Cobra Resources Plc (LSE:COBR) shares rose 12% after the company announced encouraging results from re-analysed historical drilling across its recently acquired tenement in South Australia.
The findings point to a much larger rare earth element (REE) system within the Yaninee Palaeochannel, adjacent to Cobra’s flagship Boland Project.
Notably, two large, high-grade zones have been identified, boosting the potential scale for low-cost, low-impact in situ recovery (ISR) mining.
Managing director Rupert Verco said the results support confidence to speed up exploration across Cobra’s vast landholding without the immediate need for further drilling costs.
The presence of REEs, particularly high-value magnet elements like dysprosium and terbium, positions Boland as a potentially significant, environmentally responsible source of critical minerals.
Additional assay results are expected later this month, which could further expand the scale of the project.
Cobra’s approach leverages existing drill samples to pinpoint priority targets, with more thorough drilling campaigns planned to define higher-grade zones.
The stock rose 0.29p to 2.64p.