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COBRA Resources (COBR)

Discussion in 'Forum Requests' started by BigP, Aug 17, 2020.

  1. BigP

    BigP Keeping the Faith

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    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
     
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  2. BigP

    BigP Keeping the Faith

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    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
     
    Last edited: Aug 17, 2020
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  3. BigP

    BigP Keeping the Faith

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    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
     
    Last edited: Aug 24, 2020
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  4. BigP

    BigP Keeping the Faith

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    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."
     
  5. BigP

    BigP Keeping the Faith

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    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
     
  6. BigP

    BigP Keeping the Faith

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    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."
     
  7. BigP

    BigP Keeping the Faith

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    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."
     
  8. BigP

    BigP Keeping the Faith

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    RNS Number : 3385H
    Cobra Resources PLC
    03 December 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.



    3 December 2020



    Cobra Resources plc

    ("Cobra" or the "Company")


    Wudinna Project Update:

    Clarke Gold Deposit Assay Results


    Cobra, the gold exploration and mining company focused on the Wudinna Gold Project in South Australia, is pleased to announce significant high-grade gold intercepts at the Clarke deposit, including 5.2 g/t gold over a 15m intersection. These results are associated with the three reverse circulation (RC) holes (totalling 409m) which were drilled at the Clarke deposit and are included in the initial assay results to be returned from the Company's recent drilling programme.



    The Clarke deposit is located approximately 1.75 km north of the current Baggy Green resource and this mineralisation is not yet included in the current Wudinna Project JORC resource base. The three holes were drilled approximately 60m north of the existing mineralisation at Clarke to test and define the continuity and orientation of the mineralisation.



    Significant gold intercepts (greater than 1g/t) at Clarke include:



    Hole CBRC009

    31m at 3.06 g/t from 69m incl. 4m at 3.18 g/t, 1m at 1.21 g/t and 15m at 5.25 g/t

    Hole CBRC008

    2m at 1.4 g/t from 34m

    Hole CBRC008

    15m at 1.4 g/t from 43m including 4m at 4.19 g/t

    Hole CBRC008

    1m at 1.17g/t from 63m

    Hole CBRC008

    4m at 1.33 g/t from 80m including 1m at 2.49g/t

    Hole CBRC007

    4m at 1.06 g/t from 63m including 1m at 2.91 g/t

    Hole CBRC007

    4m at 2.34 g/t from 76m including 1m at 6.42 g/t



    The Clarke deposit assay results represent approximately 20 per cent of the total assay results awaited from the programme. The Company continues to await assay results from drilling at the Baggy Green, Baggy Green North, Barns and White Tank deposits which are now expected to be received between late December 2020 and early January 2021.



    Craig Moulton, Director of Cobra, commented:



    "Given we still have 80 per cent of the assay results still to come, we are very excited about these initial high-grade intersections at Clarke which have positive indications for the future of the Wudinna Project. The substantial 31m intersection has been intersected north of mineralisation previously drilled at Clarke. It is apparent that extensions down dip and along strike from this intersection represent a high priority target for a future drilling programme.



    It is important to remember that there are currently no resources estimated for Clarke and so we now have the potential for a new resource zone some 1.75 km north of that existing at Baggy Green."
     
  9. BigP

    BigP Keeping the Faith

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    21 January 2021


    Cobra Resources plc

    ("Cobra" or the "Company")


    Wudinna Project Update:

    Barns / White Tank Gold Deposit Assay Results


    Cobra, the gold exploration and mining company focused on the Wudinna Gold Project in South Australia, is pleased to announce significant and high-grade gold intercepts at the Barns and White Tank deposits, including:


    • 3.25 g/t gold over 13m, including 33.60 g/t gold over 1m with 7.25 g/t silver and 1.71% copper - hole CBRC0027
    • 8 g/t gold over 3m, including a peak intercept of 23.10 g/t gold and 20.00 g/t silver -hole CBRC0029
    • 6.28 g/t gold over 5m including 2m at 14.78 g/t - holeCBRC0029
    • Seven holes returned gold intercepts greater than 5 g/t, with hole CBRC0029 returning three 1m intercepts of 13.7 g/t, 15.85 g/t and 23.1 g/t gold
    • Hole CBRC0029 also returned the highest silver intercept in the project to date of 20 g/t silver, associated with the 23.1 g/t gold intercept above
    • Hole CBRC0027 returned the highest copper intercept in the project to date of 1.71% copper, associated with a gold assay of 33.6 g/t gold

