Cobra Resources PLC (LON:COBR) Analysis Delivers Breakthrough Gold Fingerprint

Craig Moulton, Managing Director of Cobra commented

“This breakthrough represents a major step forward in our ability to target gold mineralisation at Wudinna and will significantly improve our ability to de-risk future drilling programmes.”


First published 20th Feb

Exploration Update – Stage 1 Analysis Delivers Breakthrough Gold Fingerprint

Cobra is an exploration and mining company which today announces an update on exploration and evaluation of the Wudinna Gold Project.

The Wudinna Project is located on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia which contains numerous mineral occurrences.

In November 2019 the Company announced a three-stage geochemical (soil) sampling programme with the aim of improving the definition of gold targets at Wudinna prior to drilling.

These stages include:

Stage 1. Calibration program – Establish new geochemical relationships that provide improved pathfinders to high-grade Gold mineralisation.

Stage 2. Brownfields / Extensions – Use Stage 1 learnings to identify priority drill targets that may extend mineralisation at Barns, Baggy Green or White Tank.

Stage 3. Greenfields Targets – Apply results from Stages 1 & 2 to define high priority drilling targets for new Gold and Copper discoveries at Wudinna.

Summary of Key Findings:

· Cobra has identified a unique and distinctive chemical fingerprint for Gold mineralisation at Barns, White Tank and Baggy Green.

· This breakthrough will significantly improve drill targeting of gold mineralisation.

· This new approach is expected to provide lower risk drill targets as it identifies the remnant traces of mineralisation in the weathering profile.

· The fingerprint also indicates that Wudinna has potential for Olympic Dam-style IOCG (Iron-Oxide-Copper-Gold) mineralisation.

Detailed Findings:

The Stage 1 calibration programme collected soil/calcrete samples above areas of high-grade gold mineralisation at Barns, White Tank and Baggy Green. Cobra also re-assayed selected drill hole samples from these deposits. All samples were assayed using lower detection limits and a more extensive suite of chemical elements than used by previous explorers.

Following detailed geochemical analysis, it has been established that:

· High-grade Gold (Au) is associated with significantly elevated levels of Bismuth, Tellurium, Tungsten, Copper and Silver. (Bi-Te-W-Cu-Ag).

· As Silver, Copper and Gold (Ag-Cu-Au) are removed during intense weathering they are often absent closer to surface.

· The pathfinder elements Bismuth, Tellurium, Tungsten (Bi-Te-W) remain present even in deeply weathered rock.

· The Stage 1 analyses showed that elevated Bismuth, Tellurium, Tungsten (Bi-Te-W) anomalies can be seen in soil samples directly up-dip of high-grade gold mineralisation at Baggy Green.

The benefits of this breakthrough include:

· Lower risk drilling targets: targeting Bi-Te-W anomalies in soils where Gold may have been leached will de-risk future drilling programmes and provide better chemical pathfinders to mineralisation at depth.

· Lower cost exploration: available historic soil and drilling samples can be re-assayed for Bi-Te-W-Cu-Ag anomalies reducing the cost of data collection and greatly expanding the effective search area.

· Better pathfinders to mineralisation: Previous methods required soil samples to contain calcrete which is not always present, this new approach will work in areas where calcrete is absent.

· New IOCG Potential: A Bi-Te-W-Cu-Ag signature is typical of IOCG or Iron-Oxide-Copper-Gold mineralisation, similar to BHP’s giant Olympic Dam Copper-Gold mine (308km to the northeast of Wudinna), indicating that the project may be prospective for Copper-Gold Mineralisation.

The company is now planning the Stage-2 sampling programme, which will focus on infilling sample sites that target extensions to Barns, White Tank and Baggy Green. Fieldwork is expected to commence mid-March and will also include the re-assaying of available soil and drill hole samples. The market will be updated as this work progresses.

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