As this year has unfolded, Cobra has quietly gone about its business and build up the infrastructure and is now be able to progress towards the maiden exploration drilling campaign. In today interview, Craig announces a two-prong drilling programme in the coming months.
Today the company announced Hagtstrom Drilling Equity Agreement expanded from 4,650m to 10,000m of RC Drilling. Hagstrom has also agreed to take 33.34% of this fixed cost as equity.
The Company will detail its planned exploration programmes later this week, however, a start date of the second week of September has been agreed between the Company and Hagstrom for the initial drilling programme, subject to finalising the drilling contract and mobilisation.
The Company is finalising discussions will its preferred drilling contractor, Hagstrom Drilling, to complete a drilling program at Baggy Green, Baggy Green North, Clarke and Laker. The staging and timing of this programme are being finalised and is planned to commence in early September.
The Wudinna Project (the 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.
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 to 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.
Craig Moulton, Managing Director of Cobra commented: “Expanding this agreement, is a great result for the Company, it will maximise our exploration budget and minimise risk. It is a great vote of confidence in the Wudinna Gold Project by a notable industry participant.”
Andromeda JV Stage 1 earn-in
The Company has reached an agreement with its JV partner, Andromeda Metals Ltd, to extend the Stage 1 earn-in timeframe by two months to the 31st December 2020, largely due to the impact of COVID-19 travel restrictions. Whilst the Company was scheduled to meet its $A2.1 Stage 1 earn-in commitment by the due date, both parties felt that an extension of two months would maximise the value of the planned drilling programmes.
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