Cobra Resources PLC (LSE:COBR) said it has been granted a package of exploration tenements (EL 6806) that are close to or contiguous with its Wudinna gold and rare earths project in South Australia.
The tenements totalling 893 km2 complement the company's existing strategy, with the newly acquired ground considered highly prospective for gold and clay-hosted rare earth mineralisation, said the London-listed company.
“EL 6806 consolidates Cobra Resources' position as a major player in the highly prospective Gawler Craton, a tier 1 mining jurisdiction of South Australia,” said chief executive Rupert Verco. “Whilst the southern Gawler Craton has already produced several defined precious metal resources, its extent remains largely under explored, and this creates a massive opportunity for our company.”
The addition of EL 6806 gives Cobra exclusive exploration rights across 1,429 km2 in Gawler Craton and a further 1,832 km2 of exploration rights held under a heads of agreement with Andromeda Metals Ltd (ASX:ADN).
“Our immediate focus remains on defining value through ongoing exploration at the Wudinna project, however, the addition of EL 6806 enables the company to strategically define a pipeline of high-value new exploration targets which are capable of contributing to the multi-commodity resource we are aiming to establish, including critical minerals that can assist in driving global decarbonisation," said Verco.