    The Barns JORC resource is currently estimated at 104,000 oz, and the White Tank Resource at 13,000 oz. The objective of the drilling programme was to provide detailed structural and geochemical data, with the aim of confirming the orientation and continuity of the resource, and to enable the growth of the resource base. A total of 19 Reverse Circulation (RC) holes were drilled in and around the Barns JORC resource zone for a total of 3,177m, with all but three holes returning mineralised intercepts of greater than 0.3 g/t of gold.


    Summary of standout drill intercepts at Barns / White Tank include:


    • CBRC0027 - 13m at 3.25 g/t gold from 151m including a 1m intercept at 33.60 g/t gold, 7.25 g/t silver and 1.71% copper from 158m
    • CBRC0029 - 5m at 6.28 g/t gold from 28m, including 2m at 14.78 g/t gold from 30m
    • CBRC0029 - 9m at 2.13 g/t gold from 38m, including 5m at 3.00 g/t gold from 41m
    • CBRC0029 - 3m at 8.00 g/t gold and 7.43 g/t silver from 87m including a 1m intercept at 23.10 g/t gold and 20.00 g/t silver from 88m
    • CBRC0028 - 25m at 0.91 g/t gold from 138m, including 2m at 2.74 g/t gold and 1.72 g/t silver from 138m and 14m at 1.08 g/t gold and 0.36 g/t silver from 174m
    • CBRC0025 - 5m at 3.02 g/t gold and 0.54 g/t silver from 117m, including 2m at 7.04 g/t gold and 1.21 g/t silver from 120m
    • CBRC0026 - 6m at 2.30 g/t gold and 0.74 g/t silver from 85m, including 1m at 8.72 g/t gold and 2.51 g/t silver, and 1m at 2.84 g/t gold and 1.24 g/t silver from 88m
    • CBRC0041 - 3m at 4.08 g/t gold from 112m, including 1m at 9.70 g/t gold from 112m
    • CBRC0023 - 2m at 3.03 g/t gold and 1.04 g/t silver from 79m, including 1m at 5.40 g/t gold and 1.89 g/t silver from 79m

    A full summary of mineralised gold intercepts from Barns / White Tank follows in the appendix.


    These results are in addition to the 5.25 g/t of gold over 15m from Clarke announced last month and complete the awaited assays from the 2020 drilling programme. Analysis of these data is underway and will inform an updated geological interpretation of the existing resources at Baggy Green and Barns, as well as the future potential to define a maiden resource at Clarke. This information will also form the basis for the Company's 2021 exploration programme, with updates to be provided in due course.


    Craig Moulton, Director of Cobra, commented:


    "I'm thrilled with these results. Against any metric, results such as 3.25 g/t over 13m, 6.28 g/t over 5m and 8 g/t over 3m are incredibly exciting. It shows that, as we continue to methodically execute our strategy of applying sound industry-leading science, the Wudinna project continues to deliver.


    Also, it will be very interesting to understand whether these new silver and copper results represent an additional value dimension to the project. The team is now fully focused on extracting every ounce of value from these data, updating our models, and finalising our plans for the 2021 programme. We look forward to keeping the market informed as the project continues to develop."
     
  10. BigP

    BigP Keeping the Faith

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  11. BigP

    BigP Keeping the Faith

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    https://t.co/KJMuYoxh97


    Cobra Resources has attractive Australian gold projects
    Cobra Resources has been busily getting down to work on its Australian gold ground

    [​IMG]
    In the fourth quarter of 2020 Cobra Resources PLC (LON:COBR) drilled 41 reverse circulation holes covering over 6,000 metres focusing on the Baggy Green, Clarke, Barns and White Tank deposits in Australia.

