Cobra Resources Plc (LSE:COBR) highlighted the progress made on the Wudinna gold project in South Australia as it announced its interim results.
It carried out a geochemical sampling programme and drilled 138 holes across two targets in the first half of the year. Since then, the company has drilled a further 875 holes across eight priority targets and appointed Rupert Verco, a South Australian mining specialist, as chief executive.
The results of the geochemical sampling programme are being assayed and interpreted and will be used to design a drilling programme, expected to start around late-October.
“The first half of 2021 has been a period of detailed data collection and analysis,” said chairman Greg Hancock. “It has helped consolidate the geological models and will provide an excellent springboard for planned exploration activities.
“The company has executed material progress in the first half and is now very well positioned as we move into the next phase of exploration."
The company said its exploration activities are progressing to plan and that it is well-placed to achieve the stage 2 earn-in for Wudinna before the end of 2021, resulting in Cobra increasing its ownership of the project to 65%.
Cobra’s losses for the six months widened to £842,631, from £296,424 in the year-earlier period, mainly due to a £610,005 payment related to an earn-in agreement for Wudinna.