Cobra Resources rose more than 10% as drilling analysis showed the Boland ionic rare earth discovery has the right features to be a low-cost, low-impact source of magnet rare earths.
Exploration at Boland, on the Wudinna prospect in South Australia, is aimed at proving the scale, grade concentration, and in situ recovery or ISR potential, Cobra added.
Rupert Verco, Cobra’s chief executive, commented he was “truly excited” about Boland and the primary observations from the assays.
“The Boland prospect presents as a world first for paleochannel hosted ionic REEs via in situ recovery mining.
“Initial indications for grade concentration are positive and geological conditions reinforce our belief that recovery by ISR will be highly successful.
“We eagerly await the follow-up assays and studies that we believe will establish this project as a world-class rare earths project.
"We could not have asked for a better start to 2024."
Shares rose 12% to 1.03p.