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. With the drill rigs on site, it looks to be a rich vein of news flow over the coming weeks and months.
Cobra is an exploration and mining company focussed on the evaluation of the Wudinna Gold Project. With 6 tenements covering 1,928sqkm, Wudinna is located in the prime Central Gawler Craton Province (“CGC”) of South Australia.
The Gawler Craton has been home to some of the largest IOCG discoveries in Australia including Olympic Dam, as well as Prominent Hill and Carrapateena.
Cobra currently has over 22 orogenic gold prospects, with grades of between 16g/t up to 37.4g/t outside of the current JORC resource, as well as 1 copper-gold prospect, and 4 IOCG targets. The leading-edge multi-element geochemical analysis is being systematically applied to define the orientation and continuity of the mineralisation ahead of drilling, significantly reducing risk.
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, Director of Cobra commented:
“We are very excited to be able to accelerate our exploration plans and are looking forward to some great results from the initial drilling. With the recent CLN financing, and expanded agreement with Hagstrom, we now have the financial and operational flexibility to aggressively chase our high-grade gold targets.
I look forward to updating shareholders further as our busy period of drilling gets underway
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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