Cobra Resources Plc (LSE:COBR) has successfully executed the first phase of its 2021 exploration programme at the Wudinna gold project in Australia, through undertaking an extensive geochemistry drilling programme using pathfinder chemistry.
A total of 875 holes for 7,335 metres were drilled across eight priority targets.
The second phase of the 2021 programme will commence, as planned, later this month, with the reverse circulation.
At the Clarke deposit, pathfinder drilling has defined elevated gold grading up to 0.76 grams per tonne, that now indicates a large 1.1 kilometre zone of mineralisation, significantly increasing the target zone from last year’s drilling intercepts.
At Benaud the company encountered highly anomalous gold in saprolite.
Positive progress was also made at Barns and Baggy Green.
Cobra has now fulfilled its Stage 2 expenditure obligations, entitling it to increase its ownership of the Wudinna project from 50% to 65%.
The possibility of a wider mineralised endowment is also now being explored.
“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,” said Rupert Verco, chief executive of Cobra.
“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.”