Cobra Resources PLC (LSE:COBR) has released results from recent reverse circulation drilling on the Clarke prospect in Australia.
The drilling encountered further gold mineralisation within the northern drill transect confirming the potential for a significant gold mineral system at Clarke.
Additional rare earth elements have been intercepted above and proximal to the gold interceptions.
Among the gold highlights was 33 metres at 1.03 grams per tonne gold.
Gold mineralisation has now been intercepted over 400 metres of strike at Clarke with mineralisation open to the northwest.
All holes intercepted rare earth mineralisation within the saprolite zone, where the average true width of mineralisation is 18.7 metres and the average total rare earth oxides is 597 parts per million.
The highest one metre intercept grade was 9,024 ppm TREO.
Fire assay results for gold have now been received for all holes in the recent phase of drilling on the Clarke prospect, multi-element and rare earth results are outstanding for a single hole.
"The results of the programme have demonstrated that the gold system at Clarke is considerable in size, open to the north and continues to present as a compelling target to add further ounces to the existing mineral resource estimate,” said Rupert Verco, chief executive of Cobra.
“The rare earth discovery is also proving to be significant. The occurrence of rare earths above defined gold mineralisation makes the discovery unique when compared to other rare earth projects. We have work to do to define the extent of this discovery and to understand its potential to contribute to future project economics, but undoubtedly this has added a new and very interesting dimension to Cobra's potential.”