COBRA Resources (COBR)

RNS Number : 2978W
Cobra Resources PLC
17 August 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

For immediate release

17 August 2020


Cobra Resources plc


("Cobra" or the "Company")


Hagstrom Drilling Equity Agreement Update

Cobra is an exploration and mining company focussed on the evaluation of its prized 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's Wudinna tenements contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high grade gold intersections, with ready access to nearby infrastructure, as well as 3 potential IOCG targets.

Cobra currently has over 22 orogenic gold prospects, with grades of between 16g/t up to 37.8g/t outside of the current JORC resource, as well as 1 copper-gold prospect, and 3 IOCG targets. 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.

Key Highlights

· Hagtstrom Drilling Equity Agreement expanded from 4,650m to 10,000m of RC Drilling


In Detail:

On the 21st October 2019, the Company announced the Execution of a Drilling Equity Agreement with Hagstrom Drilling, and its owners, to provide Reverse Circulation (RC) drilling services at the Wudinna Gold Project. The key highlights of this agreement were:

• Hagstrom drilling is an experienced drilling contractor located in Perth, Western Australia with a fleet of over 22 drilling rigs, refer to https://www.hagstromdrilling.com.au/ for more information.

• Hagstrom, and its owners, have agreed to a fixed price contract for the Wudinna drilling programme, reducing the drilling cost risk for the planned exploration programme.

• Hagstrom has also agreed to take 33.34% of this fixed cost as equity.

• Each drilling programme will be subject to a specific contract under the terms specified in the Equity Agreement.

As the Company has decided to accelerate it exploration plans, this agreement has been increased to include a total of 10,000m of RC drilling, from its original scope of 4,650m.

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.

Unless there is a significant deterioration in COVID-19 cases either in Western or South Australia, the Company does not expect COVID-19 related travel restrictions will have a significant impact on its planned drilling programmes.

Craig Moulton, 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."

The person who arranged for the release of this announcement was Craig Moulton, Managing Director of the Company

 

Craig Moulton, Managing Director of Cobra Resources PLC (COBR.L) Podcast
abm August 17, 2020
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.




https://t.co/ht2nzei4UO

 

Cobra Resources PLC
24 August 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

For immediate release

24 August 2020


Cobra Resources plc


("Cobra" or the "Company")


Wudinna Drilling Program Update

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's Wudinna tenements contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high grade gold intersections, with ready access to nearby infrastructure, as well as 4 potential IOCG targets.

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. 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.

A version of this announcement including figures is available at www.cobraplc.com

Key Highlights

• The Company is planning to complete 3 exploration programs in the second half of 2020, which will include up to 45 RC holes and up to 6,750m of drilling.

• Prospects to be explored include Baggy Green, Baggy Green North, Clarke, Laker and Larwood.

• While individual programs will focus on specific objectives such as defining the orientation and extensions of mineralisation, the strategic aim is to build towards the Boards initial target of a 1m oz gold resource.

• The Company expects to achieve its Stage 1 50% earn-in shortly after the completion of Program 1.

In Detail:

The Company currently has three exploration programs totalling up to 6750m of Reverse Circulation (RC) drilling and 150 auger soil samples, planned for the remainder of 2020:

• Program 1 - up to 25 holes - 3750m RC Drilling at Baggy Green, Baggy Green North, Laker and Clarke.

• Program 2 - approximately 150 auger Geochem samples at Larwood.

• Program 3 - up to 20 holes - 3000m RC Drilling at Barns and Larwood.

The strategic aim of these programs is to progress resource development of the Wudinna Project towards the Boards initial target of a 1m oz resource, with specific objectives including:

• Confirm orientation and extend the mineralisation at Baggy Green and Barns

• Define orientation and continuity of mineralisation at Clarke / Laker

• Make new gold discoveries at Larwood and Baggy Green North

Significantly, the Company also expects to achieve its Stage 1 earn-in commitment with its JV partner Andromeda Metals Ltd (ASX:ADN) of A$2.1m shortly after the completion of the first program. This will see the Company secure it's initial 50% stake in the Wudinna Gold project.

Program 1

Hagstrom Drilling have confirmed the rig mobilisation date from Perth as the 21st of September, arriving at Wudinna on the 23rdSeptember.

