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.
25 February 2025
Cobra Resources
plc
("Cobra"
or the "Company")
Boland Aircore Drill
Results
Results demonstrate rare
earth enrichment across a highly scalable
footprint
Cobra
(LSE: COBR), the mineral
exploration and development company advancing a potentially
world-class ionic Rare Earth Elements ("REEs") discovery at its
Boland Project ("Boland") in South Australia, is pleased to
announce that initial results from step-out drilling demonstrate
mineralisation continuity and scale within palaeochannel sediments
amenable to low-cost, low-disturbance in situ recovery ("ISR")
mining.
Results from 20 Aircore holes have
been received. Results from a further 34 drillholes are imminent
and will increase the tested footprint to 6km2. This drilling
represents the first stage of step-out resource definition drilling
at Boland and is approximately 20% of a planned and funded drilling
programme that will continue through H1 2025.
Aircore
drilling was used to identify broadly mineralised zones. Sonic
drilling, which is due to commence in March 2025, will precisely
investigate the mineralised interface.
Significant Intersections
·
CBAC0206 intersected 9m at 1,690 ppm Total Rare Earth Oxides
("TREO") (354 ppm Nd + Pr and 36 ppm Dy + Tb) from 38m, including
1m at 8,082 ppm TREO (1,698
ppm Nd + Pr and 179 ppm Dy + Tb)
·
CBAC0194 intersected 13m at 1,735 ppm TREO (491 ppm Nd + Pr
and 17 ppm Dy + Tb) from 38m, including 3m at 4,142 ppm TREO (656 ppm Nd + Pr
and 45 ppm Dy + Tb)
·
CBAC0197 intersected 4m at 2,116 ppm TREO (465 ppm Nd + Pr
and 12 ppm Dy + Tb) from 50m, including 2m at 3,089 ppm TREO (1,294 ppm Nd + Pr and
45 ppm Dy + Tb)
·
CBAC0191 intersected 7m at 1,572 ppm TREO (343 ppm Nd + Pr
and 12 ppm Dy + Tb) from 53m
·
CBAC0199 intersected 4m at 942 ppm TREO (192 ppm Nd + Pr and
22 ppm Dy + Tb) from 15m, including 2m at 1,350 ppm TREO (280 ppm Nd + Pr
and 30 ppm Dy + Tb)
Rupert Verco, Managing Director of Cobra,
commented:
"This is exactly what we wanted to see - initial drilling
results demonstrating REE enrichment across a highly scalable
footprint that can support a significant
resource.
Cobra is well positioned to capitalise on this with our
current tenure covering over 2,000km2 of the target
Pidinga Formation. We are focused on building on these initial
results with further drilling results imminent and sonic drilling
expected to commence in late March.
Rare earth investment risk typically sits with the economics
of extraction, but our metallurgical programme has substantially
derisked Boland by demonstrating at lab scale that REE extraction
can be achieved through ISR. This will result in lower mining costs
and reduced environmental risk without compromising on the quality
of the product.
We
have a significant programme of work underway, and shareholders
should be excited about the value that this will create as the
Company looks to mature the asset towards economic scoping."
Key
Points
·
REE enrichment occurs within palaeochannel
sediments and into underlying saprolite
·
Mineralisation of the highest economic interest
occurs within a geological formation called the Pidinga Formation
that comprises permeable sands - Cobra has 2,000km2 of
Pidinga Formation
·
REEs are mobilised from underlying saprolite and
become ionically bound to fine organic rich clays within a
permeable matrix of coarse sand of the Pidinga Formation
·
Bench scale studies have successfully demonstrated
that high recoveries of REEs can be achieved by ISR (up to 68%
Magnet Rare Earth Oxides ("MREO")) which supports advantageous
project economics even at current REE prices
·
Sonic core drilling to commence in late March 2025
will be used to determine the extent of mineralisation that is
recoverable via ISR whilst rapidly expanding the mineralisation
footprint - notably 2024 sonic drilling demonstrated significant
grade upside compared to Aircore drilling which is a lower cost
means of locating mineralised areas
·
Sonic core drilling will also enable density
measurements and greater geological definition to support the
Mineral Resource Estimate
Boland Project
Cobra's unique and highly scalable
Boland discovery is a strategically advantageous ionic rare earth
discovery where high grades of valuable heavy and magnet rare
earths occur concentrated in a permeable horizon confined by
impermeable clays. Bench scale ISR testing has confirmed that
mineralisation is amenable to ISR mining. ISR has been used
successfully for decades within geologically similar systems to
recover uranium within South Australia. Results of this
metallurgical test work support that, with minor optimisation, ISR
techniques should enable non-invasive and low-cost production of
critical REEs from Cobra's Boland discovery.
Follow this link to watch a short
video of CEO Rupert Verco explaining the results released in this
announcement: https://investors.cobraplc.com/link/lya86P.
Further information relating to
Boland and these drilling results are presented in the
appendices.
