Cobra Resources Plc (LSE:COBR) said it defined three priority targets for exploration drilling at the Wudinna gold project in South Australia after a ground gravity survey over the three iron oxide copper gold (IOCG) targets confirmed gravity anomalies.
“We consider these targets as exciting opportunities for Cobra to discover a tier-one IOCG deposit within South Australia's world-class Gawler Craton - home to some of the country's largest IOCG discoveries - and we look forward to drilling them," said chief executive Rupert Verco.
The target depths are relatively shallow, ranging between 80 and 100 metres, providing economic benefits in terms of exploration costs and any possible future development.
"The gravity survey results have affirmed these targets as exciting opportunities for Cobra,” said Verco. “All three targets have differing magnetic and gravity anomalies that are analogous to magnetic and gravity signatures of differing styles of IOCG mineralisation.”