The Baggy Green JORC(2012) resource estimate is 94,000oz of gold and consists of two zones of sheeted quartz veins, believed to be oriented in a north westerly direction. The current program design includes up to 12 RC holes, with target depths of 150m, testing open mineralisation:

• to the north of the Northern Zone, where open mineralisation grades 1m @ 97g/t and 2m @ 40g/t

• to the south of the southern zone, where four drill intercepts average between 6g/t and 8g/t.

• and in between the northern and southern zones, where there is sufficient room for a third zone of mineralisation.

Nearly a mile to the north of Baggy Green, mineralisation at Clarke includes grades of between 4g/t to 16.4g/t which is not currently included in the Wudinna JORC(2012) resource estimate. Drilling is planned for three 150m RC holes to define the dip and plunge of this mineralisation, which may also be sufficient to define an initial resource.

Up to six RC holes will be drilled at Baggy Green North. This area shows highly anomalous pathfinder geochemistry associated with several regional scale structures. While these holes are still subject to the approval of an "on-going e-PEPR" (see below), they will target new gold discoveries between Baggy Green and the Clarke deposit.

Gold mineralisation at Laker, situated only 11 miles to the east of Baggy Green, includes over 20 gold intercepts in historic drilling, including one stunning intercept of 37.8g/t. During Programme 1, and subject to approval of the Ongoing e-PEPR (see below), 4 RC holes will be drilled to define the orientation of this mineralisation so that further resource definition drilling can be designed.

Program 2

Program 2 is planned to commence in November 2020 as soon as cropping activities in the area are completed.

The Larwood prospect is an exciting geochemical anomaly approximately 33 miles to the east of Baggy Green. It is defined by a trail of alluvial gold that has travelled down a valley from a yet to be identified source. During the Stage 3 pathfinder Geochem completed earlier this year, 1100 soil sample pulps were submitted for multi-element analysis. During Program 2 these samples will be supplemented by a further 150 soil samples upslope (west) of the anomaly to better define RC drilling targets in Program 3.

Program 3

Program 3 is planned to commence late November to early December 2020.

The JORC(2012) resource estimate for the Barns deposit, including White Tank, is 117,000 oz of gold. There are currently three "satellite" pods of mineralisation outside the estimated JORC(2012) resource with grades of between 1g/t to 16.5g/t gold.

The current design for Program 3 will include 20 RC drill holes for a total of 3000m. These holes aim to extend the mineralisation at Barns, which is currently open to the southwest, and also define the continuity of satellite mineralisation to increase the total resource base.

Drilling at Larwood during Program 3 will target geochemical pathfinder hotspots identified following the analysis of the Program 2 sampling.

Ongoing e-PEPR

On the 22nd of May this year the Company submitted an application for an "Ongoing e-PEPR" which when approved will allow the company to explore all of its major target areas without the need for an individual work permit approval (called an e-PEPR) for each drilling program. The Ongoing e-PEPR is a commitment by the Company to operate according to industry best practice with regards to the impact of its operations on the environment, while also providing significant time and cost savings for future drilling programs.

While an ongoing e-PEPR is a complex document, the process is well advanced having cleared all feedback from the Department of Energy and Mining (DEM) and the Department of Environment and Water (DEW). The Company is optimistic that final approval will be received shortly after drilling has commenced at Baggy Green.

COVID-19 Travel Restrictions

Unless there is a significant deterioration in COVID-19 cases either in Western or South Australia, the Company does not expect COVID-19 related travel restrictions will have a significant impact on its planned drilling programs.


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 due to commence later next month. 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

The person who arranged for the release of this announcement was Craig Moulton, Managing Director of the Company

 

For immediate release

04 September 2020


Cobra Resources plc


("Cobra" or the "Company")


Exploration Permit Approval Received

Cobra is an exploration and mining company focused on the evaluation of the Wudinna Gold Project. With 6 tenements covering 1,928km2, Wudinna is located in the prime Central Gawler Craton Province ("CGC") of South Australia.

Key Highlights

• The Company has received approval for its "Ongoing e-PEPR" weeks ahead of schedule.

• This exploration permit has been approved by the South Australian Minister for the Environment and Water, and the Minister for Energy and Mining.

• This ongoing permit removes the need for annual approvals within the permit area and covers all 22 gold prospects and 4 IOCG targets.

• Given this approval, the Company will commence the expanded drilling program of 25 holes commencing on the 23rdSeptember 2020.