Enquiries:
|
Cobra Resources plc
Rupert Verco (Australia)
Dan Maling (UK)
|
via Vigo
Consulting
+44 (0)20
7390 0234
|
|
SI
Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
|
+44
(0)1483 413 500
|
|
Global Investment Strategy (Joint Broker)
James Sheehan
|
+44 (0)20
7048 9437
james.sheehan@gisukltd.com
|
|
Vigo
Consulting (Financial Public Relations)
Ben Simons
Kendall Hill
|
+44 (0)20
7390 0234
cobra@vigoconsulting.com
|
The person who arranged for the
release of this announcement was Rupert Verco, Managing Director of
the Company.
Information in this announcement
relates to exploration results that have been reported in the
following announcements:
·
Wudinna Project Update: "Further Positive Metallurgy Results from Boland
Project", dated 16 December 2024
·
Wudinna Project Update: "2nd Bench Scale ISR Study & £1.7M
Placing", dated 26 November 2024
·
Wudinna Project Update: "ISR Bench Scale Study Completion",
dated 4 November 2024
·
Wudinna Project Update: "ISR bench scale study delivers exceptional
results", dated 1 October 2024
·
Wudinna Project Update: "ISR bench scale update - Exceptionally
high recoveries with low impurities and low acid consumption; on
path to disrupt global supply
of heavy rare earths", dated 28 August
2024
·
Wudinna Project Update: "ISR bench scale update -Further metallurgical success at world
leading ISR rare earth project", dated 11
July 2024
·
Wudinna Project Update: "ISR bench scale update - Exceptional head grades
revealed", dated 18 June 2024
·
Wudinna Project Update: "Re-Assay Results Confirm High Grades Over Exceptional Scale at
Boland", dated 26 April 2024
Competent Persons Statement
Information and data presented
within this announcement has been compiled by Mr Robert Blythman, a
Member of the Australian Institute of Geoscientists ("MAIG"). Mr
Blythman is a Consultant to Cobra Resources Plc and has sufficient
experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify
as a Competent Person defined by the 2012 Edition of the
Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (the "JORC" Code). This includes 12
years of Mining, Resource Estimation and Exploration relevant to
the style of mineralisation.
Information in this announcement has
been assessed by Mr Rupert Verco, a Fellow of the Australasian
Institute of Mining and Metallurgy. Mr Verco is an employee of
Cobra and has more than 17 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity
which he is undertaking to qualify as a Competent Person as defined
in the 2012 Edition of the Australasian Code for Reporting
Exploration Results, Mineral Resources and Ore Reserves of JORC.
This includes 13 years of Mining, Resource Estimation and
Exploration.
About Cobra
In 2023, Cobra discovered a rare
earth deposit with the potential to re-define the cost of rare
earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler
Craton is Australia's only rare earth project amenable for in situ
recovery (ISR) mining - a low cost, low disturbance method enabling
bottom quartile recovery costs without any need for excavation or
ground disturbance. Cobra is focused on de-risking the investment
value of the discovery by proving ISR as the preferred mining
method and testing the scale of the mineralisation footprint
through drilling.
Cobra's Wudinna tenements also
contain extensive orogenic gold mineralisation, including a 279,000
Oz gold JORC Mineral Resource Estimate, characterised by low levels
of over-burden, amenable to open pit mining.
Regional map showing Cobra's tenements in the heart of the
Gawler Craton
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
X: https://twitter.com/Cobra_Resources
Engage with us by asking questions,
watching video summaries and seeing what other shareholders have to
say. Navigate to our Interactive Investor hub here:
https://investors.cobraplc.com/
Subscribe to our news alert service:
https://investors.cobraplc.com/auth/signup
Appendix 1: Background
information - the Boland Project and ISR
·
The Boland Project was discovered by Cobra in
2023. Mineralisation is ionically bound to clays and organics
within palaeochannel sands within the Narlaby
Palaeochannel
·
Mineralisation occurs within a permeable sand
within an aquifer that is saltier than sea water and is confined by
impermeable clays
·
ISR is executed through engineered drillhole
arrays that allow the injection of mildly acidic ammonium sulphate
lixiviants, using the confining nature of the geology to direct and
lower the acidity of the orebody. This low-cost process enables
mines to operate profitably at lower grades and lower rates of
recovery
·
Once REEs are mobile in solution in groundwater,
it is also possible, from an engineering standpoint, to recover the
solution to surface via extraction drillholes, without any need for excavation or ground
disturbance
·
The capital costs of ISR mining are low as they
involve no material movements and do not require traditional
infrastructure to process ore -
i.e. metals are recovered in solution
·
Ionic mineralisation is highly desirable owing to
its high weighting of valuable HREOs and the cost-effective method
in which REEs can be desorbed
·
Ionic REE mineralisation in China is mined in an
in-situ manner that relies on gravity to permeate mineralisation.
The style of ISR process is unconfined and cannot be controlled,
increasing the risk for environmental degradation. This low-cost
process has enabled China to dominate mine supply of HREOs,
supplying over 90% globally
·
Confined aquifer ISR is successfully executed
globally within the uranium industry, accounting for more than 60%
of the world's uranium production. This style of ISR has temporary
ground disturbance, and the ground waters are regenerated over
time
·
Cobra is aiming to demonstrate the economic and
environmental benefits of recovering ionic HREOs through the more
environmentally aquifer controlled ISR - a world first for rare
earths
Figure 1: Comparison between
the Chinese and the proposed Boland process for ISR mining of
REEs
Appendix 2: Boland Aircore
drilling results
Results within this announcement
relate to the first 20 holes of a total 54 holes drilled in
step-out resource definition focused Aircore drilling at Boland.
