Cobra Resources PLC (LON:COBR) said analysis of the drilling at the Wudinna gold project in South Australia had identified a strike extension of mineralisation at the Clarke prospect.
Notably, Hole CBRC009 intersected 31 metres at 3.06 grammes a tonne (g/t) of gold (including 15 metres at 5.2 g/t).
The 2020 Work Programme also provided data on the orientation and continuity of the mineralisation at Clarke and Baggy Green prospects, said Cobra, leading to a new model and a revised structural interpretation.
In particular, Cobra said the mineralisation is now thought likely to persist downdip to depths not previously drilled and persist along strike into areas not previously drilled or geochemically sampled.
Work this year will now focus on drilling for further strike extensions to the Clarke mineralised trend sufficient to deliver an initial mineral resource and drilling strike extensions of the existing mineral resources at Baggy Green.
Cobra also said that Craig Moulton had resigned as managing director but will stay on for six months to oversee a handover period while a new chief executive is appointed.
Greg Hancock, Cobra’s chairman, said thanked Moulton for his work as MD over the past two years.
“During this time he has helped Cobra undertake a substantial initial work programme which secured the company's initial 50% stake in the Wudinna Project and positioned it for this next operational phase,” he said.
Hancock added: "This year's work programme will capitalise on the favourable results of the 2020 drilling which point to exciting opportunities for mineral resource inventory expansion both along strike and at depth.
“Accordingly, the 2021 work programme will focus on defining these resource extensions by continuing to methodically apply pathfinder geochemistry followed by reverse circulation drilling.”