In Detail:

Ongoing e-PEPR

On the 22nd of May this year the Company submitted an application for an "Ongoing e-PEPR" which will allow the company to explore all of its major target areas without the need for an individual work permit approval (called an e-PEPR) for each drilling program. The Ongoing e-PEPR is a commitment by the Company to operate according to industry best practice with regards to the impact of its operations on the environment, while also providing significant time and cost savings for future drilling programs. Approval was not expected until mid to late September but was received yesterday.

This approval will enable the Company to complete an expanded drilling programme as discussed in the RNS "Wudinna Drilling Program Update" - dated 24th August 2020, and summarised below:

"The Company currently has three exploration programs totalling up to 6750m of Reverse Circulation (RC) drilling and 150 auger soil samples, planned for the remainder of 2020:

· Program 1 - up to 25 holes - 3750m RC Drilling at Baggy Green, Baggy Green North, Laker and Clarke.

· Program 2 - approximately 150 auger Geochem samples at Larwood.

· Program 3 - up to 20 holes - 3000m RC Drilling at Barns and Larwood.

The strategic aim of these programs is to progress resource development of the Wudinna Project towards the Boards initial target of a 1m oz resource, with specific objectives including:

· Confirm orientation and extend the mineralisation at Baggy Green and Barns

· Define orientation and continuity of mineralisation at Clarke / Laker

· Make new gold discoveries at Larwood and Baggy Green North

Significantly, the Company also expects to achieve its Stage 1 earn-in commitment with its JV partner Andromeda Metals Ltd (ASX:ADN) of A$2.1m shortly after the completion of the first program. This will see the Company secure it's initial 50% stake in the Wudinna Gold project.

Hagstrom Drilling have confirmed the rig mobilisation date from Perth as the 21st of September, arriving at Wudinna on the 23rd September."

The drilling equity agreement with Hagstrom is for 10,000m. As approximately 6,750m will be allocated during 2020, the remainder will be available for the Company to use under the same fixed price agreement in 2021.


Craig Moulton, Director of Cobra commented:

"Receiving this permit weeks earlier than expected is fantastic news and will enable the Company to drill targets at Baggy Green North and Laker in the first program. We look forward to updating the market further as our drilling campaign commences later this month."

 

For immediate release

28 September 2020


Cobra Resources plc


("Cobra" or the "Company")


Drilling Commences at Wudinna

Cobra is an exploration and mining company focused on the evaluation of the Wudinna Gold Project. With 6 tenements covering 1,928km2, Wudinna is located in the prime Central Gawler Craton Province ("CGC") of South Australia.

Key Highlights

• Hagstrom Drilling arrived on site at Wudinna on the 23rd September 2020

• Drilling commenced on Saturday 26th September, with a small delay due to rain.

• Results will be announced to the market once they have been received from the laboratory and QA/QC checks have been completed.

In Detail:

Drilling Commences

The previously announced the Programme 1 drilling programme has commenced at the greater Baggy Green area today on schedule. The first hole will be drilled at Baggy Green. This first programme will include 25 holes for a planned total of 3,750m.

We plan to update the market on drilling progress with significant assay results to be announced once the assays have been validated. Assay labs are currently experiencing high demand with turn time expected to be between 3 to 5 weeks. We will update the market as those results become available.


Craig Moulton, Director of Cobra commented:

"After a significant period of target definition across a number of areas I am pleased to advise shareholders we have commenced drill testing the resultant anomalies. We look forward to announcing significant results as soon as they are available"

The person who arranged for the release of this announcement was Craig Moulton, Managing Director of the Company

 

30 October 2020


Cobra Resources plc


("Cobra" or the "Company")


Exploration Update

Cobra, the mining exploration company focused on the Wudinna Gold Project in South Australia, provides an exploration update.

Key Highlights

• Drilling at Baggy Green, Baggy Green North and Clarke has been completed.

• Alteration which can be associated with gold mineralisation has been observed in a number of holes, with the first batch of assays expected within the next two weeks.

• Drilling at Barns (Proposed Stage 3) has commenced to ensure field crews do not have to quarantine over the upcoming holiday period.


The company is pleased to announce that significant progress is being made with its exploration programme which commenced on the 28th of September 2020. As of the 29th of October the Company had drilled 23 Reverse Circulation (RC) holes, including a total of 21 RC holes across Baggy Green, Baggy Green North and Clarke.

Pyrite, biotite and some quartz alteration have been observed in a number of intervals across a number of holes, and while not definitive, this style of alteration can be associated with gold mineralisation. The samples are being sent in batches to ALS laboratories, where they are prepared in Adelaide and then assayed in Perth. ALS have advised that initial batches of sample pulps have been received in Perth, and the initial results should be available within the next two weeks.