Results confirm the presence of mineralisation within palaeochannel
sediments where ionic mineralisation is bound within permeable
sands and confined within an aquifer amenable to low cost ISR
mining.
Table 1: Significant
intersections >500 ppm TREO and a 350 ppm TREO cut-off
grade
|
Hole ID
|
From (m)
|
To (m)
|
Int (m)
|
TREO
|
Pr6O11
|
Nd2O3
|
Tb2O3
|
Dy2O3
|
U3O8
|
ThO2
|
|
CBAC0187
|
28
|
30
|
2
|
548
|
27
|
94
|
1
|
7
|
5
|
21
|
|
CBAC0187
|
38
|
41
|
3
|
523
|
21
|
68
|
1.4
|
8
|
3
|
8
|
|
CBAC0188
|
29
|
31
|
2
|
561
|
26
|
94
|
2.0
|
12
|
7
|
27
|
|
CBAC0188
|
43
|
45
|
2
|
1,096
|
50
|
164
|
1.4
|
7
|
2
|
19
|
|
CBAC0189
|
46
|
48
|
2
|
619
|
34
|
115
|
2.0
|
11
|
6
|
20
|
|
CBAC0191
|
53
|
60
|
7
|
1,572
|
80
|
262
|
2.1
|
10
|
6
|
15
|
|
CBAC0192
|
52
|
60
|
8
|
689
|
35
|
133
|
2.1
|
11
|
4
|
13
|
|
CBAC0193
|
43
|
51
|
8
|
711
|
30
|
99
|
0.7
|
3
|
5
|
28
|
|
CBAC0194
|
28
|
34
|
6
|
627
|
29
|
91
|
1.6
|
9
|
5
|
27
|
|
incl.
|
29
|
31
|
2
|
863
|
39
|
127
|
1.8
|
10
|
7
|
31
|
|
CBAC0194
|
38
|
51
|
13
|
1,735
|
112
|
379
|
3.1
|
14
|
5
|
29
|
|
incl.
|
44
|
47
|
3
|
4,142
|
271
|
943
|
8.3
|
37
|
6
|
36
|
|
CBAC0196
|
37
|
39
|
2
|
512
|
24
|
85
|
1.7
|
10
|
6
|
27
|
|
CBAC0196
|
46
|
51
|
5
|
1,003
|
44
|
140
|
1.1
|
6
|
3
|
21
|
|
incl.
|
48
|
51
|
3
|
1,376
|
64
|
210
|
1.5
|
7
|
4
|
27
|
|
CBAC0197
|
50
|
54
|
4
|
2,116
|
107
|
358
|
2.2
|
10
|
2
|
21
|
|
incl.
|
52
|
54
|
2
|
3,089
|
151
|
505
|
2.8
|
12
|
3
|
27
|
|
CBAC0198
|
17
|
22
|
5
|
699
|
30
|
109
|
2.3
|
13
|
6
|
30
|
|
CBAC0198
|
19
|
20
|
1
|
967
|
41
|
154
|
3.3
|
19
|
12
|
32
|
|
CBAC0198
|
31
|
36
|
5
|
993
|
48
|
95
|
0.4
|
3
|
5
|
35
|
|
CBAC0199
|
15
|
19
|
4
|
942
|
41
|
151
|
3.3
|
19
|
5
|
27
|
|
incl.
|
16
|
18
|
2
|
1,350
|
59
|
221
|
4.5
|
26
|
6
|
28
|
|
CBAC0199
|
25
|
30
|
5
|
569
|
34
|
93
|
0.9
|
5
|
5
|
20
|
|
CBAC0200
|
16
|
18
|
2
|
789
|
37
|
128
|
1.9
|
10
|
7
|
25
|
|
CBAC0200
|
25
|
30
|
5
|
548
|
23
|
68
|
1.1
|
6
|
6
|
17
|
|
CBAC0201
|
35
|
37
|
2
|
634
|
36
|
79
|
0.7
|
4
|
4
|
30
|
|
CBAC0204
|
23
|
24
|
1
|
528
|
25
|
88
|
1.6
|
9
|
4
|
31
|
|
CBAC0206
|
13
|
22
|
9
|
1,690
|
75
|
279
|
6
|
30
|
3
|
23
|
|
incl.
