Cobra Resource. Regulatory News (COBR)

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.

21 January 2021

Cobra Resources plc

 ("Cobra" or the "Company")

Wudinna Project Update:

Barns / White Tank Gold Deposit Assay Results

Cobra, the gold exploration and mining company focused on the Wudinna Gold Project in South Australia, is pleased to announce significant and high-grade gold intercepts at the Barns and White Tank deposits, including:

The Barns JORC resource is currently estimated at 104,000 oz, and the White Tank Resource at 13,000 oz. The objective of the drilling programme was to provide detailed structural and geochemical data, with the aim of confirming the orientation and continuity of the resource, and to enable the growth of the resource base. A total of 19 Reverse Circulation (RC) holes were drilled in and around the Barns JORC resource zone for a total of 3,177m, with all but three holes returning mineralised intercepts of greater than 0.3 g/t of gold.

Summary of standout drill intercepts at Barns / White Tank include:

A full summary of mineralised gold intercepts from Barns / White Tank follows in the appendix.

These results are in addition to the 5.25 g/t of gold over 15m from Clarke announced last month and complete the awaited assays from the 2020 drilling programme. Analysis of these data is underway and will inform an updated geological interpretation of the existing resources at Baggy Green and Barns, as well as the future potential to define a maiden resource at Clarke. This information will also form the basis for the Company's 2021 exploration programme, with updates to be provided in due course.

Craig Moulton, Director of Cobra, commented:

"I'm thrilled with these results. Against any metric, results such as 3.25 g/t over 13m, 6.28 g/t over 5m and 8 g/t over 3m are incredibly exciting. It shows that, as we continue to methodically execute our strategy of applying sound industry-leading science, the Wudinna project continues to deliver.

Also, it will be very interesting to understand whether these new silver and copper results represent an additional value dimension to the project. The team is now fully focused on extracting every ounce of value from these data, updating our models, and finalising our plans for the 2021 programme. We look forward to keeping the market informed as the project continues to develop."

End

Enquiries:

About Cobra

Cobra's Wudinna Gold 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. In total Cobra has over 22 orogenic gold prospects, with grades of between 16g/t up to 37.4g/t outside of the current 211,000 oz JORC resource, as well as one copper-gold prospect, and four IOCG targets.

Wudinna Project Description

The Eyre Peninsula Gold Joint Venture comprises a 1,928 km2 land holding in the Gawler Craton. The Wudinna Gold Project within the Joint Venture tenement holding comprises a cluster of gold prospects which includes the Barns, White Tank and Baggy Green deposits.

Competent Person Statement 

Technical information in this announcement has been reviewed by Craig Moulton, the Company's Managing Director. Craig has 27 years' experience in the industry, having worked for Rio Tinto, Cleveland Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral Economist. Craig holds a BSc Hons (Geology), MSc (Min Econs), MAusIMM, FGS.

The person who arranged for the release of this information is Craig Moulton, the Company's Managing Director. 

Appendix

A PDF version of this announcement including figures and JORC 2012 information can be found here: http://www.rns-pdf.londonstockexchange.com/rns/3853M_1-2021-1-20.pdf

Summary of mineralised gold intercepts from Barns / White Tank

A plan showing all hole collar locations is shown in Figure 2 and all drillhole traces in Figure 3 in the accompanying PDF version only.

Figure 1: Wudinna Gold Project location plan

(pdf version only)

The Central Gawler Gold Province is a belt of gold-dominant mineralisation which formed approximately 1,590 million years ago during the regionally extensive Hiltaba/GRV tectonothermal event. Gold mineralisation at the Barns, White Tank and Baggy Green deposits is hosted by variably deformed granodiorite/gneiss interpreted to belong to the Tunkillia Suite, a group of 1,690 Ma granitoids that form important host rocks in the Central Gawler Gold Province. The PDF version includes a map with Figure 1.

Current Wudinna Gold Camp Mineral Resource

Note: Inconsistencies in totals due to rounding