategy of targeting known uranium roll-front mineralisation.
Chief Executive Officer Rupert Verco says: "These results re-affirm our belief that the ionic REE mineralisation confirmed at Boland is not isolated but part of an extensive system within Cobra tenements...we aim to demonstrate that the ionic REE mineralisation across Cobra's significant land package presents as one of the world's lowest cost sources of magnet and heavy rare earths."
Current stock price: 0.97 pence, up 2.1% on Tuesday
12-month change: down 35%
By Emma Curzon, Alliance News reporter
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