    This was a key progression from the substantial geochemical work and soil sampling work carried out earlier in 2020 which helped inform the targets for drilling – it was a major operational milestone in the process for Cobra building towards the group’s strategic aim of delivering an initial target of a one million ounce gold resource, a fivefold increase from the current 211,000 ounce resource.

    The drill programme also cemented Cobra’s earn-in to an initial 50% stake in the Wudinna Project, and the company has the opportunity to increase this to 75% with further investment in the work programme of A$2.9 over the next three years. This was a major corporate milestone for the company

    Assay results from the programme started to come in in December 2020.

    Results from Clarke came in first, including 5.2 grams per tonne over 15 metres and 3.06 grams per tonne over 31 metres.

    This is now a high priority future target and the fact that it lies 1.75km north of the existing resource at Baggy Green provides potential for a totally new resource zone and a lot of scope to infill in between

    Next came Baggy Green which accounts for around half the existing resource base.

    The Baggy Green drilling was designed to test northern and southern extensions to the existing resource.

    Where Cobra intersected mineralisation, this has suggested a more north westerly orientation. So, while the grades were not as spectacular as Clarke or Barns, Cobra has still learnt a significant amount.

    It is likely that the company can continue to build this picture once the geochemistry is analysed in detail.

    Some important findings were the low-grade intersections to the south. This suggests there may be potential for new deposits further south. There’s also the three grams per tonne intersection to the north to consider.

    Finally came exceptional results from Barns and White Tank which account for the other half of the existing resource. Results such as 3.25 grams per tonne over 13 metres, 6.28 grams over five metres and eight grams over three metres are incredibly exciting against any metric, according to the company. This provides a very solid platform to grow this resource zone.

    Analysis of all the data from the fourth quarter 2020 drill programme is underway and will inform an updated geological interpretation of the existing resources at Baggy Green and Barns while paving the way to define a maiden resource at Clarke

    The company has a very exciting year ahead with its next drilling programme planned which will be informed by the results of this programme

    These results all show that Cobra is delivering on its plan, doing the work and getting the results needed to deliver on the 1m oz initial resource strategic objective

    The shares have gone up since listing, as a result of these strong results, as well as a natural favouring of gold on the part of investors in times of uncertainty.

    Also attractive to the market is the safety of Australia as a jurisdiction.

    This is a quality project in an established gold system in the Gawler Craton which is home to some of the largest iron-oxide-copper-gold discoveries in Australia, including BHP’s Olympic Dam.

    Cobra’s project has three layers of value creation potential: 1) methodically growing existing resource base by applying industry leading science to inform drilling programmes; 2) More than 20 further identified prospects to explore with multi-million ounce potential; and 3) four IOCG (Olympic Dam) style copper-gold targets

    At its current size, with its current resource and with the results from this last drilling programme, Cobra has a number of opportunities that could see it undergo a value rerating
     
  12. BigP

    BigP Keeping the Faith

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    News due;)
    Update on the JV
    Baggy Green results interpretation
    Barns results interpretation
    Both recent assays results to go toward and increased resourse interpretation.
    Clarke update.
    Next drill programme
    Increased JORC
    Wider next target geo surveys
    In fill drills at clarke
    Drilling at Laker with the track rig
    Update on the silver and copper strike.
    Update on the 4 x IOGC targets.
     
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  13. BigP

    BigP Keeping the Faith

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    Many saying COBR is the next Australian Gold explorer 100 x bagger.

    Certainly received a very positive write up in proactive investors

    Higher grades than GGP at very shallow depths.
    Main market listing, (no AIM dullution (main market rules apply)
    Multi million ouces of gold potential
    Already JORC resource announced and looking to shortly announce a 500% increase
    Good opportunity for some diversification imo.

    https://www.proactiveinvestors.co.uk/companies/amp/news/940131?__twitter_impression=true

    Crazy cheap at just £10.5m m/cap

    Must be the most undervalue under the radar Australian gold explorer.... but not for long.