|
15
|
16
|
1
|
8,082
|
357
|
1341
|
29
|
150
|
3
|
19
|
|
CBAC0206
|
32
|
33
|
1
|
775
|
42
|
128
|
1
|
7
|
7
|
88
|
Figure 2: Location of new assay
results from 20 Aircore drillholes within the Narlaby Palaeochannel
with results for a further 34 holes outstanding
Figure 3: Cross section through
the Boland wellfield, demonstrating geological continuity and the
location of reported significant intersections
Table 2: Drill hole collar
coordinates
|
Hole Id
|
Easting
|
Northing
|
Elevation
|
EOH
|
Results
Reported
|
|
CBAC0187
|
533983
|
6365212
|
84
|
45
|
Y
|
|
CBAC0188
|
533657
|
6365310
|
85
|
45
|
Y
|
|
CBAC0189
|
533498
|
6364984
|
84
|
68
|
Y
|
|
CBAC0190
|
533739
|
6364861
|
100
|
68
|
Y
|
|
CBAC0191
|
533955
|
6364736
|
100
|
60
|
Y
|
|
CBAC0192
|
534172
|
6364611
|
100
|
60
|
Y
|
|
CBAC0193
|
534388
|
6364486
|
100
|
51
|
Y
|
|
CBAC0194
|
534213
|
6365384
|
102
|
51
|
Y
|
|
CBAC0195
|
533989
|
6365456
|
123
|
51
|
Y
|
|
CBAC0196
|
533793
|
6365554
|
100
|
51
|
Y
|
|
CBAC0197
|
533590
|
6365626
|
100
|
54
|
Y
|
|
CBAC0198
|
533982
|
6365883
|
100
|
46
|
Y
|
|
CBAC0199
|
534367
|
6365634
|
70
|
30
|
Y
|
|
CBAC0200
|
534567
|
6365303
|
100
|
30
|
Y
|
|
CBAC0201
|
534226
|
6366276
|
100
|
39
|
Y
|
|
CBAC0202
|
534665
|
6366347
|
104
|
24
|
Y
|
|
CBAC0203
|
534445
|
6366449
|
100
|
39
|
Y
|
|
CBAC0204
|
534228
|
6366574
|
100
|
41
|
Y
|
|
CBAC0205
|
533892
|
6366452
|
108
|
45
|
Y
|
|
CBAC0206
|
534576
|
6366038
|
100
|
33
|
Y
|
|
CBAC0207
|
533279
|
6365488
|
112
|
63
|
N
|
|
CBAC0208
|
533015
|
6365649
|
113
|
67
|
N
|
|
CBAC0209
|
533100
|
6365249
|
115
|
63
|
N
|
|
CBAC0210
|
533306
|
6365111
|
113
|
64
|
N
|
|
CBAC0211
|
533131
|
6364902
|
108
|
42
|
N
|
|
CBAC0212
|
533347
|
6364777
|
116
|
48
|
N
|
|
CBAC0213
|
533564
|
6364652
|
118
|
39
|
N
|
|
CBAC0214
|
533780
|
6364527
|
115
|
43
|
N
|
|
CBAC0215
|
533997
|
6364402
|
114
|
47
|
N
|
|
CBAC0216
|
534213
|
6364277
|
107
|
42
|
N
|
|
CBAC0217
|
533410
|
6365697
|
109
|
45
|
N
|
|
CBAC0218
|
533244
|
6365797
|
108
|
60
|
N
|
|
CBAC0219
|
533214
|
6366078
|
112
|
66
|
N
|
|
CBAC0220
|
533376
|
6366011
|
105
|
54
|
N
|
|
CBAC0221
|
533552
|
6365916
|
104
|
42
|
N
|
|
CBAC0222
|
533714
|
6365830
|
110
|
48
|
N
|
|
CBAC0223
|
532283
|
6366785
|
114
|
35
|
N
|
|
CBAC0224
|
532635
|
6366645
|
111
|
54
|
N
|
|
CBAC0225
|
532959
|
6366463
|
111
|
60
|
N
|
|
CBAC0226
|
533279
|
6366266
|
103
|
55
|
N
|
|
CBAC0227
|
533641
|
6366074
|
102
|
39
|
N
|
|
CBAC0228
|
534528
|
6365532
|
107
|
36
|
N
|
|
CBAC0229
|
533795
|
6366824
|
102
|
33
|
N
|
|
CBAC0230
|
534012
|
6366699
|
105
|
45
|
N
|
|
CBAC0231
|
533492
|
6366593
|
102
|
42
|
N
|
|
CBAC0232
|
534895
|
6365889
|
104
|
30
|
N
|
|
CBAC0233
|
534849
|
6365677
|
105
|
30
|
N
|
|
CBAC0234
|
535034
|
6365562
|
111
|
36
|
N
|
|
CBAC0235
|
534957
|
6365328
|
108
|
39
|
N
|
|
CBAC0236
|
535135
|
6365214
|
119
|
45
|
N
|
|
CBAC0237
|
535069
|
6364983
|
119
|
42
|
N
|
|
CBAC0238
|
534911
|
6365097
|
114
|
36
|
N
|
|
CBAC0239
|
534748
|
6365211
|
108
|
48
|
N
|
|
CBAC0240
|
534865
|
6364851
|
111
|
39
|
N
|
Appendix 3: JORC Code, 2012
Edition - Table 3
|
Criteria
|
JORC Code explanation
|
Commentary
|
|
Sampling
techniques
|
·
Nature and
quality of sampling (eg cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should not be taken
as limiting the broad meaning of sampling.
·
Include
reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems
used.
·
Aspects of the
determination of mineralisation that are Material to the Public
Report.
·
In cases where
'industry standard' work has been done this would be relatively
simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for
fire assay'). In other cases more explanation may be required, such
as where there is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information.
|
Pre 2023
· Historic Rotary Mud drilling targeting paleochannel hosted
uranium was completed. Some residue samples were retained in the
Tonsley Core Library, downhole geophysical logging was the primary
data collected for these holes.
