Cobra Resources PLC New Rare Earth Tenement Grant - Tasmania (3008U)
22 Novembre 2023 - 8:00AM
UK Regulatory
TIDMCOBR
RNS Number : 3008U
Cobra Resources PLC
22 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
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(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
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22 November 2023
Cobra Resources plc
("Cobra" or the "Company")
New Rare Earth Tenement Grant - Deloraine, Tasmania
Cobra , an exploration company focused on the Wudinna Gold and
Rare Earth Project ("Wudinna") in South Australia, is pleased to
announce it has been granted a 213 km(2) exploration tenement
("EL22/2022") in northern Tasmania. The tenement is complementary
to Cobra's ionic rare earth strategy as it is considered highly
prospective for Ion Adsorption Clay ("IAC") hosted rare earth
mineralisation.
Ionic Rare Earth Element ("REE") mineralisation has been
identified by ABx Group (ASX: ABX) ("ABx") within alluvial channel
sediments that are a weathering product of alkali basalts, the
chemistry of which is ideal for ionic REE adsorption. EL22/2022 is
situated adjacent to ABx's Deep Leads / Rubble Mound REE project
which contains a REE resource of 52 Mt at 817 ppm Total Rare Earth
Oxides(1) , with excellent ionic metallurgy amenable to low-cost
recovery in weak acid conditions (pH4), akin to Cobra's Boland
discovery at Wudinna. Cobra believes that there is considerable
opportunity to cost-effectively define scalable ionic REE
mineralisation comparable to ABx's Deep Leads / Rubble Mound
resource.
Rupert Verco, CEO of Cobra, commented :
"We seized an opportunity to secure this tenement adjacent to an
outstanding ionic rare earth project with demonstrated low-cost
metallurgy, similar to what we have discovered at Boland. IAC
hosted rare earth deposits tend to have a higher contained basket
value than hard rock deposits due to their higher content of
valuable heavy rare earths. Our tenement neighbour has
substantially increased its rare earth resource since its maiden
estimate in November 2022, and we believe that strong potential
exists for scalable ionic clay channel deposits to extend onto
Cobra's tenement EL22/2022.
Tasmania has a history of mining industrial metals, with good
transport infrastructure, labour, energy, and water availability.
We are evaluating strategic options to advance a low-cost
exploration programme whilst maintaining our primary focus on
advancing our ionic rare earth discovery in South Australia."
(1) Refer to ABX.AX announcement: "ABx Rare Earth Resources
Exceed 50 Million Tonnes", dated 20 November 2023
Figure 1 : Location of EL22/2022, demonstrating its proximity to
ABx's Deep Leads / Rubble Mound REE Resource
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
+44 (0)1483 413 500
Shard Capital Partners LLP (Joint
Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
Vigo Consulting (Financial Public
Relations)
Ben Simons
Kendall Hill +44 (0)20 7390 0234
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
Gold and Rare Earth 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 1,832 km(2)
, and other nearby tenement rights totalling 1,429 km(2) , contain
highly desirable and ionic rare earth mineralisation, amenable to
low-cost, low impact in situ recovery mining, and critical to
global decarbonisation.
Cobra's Wudinna tenements also 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 279,000
Oz gold JORC Mineral Resource Estimate, and several iron oxide
copper gold (IOCG) targets.
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