Cobra Resource. Regulatory News (COBR)

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

Shard Capital Limited (Joint Broker)

Erik Woolgar

Damon Heath

+44 (0)20 7186 9952

Vigo Consulting (Financial Public Relations)

Ben Simons

Charlie Neish

Kendall Hill

+44 (0)20 7390 0234

BHID

DH From (m)

DH To (m)

Interval (m)

Au g/t

CBRC0057

58

66

8

0.60

inc

62

64

2

1.31

CBRC0059

34

40

6

4.15

inc

34

38

4

5.74

CBRC0066

57

75

18

0.60

inc

58

59

1

1.80

inc

68

70

2

2.16

BHID

DH From (m)

DH To (m)

DH Int (m)

TREO + Y (ppm)

Neodymium

Praseodymium

Terbium

Dysprosium

MREO%

Nd2O3

Pr6O11

Tb4O7

Dy2O3

ppm

%

ppm

%

ppm

%

ppm

%

CBRC0057

13

34

21

519

85

16.3%

23

4.5%

2.0

0.4%

12

2.2%

23%

inc

13

18

5

944

154

16.3%

43

4.5%

3.6

0.4%

21

2.2%

23%

CBRC0058

26

50

24

1,093

200

18.3%

54

4.9%

4.0

0.4%

23

2.1%

26%

inc

28

47

19

1,243

234

18.8%

63

5.1%

4.5

0.4%

25

2.0%

26%

CBRC0059

40

54

14

611

97

15.9%

25

4.2%

2.1

0.3%

13

2.1%

23%

and

60

64

4

411

60

14.6%

17

4.2%

1.1

0.3%

7

1.7%

21%

CBRC0062

31

51

20

683

102

14.9%

26

3.9%

3.0

0.4%

19

2.8%

22%

inc

48

50

2

2,249

269

12.0%

66

2.9%

12.0

0.5%

81

3.6%

19%

CBRC0066

12

16

4

434

84

19.3%

26

5.9%

1.6

0.4%

8

1.9%

28%

and

36

67

31

514

80

15.5%

21

4.1%

2.0

0.4%

12

2.3%

22%

Hole ID

Hole type

Easting

Northing

Depth (m)

Dip

Assays Received/ Reported

Au

REE

Multi-Element (XRF)

CBRC0057

RC

546,763

6,364,519

76

-65

Y

Y

N

CBRC0058

RC

546,729

6,364,615

52

-65

Y

Y

N

CBRC0059

RC

546,848

6,364,656

69

-65

Y

Y

N

CBRC0060

RC

546,948

6,364,681

81

-65

Y

N

N

CBRC0061

RC

546,824

6,364,730

63

-65

Y

Y

N

CBRC0062

RC

547,033

6,365,380

58

-65

Y

Y

N

CBRC0063

RC

546,887

6,365,294

59

-65

Y

N

N

CBRC0064

RC

546,833

6,365,265

57

-65

Y

N

N

CBRC0065

RC

546,787

6,365,239

54

-65

N

N

N

CBRC0066

RC

546,744

6,365,213

87

-65

Y

Y

N

CBRC0067

RC

546,779

6,365,151

47

-70

N

N

N

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Pre 2021

· Historic RC and RAB drilling methods have been employed at Clarke and Baggy Green Prospects since 2000.

· Pulp samples from pre-Cobra Resources' drilling were collected with intervals of 1-6 m. Samples were riffle split if dry or sub split using a trowel if wet.

· Pulp samples were obtained from Challenger geological services using a combination of logging and geochemical selection criteria. Samples pulled from storage were re-pulverised at the laboratory prior to further analysis.

2021 - onward

· Sampling during Cobra Resources 2022 aircore ("AC") drilling programme at all Prospects were obtained through AC drilling methods.

· 2 m samples were collected in 20l buckets via a rig mounted cyclone. An aluminum scoop was used to collect a 2-4 kg sub sample from each bucket. Samples were taken from the point of collar, but only samples from the commencement of saprolite were selected for analysis.

· Samples submitted to the Genalysis Intertek Laboratories, Adelaide and pulverised to produce the 25g fire assay charge and 4 acid digest sample.

· A summary of previous RC drilling at the Wudinna Project is outlined in the Cobra Resources' RNS number 7923A from 7 February 2022.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Pre 2021

· Drill methods include AC, RH and RAB in unconsolidated regolith and aircore hammer in hard rock. Some shallow RC holes have been drilled in place of AC and RAB, a single diamond drillhole has been incorporated in the estimate.

2021- onward

· Drilling completed by McLeod Drilling Pty Ltd using 75.7 mm NQ air core drilling techniques from an ALMET Aircore rig mounted on a Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.

· Slimline RC drilling was completed by Wuzdrill pty limited and Indicator drilling services Pty Ltd using a 400D and Mantis C60R drill rigs using a 4" hammer and 78mm drill rods.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Sample recovery was generally good with water being intersected in less than 10% of the drilled holes. All samples were recorded for sample type, quality and contamination potential and entered within a sample log.

