Cobra Resources PLC - Australia-focused gold and rare earth exploration company - Completes sonic core drilling at the Boland rare earths prospect in the Wudinna project in South Australia. Says preliminary observations "are highly encouraging", suggesting that Boland "has the right features to be a low cost, low impact source of magnet rare earths". Testing finds high grade concentrations of rare earths within permeable zones, coinciding with "exceptional metallurgical recoveries". Permeability testing is underway to define the site's production potential.
Chief Executive Officer Rupert Verco says: "We are truly excited about what this drilling is defining. The Boland prospect presents as a world first for palaeochannel hosted ionic [rare earths] via in situ recovery mining.
"Initial indications for grade concentration are positive and geological conditions reinforce our belief that [in-situ recovery] will be highly successful...We eagerly await the follow-up assays and studies that we believe will establish this project as a world-class rare earths project. We could not have asked for a better start to 2024."
Current stock price: 0.98 pence, up 6.2% on Monday afternoon
12-month change: down 32%
By Emma Curzon, Alliance News reporter
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Cobra Resource. (COBR)