RE: Rns out8 Sep 2023 17:02
Shard Capital
7th September 2023
Cobra Resources plc
Sector: Mining
Gold, Rare Earth Elements and Copper
Double win! Gold and rare earth resources both upgraded
Market data Markets
LSE Main Market
Ticker
COBR
1.15
Cobra has reported upgrades to both the gold and rare earth element (REE) Mineral Resource Estimates (MRE) at its Wudinna multi-mineral project located in South Australia's Gawler Craton. The gold MRE has increased 32% from 211koz to 279koz and the REE MRE has increased 99% on a tonnage basis from 20.9Mt to 41.6Mt, with a 5% increase in magnet rare earth (MREO) grade. Cobra moves another step closer to demonstrating the commercial opportunity of this unique multi-mineral occurrence in a Tier 1 jurisdiction.
1.95
Price (p/sh) 12m High (p/sh)
12m Low (p/sh)
Ordinary shares (m)
FD share capital (m)
Mkt Cap (Em)
1.10
515.2
595.5
5.9
Background. Updated JORC-compliant MREs have been calculated by Cobra's independent consultant, Snowdon Optiro for both gold and rare earths at Wudinna. The new gold resource supersedes the previous MRE dated May-2019 with updates to the resource at the Barns, Baggy Green and White Tank prospects and for the first time, a maiden gold MRE at the Clarke prospect on the back of recent drilling. The new REE resource supersedes the Jan-2023 MRE with updates to the resource at the Baggy Green and Clarke prospects. See figure 3 overleaf.
3.50
COORL
3.00
2.50
Gold MRE
REE MRE
5.81Mt@1.5/ Au
41.6M 699ppm TREO
2.00
250,000 Conatined gold (oz)
4.4M @ 1.5g/t Au
279ko
1.50
20.9Mt @658ppm TREO
211koz
150,000
1.00
Resources tonnes 10
Dec-2021
Mar-2022
Jun-2022
50,000
ะพ
2019 MRE
2023 MRE
Jan 2023 MR
Sep 2023 MRE
Source: Alpho
Description
Cobra is defining a multi-mineral resource at the Wudinna Project in South Australia's
prolific Gawler Craton. The focus is shallow pipeline of IOCG targets. www.cobraplc.com
gold and rare earth element mineralisation. Cobra is also advancing a
Gold resource details: The new JORC-compliant gold MRE amounts to 5.81Mt at 1.5g/t Au for 279koz contained gold. This represents a 32% increase in gold ounces over the previous estimate of 4.4Mt at 1.5g/t Au for 211koz contained. The majority of the increase is related to a 30koz increase in gold ounces at the Barns prospect, along with the first-time addition of the Clarke prospect into the resource base, adding 33koz. The overall MRE gold grade at 1.5g/t Au has not changed. The MRE is reported at a cut-off of 0.5g/t Au. Prospects for further low-cost resource growth with targeted in-fill and step-out drilling look very good, in our view.
REE resource details: The new JORC-compliant REE MRE amounts to 41.6Mt at 699ppm TREO (total rare earth oxides + yttrium). This represents a 99% increase in tonnage over the Jan-2023 resource of 20.9Mt at 658ppm TREO, whilst the overall TREO grade has i