Cobra Resources Plc (LSE:COBR) said it has fulfilled its stage three expenditure obligations in regard to the Wudinna project in Australia, and is now entitled to move to 75%-ownership of the project.
The vendor, Andromeda Metals, has audited Cobra’s 2019-2023 spend and confirmed that it meets the A$5mln requirement.
"We are pleased to have achieved this milestone prior to receiving results from a significant exploration programme,” said Rupert Verco, chief executive of Cobra Resources in a statement.
“We look forward to working with Andromeda, a near-term producer, to consolidate our ownership and continue to grow our gold and rare earth resources to support a future operation. We are eagerly anticipating results from 2,144 metres of reverse circulation drilling aimed at expanding gold resources, and are in the process of completing a significant aircore programme aimed at testing near resource gold targets and expanding our rare earth resource," he added.
Cobra is in the process of drilling the Boland target, which has been devised from extensive mineralogical and geochemical analysis, and is highly prospective for ionic, easily leachable magnet rare earths.