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Cobra Resources PLC - Wudinna gold project in South Australia - Says results from the reanalysis of 15 drillholes at Baggy Green, Barns, and White Tank on the Wudinna gold project in South Australia confirmed more rare earth mineralisation above gold resources. Continues that it confirmed the potential for clay hosted ion adsorption mineralisation within the saprolite horizon above and proximal to the existing gold resources. Explains it reanalysed the holes after its recent rare earth discovery at the Clark site. Says that the quantity of high-value magnet rare earths is consistent with results from the previously reported Clarke discovery. Notes that results from 38 holes at Clarke and a further 66 holes from Baggy Green are expected this month.
‘These results are defining a unique, high-value mineral occurrence. To have potentially Ionic Adsorption Clay hosted Rare Earth Mineralisation overlaying a defined joint ore reserves committee gold mineral resource of 211,000 ounces is a compelling value addition,’ Chief Executive Rupert Verco comments.
Current stock price: 2.73 pence, up 19% on Wednesday
12-month change: up 30%
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