    COBR Can 10 x bag just for starters just to hit AGS market cap of €107m

    News is due over there.. anything entry below 5p will look cheap in a few months.

    They are also SI Capital's 'top picks gold stock for 2021

    SI capital correctly & accurately called GGP last year.

    They still love GGP.

    They are just tipping COBR to see the largest growth of any Gold Stock in 2021.
     
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    1 April 2021



    Cobra Resources plc

    ("Cobra" or the "Company")


    Wudinna Project Update:

    2021 Work Programme

    &

    Directorate Change



    Cobra, the gold explorer focused on the Wudinna Gold Project in South Australia, is pleased to provide an update on its intended work programme for 2021 following the completion of the analysis of data acquired from the 6,090 metres of Reverse Circulation drilling undertaken between September and November 2020 (the "2020 Work Programme").

    Significantly, the 2020 Work Programme successfully identified a strike extension of mineralisation at the Clarke prospect, with an intersection in Hole CBRC009 of 31 metres at 3.06 g/t of gold (including 15 metres at 5.2 g/t).

    The 2020 Work Programme has provided further data on the orientation and continuity of the mineralisation at Clarke and Baggy Green, leading to a new model and a revised structural interpretation. Important outcomes of this revised structural interpretation are that:

    · the mineralisation is now thought likely to persist downdip to depths not previously drilled; and

    · the mineralisation is now thought likely to persist along strike into areas not previously drilled or geochemically sampled.

    In line with the Board's strategy to deliver incremental resource expansion, this year's work programme will focus on drilling for further strike extensions to the Clarke mineralised trend sufficient to deliver an initial Mineral Resource for this prospect, as well as drilling strike extensions of existing Mineral Resources at Baggy Green.

    The Company is presently finalising a work programme which will include:

    · auger geochemical sampling at Barns and White Tank to guide future drilling work;

    · air-core geochemical sampling at Clarke and Baggy Green to guide drilling work;

    · air-core geochemical sampling to define drilling targets at the Benaud prospect (1 km north of Barns), three iron oxide-copper-gold (IOCG) targets, and an extension of the Laker prospect in preparation for drill testing later in the year; and

    · Reverse Circulation drilling at Clarke and Baggy Green.

    The first stage of geochemical sampling work is expected to begin next week and further details in respect of this work programme will be announced once necessary approvals have been granted and contracts have been negotiated.



    Directorate Change

    Cobra also announces that Craig Moulton has resigned from his position of Managing Director and as a member of the Board of Directors of the Company.

    Mr Moulton will stay on as Managing Director and as a member of the Board of Directors of the Company for up to six months to assist the Company in an orderly transition of executive responsibilities.

    The Board will immediately commence a process to identify and select a Chief Executive Officer to lead the next phase of expansion of the Wudinna Project Mineral Resource inventory and will provide further updates in due course.



    Greg Hancock, Chairman of Cobra, commented:

    "This year's work programme will capitalise on the favourable results of the 2020 drilling which point to exciting opportunities for Mineral Resource inventory expansion both along strike and at depth. Accordingly, the 2021 work programme will focus on defining these resource extensions by continuing to methodically apply pathfinder geochemistry followed by Reverse Circulation drilling.

    On behalf of the Board, I would like to thank Craig Moulton for his service as Managing Director over the past two years. During this time he has helped Cobra undertake a substantial initial work programme which secured the Company's initial 50% stake in the Wudinna Project and positioned it for this next operational phase. We look forward to Craig's continued support during his handover of executive responsibilities."
     
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    BigP Keeping the Faith

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    Katie Pilbeam


    11:58 Tue 06 Apr 2021

    viewCobra Resources


    Cobra Resources' present latest strike extension data at Wudinna and transition of power plan at the firm


    Cobra Resources PLC's (LON:COBR) chairman Greg Hancock talks to Proactive London about the latest analysis of the drilling at the Wudinna gold project in South Australia.

    The latest results identified a strike extension of mineralisation at the Clarke prospect, hole CBRC009 intersected 31 metres at 3.06 grammes a tonne (g/t) of gold (including 15 metres at 5.2 g/t).