Some challenging ground and weather conditions have been encountered, both in terms of drilling conditions and site access. To ensure that drilling production rates were maintained, a second RC drilling rig from a local contractor was brought to site on the 16th of October. This has resulted in production levels returning to plan.

As the COVID-19 travel restrictions are still in force for entry from South Australia to Western Australia, the Company and Hagstrom Drilling have decided to continue with the drilling programme, rather than complete it in stages as previously proposed.

A programme notification was submitted to the Department of Energy and Mining (DEM) for a total of 18 RC holes at the Barns deposit (Proposed Stage 3), which has been approved, and 2 holes have been completed so far. These 18 holes are planned to increase the definition and extent of the known Barns JORC resource, which currently stands at 104,000 ounces using a 0.5g/t gold cut-off grade, as well as to test a thesis that there may be a possible connection between the Barns deposit and the White Tank deposit. The total Wudinna project resource is 211,000 ounces.

The planned 4 holes at Laker will be completed following the completion of the drilling at Barns.

Discussions with local landowners are progressing constructively to enable access to land for the sampling and drilling programme at Larwood (Proposed Stage 2). To ensure appropriate consultation, it is likely that this part of the programme will be scheduled early in the new year.

Craig Moulton, Director of Cobra, commented:

"We are making great progress with our maiden drilling programme at Baggy Green and now will continue into the Barns area ahead of schedule. Naturally, we are eagerly awaiting the results of these analyses and encouraged by the alteration observed to date."

 

RNS Number : 8312G
Cobra Resources PLC
30 November 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.



30 November 2020



Cobra Resources plc

("Cobra" or the "Company")


Wudinna Project Update:

Stage 1 Completion


Cobra, the mining exploration company focused on the Wudinna Gold Project in South Australia, is pleased to announce that the Company has (through its wholly owned subsidiary, Lady Alice Mines) issued a notice of completion to Andromeda Metals Limited ("Andromeda") and Peninsula Resources Limited confirming that Cobra has fulfilled its Stage 1 obligations entitling it to the initial 50% of the Wudinna Project (the "Project").



The interest in the Project may be increased to 75% by the Company spending a further A$2.9 million over a 3-year period.



Cobra will now work with Andromeda to establish a formal joint venture structure pursuant to which the Company's wholly owned subsidiary, Lady Alice Mines, will acquire a 50% participating equity interest in the Project. A further announcement will be made once the joint venture has been formally established.



Progress to date



The Wudinna Mineral Resource estimate, as at March 2019, for the Barns, White Tank and Baggy Green deposits stands at 211,000 ounces above a 0.5 g/t gold cut-off grade, classified and reported in accordance with the guidelines of the JORC (2012) Code. Since Cobra's acquisition of Lady Alice Mines in March 2019, considerable progress has been made towards our strategy to expand this gold resource. This has included gold target definition through geochemical (soil) sampling, leading to a substantial drilling programme to test direction, orientation and extension of existing resource. 41 Reverse Circulation (RC) holes were drilled for a total of 6,090 m between September and November 2020, with encouraging alteration observed indicative of gold mineralisation. The sample preparation and assay processes are underway in Adelaideand Perth. The assay laboratories are experiencing a significant backlog because of Coronavirus restrictions and other factors. The Company looks forward to reporting initial results as they become available, however the Lab has advised that all results may not be completed before the new year.





Craig Moulton, Director of Cobra, commented:



"Fulfilling our Stage 1 earn-in obligations represents a major milestone in Cobra's development which will result in the Company being issued an initial 50% interest in the Project. The funds invested in the Project to date in order to achieve this earn-in have been strategically applied to priority existing deposits where we believe an opportunity exists for incremental resource expansion over time to 1 million ounces and beyond.



Wudinna is an exceptional opportunity within an established gold system in the Central Gawler Gold Province of South Australia. It offers multiple layers of value creation potential through brownfield development of existing gold deposits, with further upside from 22 regional prospects with multi-million-ounce resource potential and four IOCG (Olympic Dam style) copper-gold targets.



We are planning our 2021 work programme, which is likely to focus on continuing to grow the existing resource base, finding new mineralisation in other identified prospects to establish new deposits, and also testing those potential IOCG targets. This is a very exciting time for the gold sector and for our Company to be securing its initial 50% interest in the Project."