(Alliance News) - Cobra Resources PLC on Thursday said that the first stage of the geochemical soil sampling programme has identified a "chemical fingerprint" for gold mineralisation at Wudinna gold project located in South Australia.
The London-registered exploration company said the sampling has identified a unique and distinctive chemical fingerprint for gold mineralisation at Barns, White Tank and Baggy Green targets, which will significantly improve drill targeting of the mineralisation.
The first stage of the sampling also indicated that the Wudinna project has potential for iron-oxide-copper-gold mineralisation, Cobra added.
The company is now planning to undertake stage two sampling programme, which will focus on infilling sample sites that target extensions to Barns, White Tank and Baggy Green. Field work is expected to commence mid-March and will include the re-assaying of available soil and drill hole samples.
Cobra Resources share in London closed at 1.41 pence each on Thursday, down 26%.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Cobra Resource. (COBR)