· Select
historic sample residues over Boland were analysed as reported in
RNS 1834M (26 April 2024)
2023
Aircore
· A
combination of 2m and 3m samples were collected in green bags via a
rig mounted cyclone. A PVC spear was used to collect a 2-4kg sub
sample from each green bag. Sampling commenced from the collar
point with samples submitted for analysis from the top of
saprolite.
· Samples were submitted to Bureau Veritas Laboratories,
Adelaide and pulverized to produce a 4-acid digest
sample.
2024
SONIC
· Drill
results are outlined in RNS 0297I (25 March 2024)
· Core
was scanned by a SciAps X555 pXRF to determine sample intervals.
Intervals through mineralized zones were taken at 10cm. Through
waste, sample intervals were lengthened to 50cm. Core was halved by
knife cutting. XRF scan locations were taken on an inner surface of
the core to ensure readings were taken on fresh sample
faces.
· Samples were submitted to Bureau Veritas Laboratories,
Adelaide and pulverized to produce a 4 acid digest
sample.
Aircore
· 1m
sample intervals of 2-4 kg were taken via PVC spear from green bags
at the rig. All samples collected were submitted to the lab for
analysis. From 0-6 m in each hole samples were composited to
3m.
· Samples were submitted to Bureau Veritas Laboratories,
Adelaide and pulverized to produce a 4 acid digest
sample.
|
|
Drilling
techniques
|
·
Drill type (eg
core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method,
etc).
|
Pre 2023
· Drill
methods include Rotary Mud and AC
2023
· Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ
air core drilling techniques from an ALMET aircore rig mounted on a
Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair
compressor.
2024
· Sonic
Core drilling completed Star Drilling using 4" core with a SDR12
drill rig. Holes were reamed to 6" or 8" to enable casing and
screens to be installed
· Aircore Drilling completed by McLeod Drilling Pty Ltd using
75.7mm NQ air core drilling techniques from an ALMET aircore rig
mounted on a Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair
compressor.
|
|
Drill sample
recovery
|
·
Method of
recording and assessing core and chip sample recoveries and results
assessed.
·
Measures taken
to maximise sample recovery and ensure representative nature of the
samples.
·
Whether a
relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
|
· Aircore Sample recovery is for the style of drilling. All
samples were recorded for sample type, quality and contamination
potential and entered within a sample log.
· In
general, sample recoveries range between 5-10kg for each 1 m
interval being recovered from AC drilling.
· Mineralisation occurs within a confined aquifer where ground
water does influence sample recovery
· Mineralisation within the targeted Pidinga Formation is bound
to fine, organic rich material, the potential loss of mineralized
material from coarser host sands is possible
· Any
grade bias is expected to be grade loss
· The
potential loss of fine material is being evaluated by sizing
fraction analysis and follow-up sonic core drilling where aircore
holes will be twinned.
Sonic Core
· Sample
recovery is considered excellent.
|
|
Logging
|
·
Whether core and
chip samples have been geologically and geotechnically logged to a
level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
·
Whether logging
is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
·
The total length
and percentage of the relevant intersections
logged.
|
· All
drill samples were logged by a qualified geologist at the time of
drilling. Lithology, colour, weathering and moisture were
documented. All core drilled has been lithologically
logged.
· All
drill metres have been geologically logged on sample intervals (1-3
m).
|
|
Sub-sampling techniques and
sample preparation
|
·
If core, whether
cut or sawn and whether quarter, half or all core
taken.
·
If non-core,
whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
·
For all sample
types, the nature, quality and appropriateness of the sample
preparation technique.
·
Quality control
procedures adopted for all sub-sampling stages to maximise
representivity of samples.
·
Measures taken
to ensure that the sampling is representative of the in situ
material collected, including for instance results for field
duplicate/second-half sampling.
·
Whether sample
sizes are appropriate to the grain size of the material being
sampled.
|
Pre 2023
· Historic Residue samples were generally 2m composites and were
stored at the South Australian Drill Core Reference Library at
Tonsley, a subsample of approximately 20g was removed for lab
submission.
· Select
samples of geological interest were selected for lab
submission
· No
QAQC samples were included in the submission of these samples.
Sample results were intended to indicate mineralisation potential
but would not be suitable for resource estimation
Post 2023
· A PVC
spear was used to collect 2-4kg of sub-sample from each AC sample
length controlled the sample volume submitted to the
lab.
· Additional sub-sampling was performed through the preparation
and processing of samples according to the Bureau Veritas internal
protocols.
· Field
duplicate AC samples were collected from the green bags using a PVC
spear scoop at a 1 in 25 sample frequency.
· Sample
sizes are considered appropriate for the material being
sampled.
· Assessment of duplicate results indicated this sub - sample
method provided appropriate repeatability for rare
earths.
Sonic Drilling
· Field
duplicate samples were taken nominally every 1 in 25 samples where
the sampled interval was quartered.
· Blanks
and Standards were submitted every 25 samples
· Half
core samples were taken where lab geochemistry sample were
taken.
· In
holes where column leach test samples have been submitted, full
core samples have been submitted over the test areas.
|
|
Quality of assay data and
laboratory tests
|
·
The nature,
quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or
total.
