Cobra Resources PLC (LSE:COBR) said further drilling results from its Wudinna project in South Australia provide the outline of an emerging and scalable rare earth mineral province.
Significant REE intersections included 18 metres (m) at 814 parts per million (ppm) total rare earth oxide (TREO); 23m at 911 ppm TREO, including 9m at 1,391 ppm TREO; 8m at 1,421 ppm TREO, including 2m at 3,880 ppm TREO; and 14m at 834 ppm TREO.
It has now received gold and rare earth (REE) assay results from 52 aircore drill holes, including 29 holes announced earlier this month, while a further 39 holes remain outstanding from several regional gold and rare earth prospects. It expects to receive these results in the first half of September.
READ: Cobra Resources says results from Clarke prospect 'exceptional'
"These results further validate our belief that the Wudinna project is a potentially significant, high-value rare earth jurisdiction,” said chief executive Rupert Verco.
“We expect further results to support the scalability of high-grade and thick intersections of REEs, with the aim of estimating a substantial rare earth resource.”
The exploration company reported exceptional high-grade clay hosted rare earths above and next to gold mineralisation at the Clarke prospect, with 30 out of 34 drill holes returning an average grade of 865 ppm TREO over an average intersection of 14.4m, and a high-value, magnet rare earths (MREO) average of 210 ppm. The MREO equated to 24.3% of the TREO.
Three holes drilled 1.5 km east of Clarke yielded an average intersection of 12.7m at 746 ppm TREO; 9 holes drilled across the IOCG targets yielded an average intersection of 13.8m at 650 ppm TREO, while 2 holes at Boycott returned an average intersection of 9m at 755 ppm TREO.
A further 750 assays from 76 drill holes on prospective rare earth targets at Thompson and Anderson are expected to be received in the first half of September.