The fundraising was well-received, with strong support from investors familiar with the project. The funds will primarily support drilling activities (5,000 to 7,000 meters of air core drilling) and optimization of the in-situ recovery (ISR) process for Rare Earth extraction.
The company aims to demonstrate the cost competitiveness of ISR compared to conventional mining methods and targets the second half of 2025 to progress towards setting up a pilot plant for ISR mining. Ongoing bench-scale ISR tests and environmental studies are underway, with results expected in May/June.
The company is also evaluating opportunities regarding its gold and uranium assets within the Wudinna project area.
Rupert Verco, CEO of Cobra, commented:
“When we first drilled the Boland prospect a year ago, we believed that the geological conditions were supportive of ionic mineralisation and amenable to ISR. We are now methodically de-risking aspects necessary for the Boland prospect to produce a resource that will have the capacity to change the cost and environmental profile of magnet and heavy rare earth mining.
These results validate our interpretation for the potential scale of ionic mineralisation across the Narlaby Palaeochannel. With further results to come, we will be able to refine our interpretations and plan resource drilling to target high-grade zones of mineralisation. This is exciting, considering that the interpreted 139km2 at Boland only represents 5% of the palaeochannels held across Cobra’s extensive land tenure.
Our Sonic core drilling demonstrated high-grade concentration and these results are supporting scale for a future resource. We are eagerly awaiting ANSTO’s completion of our column ISR tests to confirm our belief that this mineralisation can be mined by this most cost-effective form of mining, thus demonstrating the economic value of the Boland discovery.
Here’s a summary of the key points:
- Fundraising Outcome: Cobra Resources successfully raised £600,000 to fund their Boland Rare Earth Discovery project, with significant support from investors familiar with the project.
- Use of Funds: The funds are primarily allocated for drilling activities, specifically aiming for 5,000 to 7,000 meters of air core drilling. Additionally, the funds will support the optimization of the in-situ recovery (ISR) process for rare earth extraction.
- Strategic Goals: The company seeks to demonstrate the cost competitiveness of the ISR mining method compared to conventional mining techniques, with plans to set up a pilot plant for ISR mining by the second half of 2025.
- Current Progress: Ongoing bench-scale ISR tests and environmental studies are in progress, with results expected in the upcoming months.
- Broader Project Scope: Cobra Resources is also evaluating opportunities related to their gold and uranium assets within the same Wudinna project area where Boland is located.
This video provides insights into Cobra Resources’ strategic initiatives and funding efforts towards advancing rare earth extraction through innovative mining methods.