    Hancock also addresses the recent resignation of Craig Moulton as managing director who will stay on for six months to oversee a handover period while a new chief executive is appointed
     
  16. BigP

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    17 May 2021



    Cobra Resources plc

    ("Cobra" or the "Company")


    Wudinna Project Update:

    2021 Aircore Geochemistry Programme

    &

    Capital Markets Presentation



    Cobra, the gold explorer focused on the Wudinna Gold Project in South Australia, is pleased to provide a further update on its exploration programme. Following the success of the 2020 drilling programme, 2021 fieldwork commenced in April and will initially include a geochemistry sampling programme of up to 976 holes designed to de-risk the planned Reverse Circulation (RC) drilling programme which will follow in H2 2021 once all the data have been processed and interpreted.

    138 holes in the geochemistry sampling programme have been completed to date with the following objectives:

    • A 99-hole manual auger geochemistry programme spaced at 50m x 10m across the Barns JORC resource to aid in confirming the orientation of mineralisation.

    • A 39-hole manual auger geochemistry programme spaced at 50m x 10m across the White Tank JORC resource to aid in confirming the orientation of mineralisation.

    The prepared pulps from this part of the programme have been dispatched from the ALS laboratory in Adelaide to the ALS laboratory in Perthfor multielement geochemical analysis. Due to high demand through all exploration laboratories, these results are expected in the next 3 to 5 weeks.

    The remaining (up to) 838-hole programme will be conducted using a Toyota Landcruiser mounted aircore drilling rig, as many of the target areas are covered by a thicker layer of transported sand, making manual sampling ineffective. The use of this small aircore rig will enable saprolite (weathered rock) to be sampled, which is the best medium for pathfinder analysis, and a more accurate indicator of basement gold mineralisation. This programme will commence as soon as the contractor is available, with current indications being towards the end of May. The programme will include:

    • Clarke Deposit - up to 129 holes at a spacing of 50m x 10m to test the new interpreted model oriented at 288° and dipping to the north. The close spaced (10m) sampling grid will aim to define continuity and orientation of the significant, high-grade mineralisation intersected in Hole CBRC009 of 31 metres at 3.06 g/t of gold (including 15 metres at 5.2 g/t). A further 14 holes will be drilled to test for mineralisation on a major east-west structure that intersects with the Clarke deposit.

    • Clarke South - up to 66 holes on a grid spacing of 100m x 25m to define priority RC drilling targets to the south of the existing Clarke deposit. Historic surface sampling has anomalous gold-in-calcrete of between 20ppb and 36.5ppb of gold. The new sampling will define the extent of the anomalism, which has yet to be drill tested.

    • Baggy Green North / South - up to 253 holes at a spacing of between 50m to 200m x 10m to test the two alternative interpretations. The first model is oriented at 288° (i.e. similar to Clarke), whereas the alternative model is oriented at 315°, while both models assume that the mineralisation dips to the north. The close spaced (10m) sampling grid will aim to define continuity and orientation of mineralisation.

    • Baggy Green Far North - two areas will be tested as regional exploration targets to the existing JORC resources at Baggy Green. The first will include up to 18 holes on a 50m x 25m grid proximal to the 1m at 3.7 g/t of gold in Hole CBRC0020, to define the orientation of that mineralisation. The second will also include up to 18 holes on a 50m x 25m grid, to extend and define an area on a north-westerly oriented structure that has previously recorded gold in surface samples of 48ppb and 69.5ppb of gold, two of the highest gold in surface sample values to date.

    • Benaud - up to 198 holes at an approximate spacing of 50m x 25m will focus on defining priority RC drilling targets at this new priority prospect, approximately 1 km north of Barns, proximal to historic surface sampling where results were greater than 10ppb of gold. The extent of this sampling grid is in excess of 1.5 km.

