Cobra Resources PLC (LSE:COBR) said results from an aircore drilling programme at the Wudinna project’s Clarke prospect were “exceptional” for both gold and rare earths.
The results were from 29 shallow holes that were drilled as part of a 91-hole, 4,000 metre aircore drilling programme in June, which was designed to de-risk a deeper reverse circulation (RC) drilling programme later this year.
"These results confirm along-strike continuity of gold and rare earth mineralisation at the Clarke prospect,” said chief executive Rupert Verco.
“Some of the widths and grades intersected at such shallow depths are extremely exciting and should have positive implications on grades at depth when we return with the RC rig.”
One of the holes, which intersected 12 metres (m) at 1.25 grammes a tonne (g/t) gold from only 18m and includes 6m at 2.29 g/t gold, extends the intersected gold mineralisation at Clarke beyond 500m.
It also announced highly anomalous gold in saprolite across broad zones recorded within 16 holes, supporting further gold mineralisation along strike and at depth.
Earlier this year, Cobra announced that rare earth elements (REE) had been intersected above and next to gold intersections at Clarke.
READ: Cobra hits gold and rare earths in latest round of drilling at Clarke
It reported today that 89% of the aircore holes yielded REE mineralisation greater than 500 parts per million (ppm) .
The REE results infill and extend the defined 4 km2 mineralisation footprint of clay-hosted REE mineralisation and demonstrate grade upside, the company said, adding that REE mineralisation remains open in all directions.
Significant REE intersections from four holes included: 14m at 3,703 ppm total rare earth oxide (TREO) from a depth of 18m, including 6m at 6,648 ppm; 10m at 2,220 ppm TREO from 42m, including 2m at 8,163 ppm; 34m at 854 ppm TREO; and 26m at 928 ppm TREO.
“Over a six-month period, we have unveiled an exceptional value-add opportunity with rare earth mineralisation,” said Verco.