Cobra Resources PLC (LSE:COBR) said drilling last year at Wudinna in South Australia has increased the length of the intersected strike outside of the defined resource to 600 metres (m).
The programme intersected both gold and rare earths at the Clarke prospect, added the junior, with planning now underway for 5,000-10,000m of additional drilling scheduled to commence in March and aimed at expanding both REE and gold JORC resources at the Clarke, Barns, and Thompson prospects.
Rupert Verco, Coba’s chief executive, commented: "These intersections demonstrate the growth potential of our unique dual resource at the Clarke prospect, where results suggest a significant gold system, overlain by an expanding rare earth resource.
“The results of this programme provide an exceptional platform for further exploration success in our upcoming - much larger - drilling programme, which is aimed at expanding both gold and rare earth JORC resources.
“A rising gold market, coupled with the demand for ethically and environmentally sourced rare earths, places Cobra in an enviable position as we are poised to grow these geologically and spatially related resources."