(Alliance News) - Cobra Resources PLC said Tuesday it has completed the first stage of a geochemical sampling programme for the Wudinna gold project, located in the Central Gawler gold province in South Australia.
In November the company announced a three-stage geochemical sampling programme with the aim of "improving the definition of gold targets at Wudinna prior to drilling, reducing spend and improving target definition".
The aim of the stage one is to establish advanced relationships between previously defined gold resources and the soil and calcrete samples at surface, the company said.
"It is expected that these relationships will identify pathfinders to further gold mineralisation, and in turn de-risk future drilling programmes," Cobra said.
The analysis is currently underway, the company noted, and stage two of the programme will commence after the analysis is released.
Craig Moulton, director of the company, said: "This initial programme will lay the foundation for identifying new mineralisation both proximal to existing resources and regionally."
"We are encouraged by the initial results. Further interpretation of these data is ongoing, and we would expect a further release in the next 10 days," Moulton said.
Cobra Resources shares were trading 0.1% lower in London at 1.50 pence each on Tuesday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Cobra Resource. (COBR)