Final Results for the Year Ended 31 December 2019
Cobra, an exploration and mining company announces its results for the year ended 31 December 2019.
2019 was a significant year for the Company, achieving its primary strategic objective of transforming from a cash shell to an operating business by identifying a precious or base metals project in either Australia or Africa. This included:
1. Completing the Lady Alice Mines acquisition.
2. Establishing an enviable portfolio with two quality assets, including an option over a 211,000 oz gold resource, in a secure and low sovereign risk jurisdiction.
3. Recruiting a management team and Board with deep resource industry experience to lead the Company’s exploration efforts.
4. Articulating a clear exploration plan that aims to maximise value and de-risk future exploration drilling.
Post-Period End Highlights
· Successful completion of the Stage 1 soil sampling programme over Barns, Baggy Green and White Tank prospects, which established key pathfinder elements to mineralisation.
· Successful Completion of the Stage 2 soil sampling programme which identified the presence of pathfinder elements in the extension to Baggy Green, as well as a strong correlation with regional structures, and generating 2 new target areas.
· Application made for ADI funding for 4 new IOCG-style targets
· Actively planning the Stage 3 soils analysis, in order to finalise priority targets, in preparation for a drilling programme during the second half of 2020.
Craig Moulton, Managing Director of Cobra commented:
“Notwithstanding a difficult capital market during 2019 Cobra managed to attract sufficient funds to commence the staged exploration programme in South Australia. It is satisfying to see that this programme is now yielding the results we expected. I am very excited to see what the planned drilling programme will deliver for shareholders later this year.”
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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