    • Laker - up to 68 holes along six lines spaced at 100m, with most lines approximately 800m in length. These lines will test a series of key magnetic highs and embayments at the margins of the Hiltaba suite granite. This will include 18 holes on a 50m x 25m grid proximal to the historic RC Hole WUD2C-0646 which intersected 37.8 g/t of gold towards the bottom of the hole. This area has elevated copper in surface samples compared to Baggy Green and Barns and a line of a further 11 holes will also be drilled proximal to surface sample values of between 20ppm and 66ppm of copper, in an attempt to define the extent and continuity of these samples.

    • IOCGs 1-3 - up to 63 holes on a grid at an approximate spacing of 100m x 50m to provide valuable multielement geochemistry data across the three IOCG (Iron-Oxide-Copper-Gold) targets to establish if these targets have economic potential. It is noted that these targets may also represent base metal skarns or lode gold targets.

    The above fieldwork is expected to take up to six weeks to complete, with assays expected up to five weeks after the programme has been completed. The focus of these programmes is to capture multielement pathfinder geochemistry. Raw gold values will also be measured, with highly anomalous values typically considered as being in excess of 20 ppb of gold. Once complete, the Company will move directly into a follow-up RC drilling programme in H2 2021 as soon as the results have been processed and interpreted, the appropriate consents have been granted and contractors have been engaged. It is the Company's intention to commission an updated analysis of resources once sufficient data have been acquired which would enable it to do so.

    Walker East Tenement Application

    The Company has applied for a tenement due east and contiguous with the existing Wudinna tenement holdings. The application has been accepted by the South Australian Department of Energy and Mining (DEM). Currently known as ELA 2021/00022, the tenement covers an area of 536 km2 and will be owned 100% by Lady Alice Mines Pty Ltd, the Company's wholly owned subsidiary. Based on advice from the DEM the application is expected to be processed later in the year due to the existing backlog and will increase the total Wudinna Project area to 2,464 km2.

    Hagstrom Drilling

    Due to the extraordinary demand for exploration services in Australia currently, Hagstrom Drilling Pty Ltd advised the Company that it would be unable to provide an RC rig for the planned 2021 drilling programmes. Both companies have mutually agreed to terminate the previously announced partially equity-based drilling agreement but will look for opportunities to work together in the future on a fee-for-service basis. The previous agreement has been settled on a pro-rata basis with Hagstrom receiving 1,445,713 ordinary shares, as announced on 29 April 2021, in relation to the 2,355m drilled by Hagstrom in Q4 2020.

    Capital Markets Presentation

    Cobra intends to hold a Capital Markets Presentation for analysts and investors at 10.00 a.m. BST on Thursday, 3 June 2021. The presentation will be given by webcast, will be hosted by Greg Hancock (Chairman), Craig Moulton (Managing Director), and Peter Walker (Geochemical Consultant), and will include a detailed strategic and technical overview of the Wudinna Gold Project and an opportunity for Q&A. Details of how to register for the event will be announced in due course.

    Craig Moulton, Managing Director of Cobra, commented:

    "We thank our shareholders for their patience while we undertook the detailed study and interpretation that was needed of the 2020 exploration programme, and the planning of the forward work programme. This work is now complete, and we are on track for a busy field season. While drilling and lab capacity in Australia are still subject to high demand, we are confident that we can now begin to execute our dual strategy that will continue to build resource inventory while also making exciting new discoveries. We are very excited to start work on our IOCG targets and I look forward to personally returning to the field in the coming weeks to oversee this exciting new phase of Cobra's development of the Wudinna Gold Project."
     
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    6 September 2021



    Cobra Resources plc

    ("Cobra" or the "Company")



    Contract Signed for Reverse Circulation Drilling Rig



    Cobra, a gold exploration company focused on the Wudinna Gold Project in South Australia, is pleased to provide the following updates regarding its 2021 work programme.



    · Geochemical Saprolite drilling at Wudinna is nearing finalisation. Geochemical returns are being compiled and drill targets prioritised.



    · Bullion Drilling Pty Ltd ("Bullion Drilling") has been appointed to undertake a 4,000m Reverse Circulation ("RC") drilling programme at the Wudinna Gold Project. Drilling is scheduled to commence around mid-October.