· In general, sample recoveries were good with 20-25 kg for each 2 m interval being recovered.

· No relationships between sample recovery and grade have been identified. 

· RC drilling completed by Bullion Drilling Pty Ltd using 5 ¾" reverse circulation drilling techniques from a Schramm T685WS rig with an auxiliary compressor

· Sample recovery for RC was generally good with water being intersected in 10% of the drilled holes. All samples were recorded for sample type, quality and contamination potential and entered within a sample log.

· In general, RC sample recoveries were good with 35-50 kg for each 1 m interval being recovered.

· No relationships between sample recovery and grade have been identified.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· All drill samples were logged by an experienced geologist at the time of drilling. Lithology, colour, weathering and moisture were documented.

· Logging is generally qualitative in nature.

· All drill metres have been geologically logged on sample intervals (1-2 m).

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

Pre-2021

· Samples from AC, RAB and "bedrock" RC holes have been collected initially as 6 m composites followed by 1 m re-splits. Many of the 1 m re-splits have been collected by riffle splitting.

· RC samples have been collected by riffle splitting if dry, or by trowel if wet

· Pulverised samples have been routinely checked for size after pulverising

· Pulp samples were re- pulverised after storage to re-homogenise samples prior to analysis.

2021-onward

· The use of an aluminum scoop to collect the required 2-4 kg of sub-sample from each 2 m AC sample length controlled the sample volume submitted to the laboratory.

· Additional sub-sampling was performed through the preparation and processing of samples according to the Intertek Genalysis internal protocols.

· Duplicate AC samples were collected from the sample buckets using an aluminium scoop at a 1 in 50 sample frequency.

· Sample sizes were appropriate for the material being sampled.

· Assessment of duplicate results indicated this sub-sample method provided good repeatability for rare earth elements.

· RC drill samples were sub-sampled using a cyclone rig mounted splitter with recoveries monitored using a field spring scale.

· Manual re-splitting of RC samples through a riffle splitter was undertaken where sample sizes exceeded 4 kg.

· RC field duplicate samples were taken nominally every 1 in 20 samples. These samples showed good repeatability for REE.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Samples were submitted to Genalysis Intertek Laboratories, Adelaide for preparation and analysis.

· Multi element geochemistry were digested by four acid ICP-MS and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Na, Nd, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb.

· Field gold blanks and rare earth standards were submitted at a frequency of 1 in 50 samples.

· Field duplicate samples were submitted at a frequency of 1 in 50 samples

· Reported assays are to acceptable levels of accuracy and precision.

· Internal laboratory blanks, standards and repeats for rare earths indicated acceptable assay accuracy.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Sampling data was recorded in field books, checked upon digitising and transferred to database.

· Geological logging was undertaken digitally via the MX Deposit logging interface and synchronised to the database at least daily during the drill programme.

· Compositing of assays was undertaken and reviewed by Cobra Resources staff.

· Original copies of laboratory assay data are retained digitally on the Cobra Resources server for future reference.

· Samples have been spatially verified through the use of Datamine and Leapfrog geological software for pre 2021 and post 2021 samples and assays.

· Twinned drillholes from pre 2021 and post 2021 drill programmes showed acceptable spatial and grade repeatability.

· Physical copies of field sampling books are retained by Cobra Resources for future reference.

· Significant intercepts have been prepared by Mr Rupert Verco and reviewed by Mr Robert Blythman.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

Pre 2021

· Collar locations were pegged using DGPS to an accuracy of +/-0.5 m.

· Downhole surveys have been completed for deeper RC and diamond drillholes

· Collars have been picked up in a variety of coordinate systems but have all been converted to MGA 94 Zone 53. Collars have been spatially verified in the field.

· Collar elevations were historically projected to a geophysical survey DTM. This survey has been adjusted to AHD using a Leica CS20 GNSS base and rover survey with a 0.05 cm accuracy. Collar points have been re-projected to the AHD adjusted topographical surface.

2021- onward

· Collar locations were initially surveyed using Google Pixel 6 mobile phone utilising the Avenza Map app. Collar points recorded with a horizontal accuracy within 5 m.

· Collar locations were picked up using a Leica CS20 base and Rover with an instrument precision of 0.05 cm accuracy.

· Locations are recorded in geodetic datum GDA 94 zone 53.

· No downhole surveying was undertaken on AC holes. All holes were set up vertically and are assumed vertical.

· RC holes have been down hole surveyed using a Reflex TN-14 true north seeking downhole survey tool.

· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit database.

· The quality and accuracy of the topographic control is considered sufficient for the Mineral Resource estimation and classification applied.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Drillhole spacing was designed on transects 50-80 m apart. Drillholes generally 50-60 m apart on these transects but up to 70 m apart.

· Additional scouting holes were drilled opportunistically on existing tracks at spacings 25-150 m from previous drillholes.

