Cobra Resources Plc (LSE:COBR) shares rose 9% on Thursday after the company reported better-than-expected drill results from its Boland rare earth project in South Australia.
The latest Sonic drilling confirmed thick zones of in situ recoverable heavy rare earth elements, including the high-demand metals dysprosium and terbium, with several intersections showing standout grades.
Management highlighted that the geological conditions at Boland are well suited for in situ recovery, a lower-cost extraction method often used in uranium mining.
Following the encouraging results, Cobra plans to expand its drill programme to newly acquired tenements, which will significantly increase the project’s scale and resource potential.
Further assay results from recent acquisitions are expected in the coming weeks, and preparations are underway for another round of resource drilling.
The company said these developments put it on track to deliver a maiden mineral resource estimate and support long-term growth ambitions.
The stock, which has almost doubled in the year to date, rose 0.18p to 2.18p.