Cobra Resources PLC (LSE:COBR) expects to complete its latest round of drilling on the Wudinna project in South Australia in around two weeks.
Drilling at the Clarke prospect is being informed by encouraging geophysics obtained from the South Australian Advanced Discovery Initiative co-funded Loupe TEM survey.
A 16-hole, 2,000-metre (m) programme is being drilled to infill existing drilling at the Clarke prospect, where previous drill programmes have defined clay intersected gold mineralisation across 500m of strike.
It is also testing for rare earth elements above gold strike extensions, and is working on an additional 250m of strike to the north, beyond the defined mineralisation.
"Whilst we have experienced some delays due to unseasonably wet conditions, the team are progressing the programme well in a safe and environmentally considerate manner,” said Rupert Verco, chief executive of Cobra Resources.
“The results of this programme will be the finishing piece of this exploration phase which has yielded exceptional results over the last two years. The ADI co-funded Loupe TEM geophysics highlights a cost-efficient method to refine gold and rare earth targeting. Results demonstrate further resource growth potential of complementary gold and rare earths beyond the scope of this drill programme.”
Initial results are expected this month, with the full set available in December, and a new resource due in January.