RE: RNS OUT14 May 2020 09:25
Cobra Resources PLC Exploration Update - Successful Completion Stage 2Source: UK Regulatory (RNS & others)
TIDMCOBR
RNS Number : 8987M
Cobra Resources PLC
14 May 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
For immediate release
14 May 2020
Cobra Resources plc
("Cobra" or the "Company")
Exploration Update - Successful Completion of Stage 2
Cobra is an exploration and mining company which today announces an update on exploration and evaluation of the Wudinna Gold Project.
The Wudinna Project (the Project) contains a JORC gold resource estimate of 211,000 ounces and is located on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia which contains numerous mineral occurrences.
Highlights:
-- Stage 2 sampling programme confirms presence of elevated / anomalous pathfinder elements indicating the potential for significant resource extensions, particularly at Baggy Green.
-- A regional scale interpretation of aeromagnetic data has demonstrated a significant relationship between these structures, pathfinder elements and gold mineralisation.
-- Two new high priority targets have been identified from structural interpretation where major structures, already associated with mineralisation, intersect.
-- The newly named Grace prospect, east of Clarke prospect has returned highly anomalous Molybdenum assays, typically associated with Iron-Oxide-Copper-Gold (IOCG) mineralisation.
Background
The Wudinna Mineral Resource estimate, as at March 2019, for the Barns, White Tank and Baggy Green deposits is shown below. This has been classified and reported in accordance with the guidelines of the JORC(2012) Code. The Mineral Resources have been reported above a 0.5 g/t gold cut-off grade to reflect current commodity prices and extraction by open pit mining.
Deposit Classification Tonnes Grade (g/t Gold ounces (x1,000) gold) Barns Indicated 410 1.4 18,000 Inferred 1,710 1.5 86,000 ------------------------------ ---------- ----------- ------------ Total 2,210 1.5 104,000 ------------------------------ ---------- ----------- ------------ White Tank Inferred 280 1.4 13,000 ---------------- ---------- ----------- ------------ Baggy Green Inferred 2,030 1.4 94,000 ---------------- ---------- ----------- ------------ Total 4,430 1.5 211,000 ---------- ----------- ------------
The Company is earning a 75% interest in the Project by spending A$5 million over a 6-year per
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