Cobra Resources Plc (LSE:COBR) said the recent 20-hole, 2,466-metre (m) reverse circulation (RC) drilling programme at its Wudinna Project in South Australia demonstrates the growth potential of Cobra's existing 211,000-ounce (oz) gold resource and will contribute to a 2023 gold resource update.
The RC drilling highlighted significant resource expansion potential at the White Tank 13,000oz gold resource, the increased strike of gold mineralisation at the Clarke prospect, and further shallow resource extensions to the Barns 104,000oz gold resource.
In the same announcement, data from a 95-hole regional Aircore (AC) drilling programme were also announced.
The highlights included confirmation of REDOX conditions considered within a "significantly scalable palaeo-drainage system" that is thought to be "highly prospective" for ion-adsorbed rare earth elements (REE) mineralisation.
Rupert Verco, CEO of Cobra, said: "We are excited by what we have potentially unveiled at the Boland and Bradman prospects; the palaeo-drainage system is significant, interpreted to cover 65 square kilometres, and contains conditions favourable for easily leachable rare earths within a geological domain that is amenable to in situ leach mining.
"This dual resource project is unique in South Australia. I look forward to having the opportunity to meet UK shareholders in person and provide a detailed update - in particular to explain the significance of the palaeo-drainage system - on our activities and future plans."
AC testing for further gold on the East Barns prospect delivered a series of encouraging results including 7m at 2.23 g/t gold from 52m, with 1m at 8.3 g/t gold from 57m.