·
For geophysical
tools, spectrometers, handheld XRF instruments, etc, the parameters
used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their
derivation, etc.
·
Nature of
quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and precision have been
established.
|
· Samples were submitted to Bureau Veritas, Adelaide for
preparation and analysis. Multi-element geochemistry were digested
by four acid ICP-MS/ ICP-OES and analysed for Ag, Ce, Cu, Dy, Er,
Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and
Yb.
· Field
rare earth standards were submitted at a frequency of 1 in 25
samples.
· Field
duplicate samples were submitted at a frequency of 1 in 25
samples.
· Reported assays pass the companies implemented QAQC database
reports
· Internal lab blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Sample Characterisation Test Work
performed by the Australian Nuclear Science and Technology
Organisation (ANSTO)
· Full
core samples were submitted to Australian Nuclear Science and
Technology Organisation (ANSTO), Sydney for preparation and
analysis. The core was split in half along the vertical axis, and
one half further split into 10 even fractions along the length of
the half-core. Additional sub-sampling, homogenisation and drying
steps were performed to generate ~260 g (dry equivalent) samples
for head assay according to the laboratory internal
protocols.
· Multi
element geochemistry of solid samples were analysed at ANSTO
(Sydney) by XRF for the major gangue elements Al, Ca, Fe, K, Mg,
Mn, Na, Ni, P, Si, S, and Zn.
· Multi
element geochemistry of solid samples were additionally analysed at
ALS Geochemistry Laboratory (Brisbane) on behalf of ANSTO by
lithium tetraborate digest ICP-MS and analysed for Ce, Dy,
Er, Eu, Gd, Ho, La, Lu, Nd, Pr, Sm, Tb, Th, Tm, U, Y and
Yb.
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare
earths indicated acceptable assay accuracy.
· Samples retained for metallurgical analysis were immediately
vacuum packed, nitrogen purged and refrigerated.
· These
samples were refrigerated throughout transport.
Metallurgical Leach Test Work
performed by the Australian Nuclear Science and Technology
Organisation (ANSTO)
·
ANSTO laboratories prepared ~80g samples for
diagnostic leaches, a 443g sample for a slurry leach and a 660g
sample for a column leach. Sub-samples were prepared from full
cores according to the laboratory internal protocols. Diagnostic
and slurry leaching were carried out in baffled leach vessels
equipped with an overhead stirrer and applying a 0.5 M (NH4)2SO4
lixiviant solution, adjusted to the select pH using
H2SO4.
·
0.5 M H2SO4 was utilised to maintain the test pH
for the duration of the test, if necessary. The acid addition was
measured.
·
Thief liquor samples were taken
periodically.
·
At the completion of each test, the final pH was
measured, the slurry was vacuum filtered to separate the primary
filtrate.
·
The thief samples and primary filtrate were
analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc,
Sm, Tb, Th, Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
·
The water wash was stored but not
analysed.
·
Column leaching was carried out in horizontal
leaching column. The column was pressurised with nitrogen to 6 bar
and submerged in a temperature controlled bath.
·
A 0.5 M (NH4)2SO4 lixiviant solution, adjusted to
the select pH using H2SO4 was fed to the column at a controlled
flowrate.
·
PLS collected from the end of the column was
weighed, the SH and pH measured and the free acid concentration
determined by titration. Liquor samples were taken from the
collected PLS and analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc,
Sm, Tb, Th, Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
·
The column leach test has been completed. Assays
of the column have adjusted head grades of the initial bench scale
study. Recoveries have been adjusted accordingly.
|
|
Verification of sampling and
assaying
|
·
The verification
of significant intersections by either independent or alternative
company personnel.
·
The use of
twinned holes.
·
Documentation of
primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
·
Discuss any
adjustment to assay data.
|
· Sampling data was recorded in field books, checked upon
digitising and transferred to database.
· Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily
during the drill programme.
· Compositing of assays was undertaken and reviewed by Cobra
Resources staff.
· Original copies of laboratory assay data are retained
digitally on the Cobra Resources server for future
reference.
· Samples have been spatially verified through the use of
Datamine and Leapfrog geological software for pre 2021 and post
2021 samples and assays.
· Twinned drillholes from pre 2021 and post 2021 drill programs
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intersections have been prepared by Mr Robert
Blythman and reviewed by Mr Rupert Verco
|
|
Location of data
points
|
·
Accuracy and
quality of surveys used to locate drill holes (collar and down-hole
surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
·
Specification of
the grid system used.
·
Quality and
adequacy of topographic control.
|
2021-2023
· Collar
locations were initially surveyed using a mobile phone utilising
the Avenza Map app. Collar points recorded with a GPS horizontal
accuracy within 5 m.
· RC
Collar locations were picked up using a Leica CS20 base and Rover
with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone
53.
· No
downhole surveying was undertaken on AC holes. All holes were set
up vertically and are assumed vertical.
· RC
holes have been down hole surveyed using a Reflex TN-14 true north
seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be
excluded from export.
· All
surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· Cased
collars of sonic drilling shall be surveyed before a mineral
resource estimate
2024 Aircore
· Collar
locations were initially surveyed using A mobile phone GPS
utilising the Avenza Map app. Collar points recorded with a
horizontal accuracy within 5m.
