Cobra Resources PLC (LSE:COBR) said it has secured A$73,250 (£41,400) of funding from the South Australian state government to advance exploration and resource definition at the Clarke prospect, part of the Wudinna project.
Gold mineralisation has been defined across 400 metres of strike and is open at depth and to the north at the prospect, while Cobra has also recently discovered rare earth element (REE) mineralisation above the gold mineralisation. The mineralisation at Clarke is not included in Wudinna’s existing 211,000-ounce gold resource.
“The award to Cobra at this stage carries greater significance than the quantum itself - it demonstrates recognition of the company's progress and technical execution of recent work programmes,” said chief executive Rupert Verco.
The funding, awarded through the South Australian government's Accelerated Discovery Initiative, will contribute to Controlled Source Audio-frequency Magnetotelluric (CSMAT) and Loupe TEM geophysical surveys.