· Regional scouting holes are drilled at variable spacings designed to test structural concepts

· Data spacing is considered adequate for a saprolite hosted rare earth Mineral Resource estimation.

· No sample compositing has been applied

· Drillhole spacing does not introduce any sample bias.

· The data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for interpretation of the REE mineralised horizon and the classification applied.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· The REE mineralisation is expected to be controlled by vertical weathering profiles.

· Vertical drill holes are expected to be perpendicular to rare earth mineralisation.

· It is not expected that the angled RC holes have introduced any bias to the rare earth mineralisation interpretation.

· Drilling results are presented as true width.

Sample security

· The measures taken to ensure sample security.

Pre 2021

· Company staff collected or supervised the collection of all laboratory samples. Samples were transported by a local freight contractor

· No suspicion of historic samples being tampered with at any stage.

· Pulp samples were collected from Challenger Geological Services and submitted to Intertek Genalysis by Cobra Resources' employees.

2021 - onward

· Transport of samples to Adelaide was undertaken by a competent independent contractor. Samples were packaged in zip tied polyweave bags in bundles of 5 samples at the drill rig and transported in larger bulka bags by batch while being transported.

· There is no suspicion of tampering of samples.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· No laboratory audit or review has been undertaken.

· Genalysis Intertek Laboratories Adelaide are a NATA (National Association of Testing Authorities) accredited laboratory, recognition of their analytical competence.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· RC drilling occurred on EL 6131, currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.

· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and EL6489.

· Baggy Green, Clarke, Laker and the IOCG targets are located within Pinkawillinnie Conservation Park. Native Title Agreement has been negotiated with the NT Claimant and has been registered with the SA Government.

· Aboriginal heritage surveys have been completed over the Baggy Green Prospect area, with no sites located in the immediate vicinity.

· A Native Title Agreement is in place with the relevant Native Title party.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· On-ground exploration completed prior to Andromeda Metals' work was limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited over the Barns prospect.

· Other than the flying of regional airborne geophysics and coarse spaced ground gravity, there has been no recorded exploration in the vicinity of the Baggy Green deposit prior to Andromeda Metals' work.

Geology

· Deposit type, geological setting and style of mineralisation.

· The gold and REE deposits are considered to be related to the structurally controlled basement weathering of epidote- pyrite alteration related to the 1590 Ma Hiltaba/GRV tectonothermal event.

· Mineralisation has a spatial association with mafic intrusions/granodiorite alteration and is associated with metasomatic alteration of host rocks. Epidote alteration associated with gold mineralisation is REE enriched and believed to be the primary source.

· Rare earth minerals occur within the saprolite horizon. XRD analysis by the CSIRO identifies kaolin and montmorillonite as the primary clay phases.

· SEM analysis identified REE bearing mineral phases in hard rock:

· Zircon, titanite, apatite, andradite and epidote.

· SEM analyses identifies the following secondary mineral phases in saprock:

· Monazite, bastanite, allanite and rutile.

· Elevated phosphates at the base of saprock do not correlate to rare earth grade peaks.

· Upper saprolite zones do not contain identifiable REE mineral phases, supporting that the REEs are adsorbed to clay particles.

· Acidity testing by Cobra Resources supports that REDOX chemistry may act as a catalyst for Ionic and Colloidal adsorption.

· REE mineral phase changes with varying saprolite acidity and REE abundances support that a component of REE bursary is ionically adsorbed to clays.

Drillhole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o  easting and northing of the drill hole collar

o  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o  dip and azimuth of the hole

o  down hole length and interception depth

o  hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Exploration results are not being reported as part of the Mineral Resource area.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Reported summary intercepts are weighted averages based on length.

· No maximum/ minimum grade cuts have been applied.

· No metal equivalent values have been calculated.

· Rare earth element analyses were originally reported in elemental form and have been converted to relevant oxide concentrations in line with industry standards. Conversion factors tabulated below:

· The reporting of REE oxides is done so in accordance with industry standards with the following calculations applied:

· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

· CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3

· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3

· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

· NdPr = Nd2O3 + Pr6O11

· TREO-Ce = TREO - CeO2

· % Nd = Nd2O3/ TREO

· %Pr = Pr6O11/TREO

· %Dy = Dy2O3/TREO

· %HREO = HREO/TREO

· %LREO = LREO/TREO

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Preliminary results support unbiased testing of mineralised structures.

· Previous holes have been drilled in several orientations due to the unknown nature of mineralisation.

· Most intercepts are vertical and reflect true width intercepts.

· Exploration results are not being reported for the Mineral Resource area.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Relevant diagrams have been included in the announcement.

· Exploration results are not being reported for the Mineral Resources area.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· Not applicable - Mineral Resource and Exploration Target are defined.

· Exploration results are not being reported for the Mineral Resource area.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· Refer to previous announcements listed in RNS for reporting of REE results and metallurgical testing and detailed gold intersections.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Infill and extensional drilling aimed at growing the Mineral Resource and converting Inferred Resources to Indicated Resources is planned.