· Locations are recorded in geodetic datum GDA 94 zone
53.
· No
downhole surveying was undertaken on AC or Sonic holes. All
holes were set up vertically and are assumed vertical.
· Higher
accuracy GPS will be undertaken on soinc core drilling to support
future resource estimates
|
|
Data spacing and
distribution
|
·
Data spacing for
reporting of Exploration Results.
·
Whether the data
spacing and distribution is sufficient to establish the degree of
geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
·
Whether sample
compositing has been applied.
|
·
Drillhole spacing was designed on transects 200 to
500m apart.
·
Additional scouting holes were drilled
opportunistically on existing tracks at spacings 25-150 m from
previous drillholes.
·
Sonic core holes were drilled at ~20m spacings in
a wellfield configuration based on assumed permeability potential
of the intersected geology
·
Drillhole spacing is not expected to introduce any
sample bias.
·
Assessment of the drillhole spacing for resource
estimation will be made once a sufficient data set can provide
statistical analysis
·
.
|
|
Orientation of data in
relation to geological structure
|
·
Whether the
orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the
deposit type.
·
If the
relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if
material.
|
·
Aircore and Sonic drill holes are
vertical.
|
|
Sample
security
|
·
The measures
taken to ensure sample security.
|
·
Transport of samples to Adelaide was undertaken by
a competent independent contractor. Samples were packaged in zip
tied polyweave bags in bundles of 5 samples at the drill rig and
transported in larger bulka bags by batch while being
transported.
·
Refrigerated transport of samples to Sydney was
undertaken by a competent independent contractor. Samples were
double bagged, vacuum sealed, nitrogen purged and placed within PVC
piping.
·
There is no suspicion of tampering of
samples.
|
|
Audits or
reviews
|
·
The results of
any audits or reviews of sampling techniques and
data.
|
·
No laboratory audit or review has been
undertaken.
·
Genalysis Intertek and BV Laboratories Adelaide
are NATA (National Association of Testing Authorities) accredited
laboratory, recognition of their analytical competence.
|
Appendix 3: Section 2 reporting
of exploration results
|
Criteria
|
JORC Code explanation
|
Commentary
|
|
Mineral tenement and land
tenure status
|
·
Type, reference
name/number, location and ownership including agreements or
material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
·
The security of
the tenure held at the time of reporting along with any known
impediments to obtaining a licence to operate in the
area.
|
·
Boland is located on EL5953, currently owned 100%
by Peninsula Resources limited, a wholly owned subsidiary of
Andromeda Metals Limited.
·
In 2024, Cobra through its subsidiary Lady Alice
Mines purchased the remaining ownership of the Wudinna Project
tenements.
·
An application through partial surrender is
currently with the South Australian Government which will see LAM
as the 100% owner of areas of the Wudinna Project.
·
Alcrest Royalties Australia Pty Ltd retains a 1.5%
NSR royalty over future mineral production from licenses EL6001,
EL5953, EL6131, EL6317 and EL6489.
·
A Native Title Agreement is in place with the
Barngarla people.
·
Aboriginal heritage surveys have been completed
over EL5953, with no sites located in the immediate vicinity of
aircore drilling
|
|
Exploration done by other
parties
|
·
Acknowledgment
and appraisal of exploration by other parties.
|
·
On-ground exploration completed prior to Andromeda
Metals' work was limited to 400 m spaced soil geochemistry
completed by Newcrest Mining Limited over the Barns
prospect.
·
Other than the flying of regional airborne
geophysics and coarse spaced ground gravity, there has been no
recorded exploration in the vicinity of the Baggy Green deposit
prior to Andromeda Metals' work.
·
Paleochannel uranium exploration was undertaken by
various parties in the 1980s and the 2010s around the Boland
Prospect. Drilling was primarily rotary mud with downhole
geophysical logging the primary interpretation method.
|
|
Geology
|
·
Deposit type,
geological setting and style of mineralisation.
|
· Target
mineralisation is ionic rare earth mineralisation that occurs
primarily within the Pidinga Formation within the Narlaby
Palaeochannel, immediately above REE enriched Hiltaba Suite
Granites
· Ionic
REE mineralsiation also occurs in and adjacent to the Garford
formation clays and silty sands.
· Significant chemical (pH & eH) differences exist between
underlying saprolite and overlying Palaeochannel sediments. REEs
are absorbed to reduced organics found within the Pidinga
Formation
· Benchtop metallurgy studies indicate ISR amenability of rare
earths within the Pidinga Formation basal sands summarized in RNS
1285Q (16 December 2024)
· Ionic
REE mineralisation is confirmed through metallurgical desorption
testing where high recoveries are achieved at benign acidities
(pH4-3) at ambient temperature.
· QEMSCAN and petrology analysis support REE ionic
mineralisation, with little to no secondary phases
identified.
· Ionic
REE mineralisation occurs in reduced clay intervals that contact
both saprolite and permeable sand units. Mineralisation contains
variable sand quantities that yield permeability and promote insitu
recovery potential
· Mineralisation is located within a confined
acquifer
|
|
Drillhole
Information
|
·
A summary of all
information material to the understanding of the exploration
results including a tabulation of the following information for all
Material drill holes:
o easting and northing of the
drill hole collar
o elevation or RL (Reduced
Level - elevation above sea level in metres) of the drill hole
collar
o dip and azimuth of the
hole
o down hole length and
interception depth
o hole
length.
