Cobra Resources PLC (LSE:COBR) said its 2022 exploration programme for the Wudinna project in South Australia is fully funded and will focus on expanding its recent rare earths discovery and on updating the gold resource estimate.
“We are pursuing a three-pronged strategy of gold, rare earths, and iron oxide copper gold, with highly encouraging indicators across all three,” said chief executive Rupert Verco.
“This intense period of activity is also expected to see Cobra achieve its 75% earn-in to the Wudinna project milestone in Q3 2022," he said.
Last month, the London-listed company announced it had encountered further gold mineralisation on the Clarke prospect, part of Wudinna, and had also intercepted additional rare earth elements (REE).
READ: Cobra hits gold and rare earths in latest round of drilling at Clarke
Cobra said it is re-analysing retained samples from previous drilling programmes to test the extent of the REE mineralisation found close to existing gold occurrences.
The company has outlined its plans for the project, including timelines, in a slide presentation and video, both released today on its website.