Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Cobre Ltd (ASX:CBE).
The company has discovered a 21-metre-wide chalcocite-dominant copper sulphide zone in drill hole NCP55. The find is 7.5 kilometres along strike from the Comet Prospect within the company’s Ngami Copper Project (NCP) in Botswana’s Kalahari Copper Belt.
Cobre has identified disseminated chalcocite mineralisation observed between 152 and 165 metres downhole, increasing from 0.3% to more than 3% near the footwall contact.
It also observed quartz-carbonate vein hosted chalcocite mineralisation between 161.65 and 165.33 metres, with concentrations from 2% to 5% chalcocite.
These results support Cobre’s exploration target of 103-166 million tonnes at 0.38-0.46% copper, suggesting higher-grade mineralisation potential northeast of the Comet Prospect.
Cobre’s CEO described the discovery as a strong start to the current drilling campaign, demonstrating mineralisation continuity in previously untested areas and expanding the exploration target.
Infill drilling at the Comet Target is set to begin soon to refine the resource estimate.