Cobra Resources PLC - Wudinna gold project in South Australia - Secures AUD73,250 of funding from the South Australian State Government to advance exploration and subsequent resource definition at the Clarke prospect in South Australia. Company says gold mineralisation has been defined across 400 metres of strike. Mineralisation at Clarke sits outside of the project's existing 211,000-ounce gold resource.
Chief Executive Officer Rupert Verco says: "We are pleased to be supported by the South Australian Government through this funding. The award to Cobra at this stage carries greater significance than the quantum itself - it demonstrates recognition of the company's progress and technical execution of recent work programmes."
The funding comes under the Accelerated Discovery Initiative (ADI), targeted at speeding up new mineral discoveries for key commodities in regional and frontier provinces in South Australia by fast-tracking new exploration ideas and techniques.
Current stock price: 2.07 pence, up 5.9% on Wednesday
12-month change: up 12%
By Xindi Wei; xindiwei@alliancenews.com
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Cobra Resource (COBR)