Cobre Ltd (ASX:CBE) shares surged 86% higher intra-day to 16 cents after intersecting significant copper mineralisation from its ongoing drill program at the Ngami Copper Project in Botswana.
Based on visual estimates, confirmed with pXRF readings, drill hole NCP08 intersected a 25m zone of copper mineralisation starting from 120m downhole, with a marked increase in mineralisation from 135m to 146m.
Mineralisation is dominated by chalcocite including vein, fracture fill and fine-grained mineralisation along bedding planes.
Graphical illustration of pXRF composite 1m sample measurements through the mineralised section of NCP08. Results confirm the abundance of visual copper mineralisation in drill logs.
Cobre executive chairman and managing director Martin Holland said: “The Ngami Copper Project in Botswana is demonstrating exceptional promise with this outstanding copper intersection which confirms that we are potentially sitting on a new copper discovery within the Kalahari Copper Belt.
“This new intersection is 1km away from our initial diamond hole that also intersected significant copper mineralisation.
“We have a broad zone of mineralisation covering a strike length of over 2km so far, indicative of a potential new sediment-hosted copper discovery and further validating the potential district-scale opportunity of our Botswana assets.”
Plan view illustrating drill positions on airborne magnetic data.
NCP08 was drilled through a section of steeply-dipping, folded, D’Kar Formation sandstones and siltstones before intersecting the contact with the underlying Ngwako Pan Formation at 146.9m downhole.
Visible mineralisation is noted from 98m downhole consisting of chrysocolla and chalcocite, increasing in abundance from 125m with occurrences of malachite, chrysocolla and chalcocite after which a zone of significant chalcocite mineralisation between 135m and 146m is intersected.
Malachite and chrysocolla mineralisation on fracture planes in the upper mineralised portion.
NCP08 targeted the southwestern extension of anomalous mineralisation intersected in NCP07 and historical drill hole TRDH14-16a, located 1 and 2 kilometres along strike respectively, demonstrating the significant strike length.
The next hole in the program will step out a further 1 kilometre, towards the southwest, to test for further strike continuity of mineralisation before starting infill drilling.
“Phenomenal start to our drilling program”
Holland added: “This has been a phenomenal start to our drilling program, which includes a total of 57 high-priority targets, and is only just the beginning.
“Moving forward, our focus remains on drilling out this exciting target whilst defining high-grade zones of copper and base metals mineralisation over our extensive landholding.
“We look forward to updating shareholders on further exploration success as we seek to unlock one of Africa’s emerging copper districts.”