Wudinna Project Update

RNS Number : 1294X

Cobra Resources PLC

24 April 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) 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.

24 April 2023

Cobra Resources plc

("Cobra" or the "Company")

Wudinna Project Update

Stage 3 Earn-In to Obtain 75% of the Wudinna Project Achieved

Cobra, a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia, is pleased to announce that the Company, through its wholly owned subsidiary Lady Alice Mines, has fulfilled its Stage 3 expenditure obligations, as agreed in the Heads of Terms Agreement with Andromeda Metals Limited (ASX: ADN) ("Andromeda"), entitling Cobra to increase its ownership of the Wudinna Project (the "Project") from 65% to 75%.

Highlights

· Andromeda has advised that its audit of the Company's expenditure of A$5 million between 2019 and the end of January 2023, relating to exploration activities between 2019 and year end 2022, entitles Cobra to 75% ownership of the Project

· Parties are now working to implement an ownership structure through which to best advance the Project towards feasibility

Rupert Verco, CEO of Cobra, commented :

"We are pleased to have achieved this milestone prior to receiving results from a significant exploration programme. We look forward to working with Andromeda, a near-term producer, to consolidate our ownership and continue to grow our gold and rare earth resources to support a future operation.

We are eagerly anticipating results from 2,144m of Reverse Circulation drilling aimed at expanding gold resources, and are in the process of completing a significant Aircore programme aimed at testing near resource gold targets and expanding our rare earth resource.

We are excited to be in the process of drilling the Boland target, which has been devised from extensive mineralogical and geochemical analysis, and is, we believe, highly prospective for ionic, easily leachable magnet rare earths.

We look forward to updating shareholders on our continued progress."  

Enquiries:

Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK)	via Vigo Consulting [phone]
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto Shard Capital Partners LLP (Joint Broker) Erik Woolgar Damon Heath	[phone]   [phone]
Vigo Consulting (Financial Public Relations) Ben Simons Charlie Neish Kendall Hill	[phone]

The person who arranged for the release of this announcement was Rupert Verco, Managing Director of the Company.

About Cobra

Cobra is defining a unique multi-mineral resource at the Wudinna Project in South Australia's Gawler Craton, a tier one mining and exploration jurisdiction which hosts several world-class mines. Cobra's Wudinna tenements, totalling 3,261 km², contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high-grade gold intersections, with ready access to infrastructure. Cobra has 22 orogenic gold targets outside of the current 211,000 Oz gold JORC Mineral Resource Estimate. In 2021, Cobra discovered rare earth mineralisation proximal to and above the gold mineralisation which has been demonstrated to be regionally scalable. In 2023, Cobra published a maiden rare earth JORC Mineral Resource Estimate of 20.9 Mt at 658 ppm Total Rare Earth Oxides enabling a strategic baseline to advance an economically beneficial combination of gold and rare earth resources.

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