    · The RC drilling programme will target:

    o Strike extensions of the 31m at 3.06g/t Au intersected at the Clarke Prospect

    o Extensions to the gold lodes at the Barns Prospect

    o Extensions to several gold intercepts at the Baggy Green Prospect

    o Anomalous silver mineralisation (5-12ppm from 2m depth) discovered by geochemical drilling near the Baggy Green Prospect.



    · Gravity surveying will shortly be undertaken to detail three magnetic and geochemically anomalous features considered prospective for the discovery of Iron Oxide Copper Gold ("IOCG") mineralisation. The Gawler Craton - in which the Wudinna Gold Project is located - hosts several mature IOCG projects including BHP's Olympic Dam and has yielded recent discoveries such as Oak Dam and Emmie Bluff.



    · Contingent upon the results of the gravity survey, RC drilling will also test one or more of the IOCG targets.



    Rupert Verco, CEO, commented:



    "Engaging a highly experienced drilling contractor such as Bullion Drilling within the current competitive market is an excellent result for Cobra. Bullion Drilling's track record gives us confidence that we can deliver results on our priority targets safely, timely and cost effectively.



    "Cobra is pleased to report that the 2021 work programme continues to run in line with our indicative schedule given earlier this year.



    "We look forward to strategically increasing our gold resource and further defining the Wudinna Projects prospectively for IOCG mineralisation."
     
  18. BigP

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    12 October 2021



    Cobra Resources plc

    ("Cobra" or the "Company")


    Wudinna Project Update



    Pathfinder drilling programme & fulfilment of Stage 2 expenditure obligations


    Cobra, a gold exploration company focused on the Wudinna Gold Project in South Australia, is pleased to provide an update on the Company's recent exploration activities.



    The Company has successfully executed the first phase of its 2021 exploration programme, through undertaking an extensive geochemistry drilling programme using pathfinder chemistry, with a total of 875 holes for 7,335 metres drilled across eight priority targets. The second phase of the 2021 programme will commence as planned later this month with the Reverse Circulation ("RC") drilling programme.



    Highlights of the drilling programme:



    · Clarke Deposit

    o Pathfinder drilling defined elevated gold (up to 0.76 g/t) that now indicates a large 1.1 kilometre zone of mineralisation, significantly increasing the target zone from last year's drilling intercepts that include 31 metres at 3.06 g/t.

    o This zone at Clarke sits outside of the current mineral resource.

    · Benaud

    o Highly anomalous gold in saprolite (up to 1.04 g/t) encountered, where two distinct zones of elevated gold define north northwest trending target zones.

    o Identified two highly attractive greenfield RC targets at Benaud.

    · Barns

    o Highly anomalous (up to 170ppb) gold in calcrete defining targets north, south and west of the current Barns Mineral Resource.

    · Baggy Green

    o Elevated silver (up to 11.95 g/t) and pathfinder elements define highly prospective structures northwest of the current Baggy Green Mineral Resource.

    · IOCGs 1-3

    o Highly anomalous copper (100-200ppm) and elevated pathfinders confirm the prospectivity of IOCG targets 1-3.



    Ownership in Wudinna Project



    Cobra is also pleased to announce today that through its wholly owned subsidiary, Lady Alice Mines, it has issued a notice of completion to Andromeda Metals Limited ("Andromeda") and Peninsula Resources Limited confirming that Cobra has fulfilled its Stage 2 expenditure obligations, as agreed in the Heads of Terms Agreement with Andromeda, entitling the Company to increase its ownership of the Wudinna Project (the "Project") from 50% to 65%.



    Pathfinder Geochemistry Update



    · The saprolite drilling programme was completed in early September. A total of 875 holes for 7,335 metres were drilled across eight priority targets. (Target locations detailed in Figure 1).

    · Drilling was performed through Rotary Air Blast ("RAB") drilling, a low-cost technique, effective in fast drillhole turn over. Holes were drilled to the depth of weathered basement where a 2 metre sample was taken.

    · The presence of pathfinder elements Bismuth (Bi), Tungsten (W), Molybdenum (Mo), Tellurium (Te) as well as elevated gold and copper demonstrate potential for economic mineralisation at depth.

