As this year has unfolded, Cobra has quietly gone about its business and build up the infrastructure to now be able to progress towards the maiden exploration drilling campaign.
In late April 2020, Cobra Resources announced the appointment of two new Directors to the Company’s Board effective from the 1st May 2020. Alongside the Successful Completion of Stage 2 and ADI Funding with the company equity placing to raise a minimum of £0.5 million and up to £0.68 million, before expenses. To new and existing investors at 2.25 pence per share
The last update was Exploration Programme Update – Stage 3 Geochemistry and Drilling Programme
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 late August, 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.
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.
Craig Moulton, Managing Director of Cobra commented:
“With over 4000 Stage 3 geochem samples submitted for analysis, we will soon have a large database of pathfinder elements which will greatly aid the design of our upcoming drilling programme.
We plan to finalise the design of this programme in the coming weeks and have a number of exciting targets to test, including extensions to the existing mineralisation at Baggy Green and some high priority greenfields targets at Clarke and Laker.
Our discussions with Hagstrom Drilling have progressed well and we look forward to working with them. This fixed price drilling contract will enable us to maximise the amount of drilling with less risk of cost overruns.
We are looking forward to a busy second half of 2020.”
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