Cobra Resources PLC (LSE:COBR) said a reassessment of historic drill holes at the Thompson and Anderson prospects on its Wudinna project had demonstrated much bigger regional potential rare earth metals than previously estimated.
Significant REE (rare earths) intersections have been defined across 15 targets, it said, while higher density drilling has defined a combined REE footprint at Clarke, Baggy Green and Thompson of over 22.5 sq km, up from 4 sq km previously, where rare earth mineralisation intersections lengths average over 15 metres (m).
Rupert Verco, Cobra’s chief executive, said: "The value that re-analysis has yielded in defining significant REE occurrences across the Wudinna Project is truly significant.
“Alongside being cost and time efficient, it has also enabled us to limit environmental disturbance whilst generating a significant dataset that demonstrates the exceptional opportunity the Wudinna project presents for the ethical supply of in-demand magnet rare earths.
“We are excited to get out in the field again further testing the unique vertically associated nature of rare earth and gold mineralisation at the Clarke prospect with our upcoming RC programme. “
Verco said the aim of the drilling is to materially increase existing gold resources, produce bulk samples for rare earth metallurgical testing, and further contribute to a maiden rare earth resource.