Cobra Resources PLC - Wudinna gold project in South Australia - Following further tranche of assays from 23 holes in 91-hole, 4,000 metre drilling programme at the Wudinna project in Australia, discovers exceptional high-grade clay hosting rare earths above gold mineralisations.
Total rare earth oxide grade stands at 865 parts per million, while magnet rare earths averaging 210ppm and the average scandium oxide grade at 30ppm.
"These results further validate our belief that the Wudinna Project is a potentially significant, high-value rare earth jurisdiction. We expect further results to support the scalability of high-grade and thick intersections of REEs, with the aim of estimating a substantial rare earth resource, whilst the technical dataset that we are producing indicates the potential for further exploration success in both quantity and style of rare earth mineralisation," says Chief Executive Officer Rupert Verco.
Current stock price: 1.81 pence, down 7.4% on Wednesday
12-month change: down 7.4%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Cobra Resource. (COBR)