Cobra Resources PLC (LON:COBR), the gold exploration and mining company focused on the Wudinna Gold Project in South Australia, has announced significant gold intercepts at the Baggy Green deposit.
The company noted that the Baggy Green JORC resource is currently estimated at 94,000 ounces and occurs as two deposits. It said 13 holes were drilled to the north and south of, and in between, the existing JORC resource zones, with a further six exploration holes targeting new mineralisation.
Highlights from the Baggy Green gold intercepts include:
- 9 metres (m)at 1.07 grams per ton (g/t )to the north of the southern JORC resource zone
- 1m at 3.73 g/t in an exploration hole approximately 300m to the north of the northern JORC resource zone
- Two thick low-grade intercepts of 13m at 0.33 g/t and 10m at 0.29 g/t both to the south of the southern JORC resource zone
These results are associated with the 19 reverse circulation (RC) holes (totalling 2,504m) which were drilled during the company's recent drilling programme. Generally, holes were spaced at approximately 50m east-west and 200m north-south in an aim to establish the orientation of the mineralisation and any potential extensions or connections.
The company said these Baggy Green assay results, together with the Clarke assay results announced on December 3, 2020, represent approximately half of the total assay results awaited from the programme. The company continues to await assay results from drilling at the Barns and White Tank deposits which are now expected to be announced in January 2021.
In a statement, Craig Moulton, director of Cobra, commented: "We are currently focused on the geochemical and structural interpretation of these results, and expect that, when combined with the borehole wireline logging data, they will provide a strong indication on the orientation of the mineralisation at Baggy Green.
"This has positive implications for defining further extensions to the resource. It is encouraging to see relatively thick low-grade intercepts to the south of the existing JORC resource as well as a high-grade intercept well to the north. We now eagerly await the remaining assays at Barns. "