    · Results have been received, interpreted and planning is underway to follow up results with a RC drill programme scheduled to commence in late October.

    · A ground gravity survey is planned to improve the definition of three of the Company's IOCG targets.



    Figure 1: Location of pathfinder drillholes
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_1-2021-10-11.pdf



    The collection of the pathfinder data and gold mineralisation events through the first phase of the drilling programme enables the Company to:



    · Confirm the mineralisation potential of pre-defined structures;

    · Establish the orientation of mineralisation at key targets; and

    · Define priority targets for RC drill testing.



    Interpretation of the pathfinder results will influence the planned RC drilling programme to commence later this month. Through adopting this approach, the Company is confident it can cost effectively optimise its planned RC drilling campaign, with the aim of delivering resource growth and exploration success.



    Key results from the pathfinder drilling programme include:



    · A defined mineralised strike of approximately 1.1 kilometres at the Clarke Prospect with elevated gold up to 0.76 g/t just 10 metres from surface and multiple zones of anomalous pathfinder chemistry. (Refer to Figure 2).

    · The defined strike zone corresponds well to the 31 metres at 3.06 g/t from the 2020 campaign and an associated IP anomaly.

    · Two anomalous gold zones at the Benaud prospect with a defined strike of 300 metres with elevated gold up to 1.04 g/t just 18 metres from surface. (Refer to Figure 3).

    · Anomalous pathfinder chemistry at Baggy Green that suggests multiple resource extensions to the northwest with approximately 400 metres of interpreted strike that includes silver of up to 12 g/t just two metres from surface. (Refer to Figure 4).

    · Infill calcrete sampling at Barns defines elevated gold to the northwest and southeast of the current deposit, as well as highly anomalous gold in calcrete (170ppb) at the Barns West target. (Refer to Figure 5).

    · Highly anomalous (>100ppm) copper and pathfinder elements at IOCG targets 1-3 (Figure 6) and elevated copper up to 204ppm at the Laker granite embayment target.



    Figure 2: Clarke Prospect, detailing the modelled elevated gold zone defined by the saprolite drilling, amalgamated with existing datasets
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_2-2021-10-11.pdf



    Figure 3: Anomalous gold zones defined at Benaud
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_3-2021-10-11.pdf



    Figure 4: Baggy Green Pathfinder Results
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_4-2021-10-11.pdf



    Figure 5: Anomalous Gold in Calcrete at Barns
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_5-2021-10-11.pdf



    Figure 6: Copper and Pathfinder Anomalies at IOCG targets 1-3
    http://www.rns-pdf.londonstockexchange.com/rns/7082O_6-2021-10-11.pdf





    Rupert Verco, CEO of Cobra, commented:

    "We are delighted to report that Cobra's work programmes continue to proceed as planned. The pathfinder results at Clarke are extremely exciting; they have defined the orientation of mineralisation that now indicates a continuous 1.1 kilometre strike of mineralisation. Coupled with last year's drilling intercepts, this demonstrates a real opportunity to considerably increase Cobra's current gold resource at the completion of our upcoming RC programme.



    "Furthermore, anomalous copper and encouraging pathfinder chemistry validate the project's prospectivity for IOCG style mineralisation, and the addition of a detailed ground gravity survey will ensure we are able to develop a targeted plan for IOCG drilling. Additional encouraging results at Barns and Baggy Green demonstrate the potential for, and orientation of, resource extensions, whilst the results from Benaud highlight an additional greenfield target to pursue.



    "We are delighted to have satisfied the commitments to increase our ownership of the Wudinna Project to 65%, particularly as we approach the next phase of the drilling programme later this month, and we look forward to updating the market on our progress in due course."



    Investor presentation



    An updated investor presentation will made available today on the Cobra Resources website. The webcast will be presented by Rupert Verco, Chief Executive Officer, and will provide more detail on the results of the pathfinder geochemistry sampling programme.



    To view the webcast, please visit: https://cobraplc.com/category/presentations/
     

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