·
If the exclusion
of this information is justified on the basis that the information
is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly
explain why this is the case.
|
·
Exploration results being reported represent a
small portion of the Boland target area. Coordinates for Wellfield
drill holes are presented in Table 3.
|
|
Data aggregation
methods
|
·
In reporting
Exploration Results, weighting averaging techniques, maximum and/or
minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
·
Where aggregate
intercepts incorporate short lengths of high grade results and
longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such
aggregations should be shown in detail.
·
The assumptions
used for any reporting of metal equivalent values should be clearly
stated.
|
·
Reported summary intercepts are weighted averages
based on length.
·
No maximum/ minimum grade cuts have been
applied.
·
No metal equivalent values have been
calculated.
·
Rare earth element analyses were originally
reported in elemental form and have been converted to relevant
oxide concentrations in line with industry standards. Conversion
factors tabulated below:
|
Element
|
Oxide
|
Factor
|
|
Cerium
|
CeO2
|
1.2284
|
|
Dysprosium
|
Dy2O3
|
1.1477
|
|
Erbium
|
Er2O3
|
1.1435
|
|
Europium
|
Eu2O3
|
1.1579
|
|
Gadolinium
|
Gd2O3
|
1.1526
|
|
Holmium
|
Ho2O3
|
1.1455
|
|
Lanthanum
|
La2O3
|
1.1728
|
|
Lutetium
|
Lu2O3
|
1.1371
|
|
Neodymium
|
Nd2O3
|
1.1664
|
|
Praseodymium
|
Pr6O11
|
1.2082
|
|
Scandium
|
Sc2O3
|
1.5338
|
|
Samarium
|
Sm2O3
|
1.1596
|
|
Terbium
|
Tb4O7
|
1.1762
|
|
Thulium
|
Tm2O3
|
1.1421
|
|
Yttrium
|
Y2O3
|
1.2699
|
|
Ytterbium
|
Yb2O3
|
1.1387
|
·
The reporting of REE oxides is done so in
accordance with industry standards with the following calculations
applied:
· TREO =
La2O3 + CeO2 +
Pr6O11 + Nd2O3 +
Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 +
Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 +
Yb2O3 + Lu2O3 +
Y2O3
· CREO =
Nd2O3 + Eu2O3 +
Tb4O7 + Dy2O3 +
Y2O3
· LREO =
La2O3 + CeO2 +
Pr6O11 +
Nd2O3
· HREO =
Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 +
Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 +
Yb2O3 + Lu2O3 +
Y2O3
· MREO
= Nd2O3 +
Pr6O11 +
Tb4O7 +
Dy2O3
· NdPr =
Nd2O3 +
Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd =
Nd2O3/ TREO
· % Pr =
Pr6O11/TREO
· % Dy =
Dy2O3/TREO
· % HREO
= HREO/TREO
· % LREO
= LREO/TREO
|
|
Relationship between
mineralisation widths and intercept lengths
|
·
These
relationships are particularly important in the reporting of
Exploration Results.
·
If the geometry
of the mineralisation with respect to the drill hole angle is
known, its nature should be reported.
·
If it is not
known and only the down hole lengths are reported, there should be
a clear statement to this effect (eg 'down hole length, true width
not known').
|
·
Preliminary results support unbiased testing of
mineralised structures.
·
Most intercepts are vertical and reflect true
width intercepts.
·
Follow-up sonic drilling is planned to delineate
portions of the reported intersections that are recoverable and
unrecoverable via ISR
|
|
Diagrams
|
·
Appropriate maps
and sections (with scales) and tabulations of intercepts should be
included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
|
·
Relevant diagrams have been included in the
announcement.
·
Exploration results are not being reported for the
Mineral Resources area.
|
|
Balanced
reporting
|
·
Where
comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
|
·
Not applicable - Mineral Resource and Exploration
Target are defined.
·
Exploration results are not being reported for the
Mineral Resource area.
|
|
Other substantive exploration
data
|
·
Other
exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples - size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
|
·
Refer to previous announcements listed in RNS for
reporting of REE results and metallurgical testing
|
|
Further
work
|
·
The nature and
scale of planned further work (eg tests for lateral extensions or
depth extensions or large-scale step-out
drilling).
·
Diagrams clearly
highlighting the areas of possible extensions, including the main
geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
|
·
The metallurgical testing reported in this
announcement represents the first phase of bench scale studies to
test the extraction of ionic REEs via ISR processes.
·
ISR study 1 was performed to achieve a pH 3 whilst
ISR study 2 was performed at a pH of 2.
·
Future metallurgical testing will focus on
producing PLS under leach conditions to conduct downstream
bench-scale studies for impurity removal and product
precipitation.
·
Hydrology, permeability and mineralogy studies are
being performed on core samples.
·
Installed wells are being used to capture
hydrology base line data to support a future infield pilot
study.
·
Trace line tests shall be performed to emulate
bench scale pore volumes.
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