.7 Mar 2019 07:54
Cobra, a company formed to make acquisitions of tenements and projects in the natural resources sector, today announces that is has signed an acquisition agreement (the "Acquisition Agreement") to acquire 100% of the units in the Lady Alice Trust and the entire issued share capital of Lady Alice Mines Pty Ltd, as trustee of the Lady Alice Trust (the "Proposed Acquisition").
The Lady Alice Trust is the sole owner of:
- 100% of right title and interest in South Australian Exploration Licence Number 6016 (the "Prince Alfred Licence") a formerly producing copper mine (the "Prince Alfred Mine"); and
- an entitlement to earn a 75% equity interest in 5 large tenements near Wudinna in South Australia (the "Wudinna Project") for gold exploration, under the terms of an agreement (the "Wudinna Agreement") with Andromeda Metals Limited ("Andromeda"), a company listed on the Australian Securities Exchange, and Peninsula Resources Limited.
Additional details on the Wudinna Agreement in relation to the Wudinna Project can be found on Andromeda's web site:
http://www.andromet.com.au/images/uploads/reports/20171031Eyre_Peninsula_JV.pdf
As the Proposed Acquisition will constitute a reverse takeover for the purposes of the FCA's Listing Rules, in accordance with Listing Rule 5.1, the Company has requested that the Company's Ordinary Shares be suspended from listing on the Official List pending the publication of a prospectus, which will follow completion, or until the Company confirms that the Proposed Acquisition is not proceeding.
Key Highlights:
• The Prince Alfred Mine was discovered in 1866 and is located 100km north-east of Port Augusta in South Australia. The Mine was in production during the 1870s, closing in 1874. It started producing ore again between 1888 - 1909, producing 12kt of ore and shipping concentrate to Wallaroo. It closed in 1909 due to a crash in the price of copper and in 1967 until early 1970s the tailings were tank leached to recover 600t of copper.
• The copper mineralisation at the Prince Alfred Mine is stratiform, and believed to be shear-hosted, with historic grades reported as 5% Cu. No modern exploration has occurred at the site.
• Cobra will also acquire the right to earn 75% of the Wudinna Project, which is located on the Eyre Peninsula in the Central Gawler Gold Province, a 450km arcuate belt which contains numerous mineral deposits.
• The Wudinna Project tenement package represents a land holding of 1931 km2, comprising five tenements: EL/5953, EL/5615, EL/5381, EL/6131 and EL/6001. This underexplored, but prospective terrane, offers upside potential with a large number of untested anomalies and drill ready targets.
• The mineralisation at the Wudinna Project is hosted by shallow-plunging stacked quartz-pyrite veins. While under shallow cover, advanced geochemical sampling techniques have proved effective in locating high-grade mineralisation.
• Three deposits at the Wudinna Project have b
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