Last checked at 25 Jul 2022 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) 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.
25 July 2022
Cobra Resources plc
("Cobra" or the "Company")
Exploration Tenement Granted
Cobra (LSE: COBR), a gold, IOCG, and rare earth exploration company focused on the Wudinna Project in South Australia, is pleased to announce it has been granted a package of exploration tenements under EL 6806 totalling 893 km2 that are proximal to or contiguous with the Wudinna Project. EL 6806 complements the Company's existing strategy, with the newly acquired ground considered highly prospective for gold and clay hosted rare earth mineralisation.
Tenement EL 6806 is held 100% by Cobra's wholly owned Lady Alice Mines Pty Ltd subsidiary. The addition of the tenement consolidates Cobra's position as a major land holder within the Gawler Craton, the oldest and largest geological province in South Australia, with exclusive exploration rights across 1,429 km2 of highly prospective ground, and a further 1,832 km2 of exploration rights held under the Wudinna Heads of Agreement with Andromeda Metals Limited.
The Company's application for EL 6806 was previously announced on 13 April 2022 under the application code ELA 2022/00006, with the total area granted having been revised from 925 km2 to 893 km2 following a revision of boundaries.
Rupert Verco, CEO of Cobra, commented:
"EL 6806 consolidates Cobra Resources' position as a major player in the highly prospective Gawler Craton, a tier 1 mining jurisdiction of South Australia. Whilst the southern Gawler Craton has already produced several defined precious metal resources, its extent remains largely under explored, and this creates a massive opportunity for our company.
Our immediate focus remains on defining value through ongoing exploration at the Wudinna Project, however, the addition of EL 6806 enables the Company to strategically define a pipeline of high-value new exploration targets which are capable of contributing to the multi-commodity resource we are aiming to establish, including critical minerals that can assist in driving global decarbonisation."
A summary of the Company's Gawler Craton tenement interests appears below:
Tenement | Area km2 | Cobra Interest |
EL 6131 | 1,303 | 65%* |
EL 6317 | 156 | 65%* |
EL 5953 | 184 | 65%* |
EL 6489 | 42 | 65%* |
EL 6001 | 147 | 65%* |
EL 6718 | 536 | 100%** |
EL 6806 | 893 | 100%** |
*Held under the Wudinna Heads of Agreement with Andromeda Metals Limited whereby Cobra, through its wholly owned subsidiary Lady Alice Mines Pty Ltd, is earning up to 75% ownership (expected to be achieved during 2022)
**Held through the Company's wholly owned subsidiary Lady Alice Mines Pty Ltd
A plan detailing the locations of the Gawler Craton tenements can be viewed in the appendix (Figure 1) of a supplementary PDF version of this announcement at http://www.rns-pdf.londonstockexchange.com/rns/5060T_1-2022-7-22.pdf.
Enquiries:
Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK)
| via Vigo Consulting +44 (0)20 7390 0234 |
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto
| +44 (0)1483 413 500 |
Peterhouse Capital Limited (Joint Broker) Duncan Vasey Lucy Williams
| +44 (0)20 7469 0932
|
Vigo Consulting (Financial Public Relations) Ben Simons Charlie Neish Kendall Hill | +44 (0)20 7390 0234 |
The person who arranged for the release of this announcement was Rupert Verco, CEO of the Company.
About Cobra
Cobra's Wudinna Project is located in the Gawler Craton which is home to some of the largest IOCG discoveries in Australia including Olympic Dam, as well as Prominent Hill and Carrapateena. Cobra's Wudinna tenements contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high-grade gold intersections, with ready access to nearby infrastructure. Recent drilling has discovered Rare Earth Mineralisation proximal to and above gold mineralisation. The grades, style of mineralogy and intercept widths are highly desirable. In addition, Cobra has over 22 orogenic gold prospects, with stand-out grades of 16 g/t up to 37.4 g/t gold outside of the current 211,000 oz JORC Mineral Resource Estimate, as well as one copper-gold prospect, and five IOCG targets.