Cobra Resources Plc (LSE:COBR) shares traded higher in Wednesday's early deals after reporting new data confirming rare earth mineralisation in South Australia.
The explorer today announced final results from a new analysis of historical drilling that took place on recently acquired tenements that adjoin its Boland project.
It said that three large target zones have been refined for drill testing, including the Gillespie, Head and Stokes areas, and the results showed enriched rare earth grades favourable for low-cost in situ recovery mining.
"We have now significantly refined our targeting of these extensive palaeochannel systems through a cost-efficient process," said managing director Rupert Verco.
"This has generated three scalable targets to support the growth of the Boland Project, where metallurgy and ISR studies are highlighting a low-cost, valuable opportunity to provide a resilient and sustainable supply of critical metals."
In London, Cobra traded up to 4.08p in early trade before sliding back to 3.8p.