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Cobre Limited (CBE.AX) Quarterly Activities Report
Sydney, Australia, Oct 26, 2021 - (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to provide the following update on its activities for the quarter ended 30 September 2021, during which the Company continued to focus on its diverse project portfolio in Australia, its investments in Botswana and Gabon and its corporate strategy.
- The maiden joint venture drilling program continued in the Kalahari Copper Belt, Botswana with 1,701m of RC drilling and 397m of diamond core drilling at the Kitlanya East Project following on from 1,731m of stratigraphic diamond drilling completed in 2020;
- Initial diamond drill results confirm the existence of D'Kar Formation in the fold structures mapped in the airborne electromagnetic modelling;
- Drilling of folded conductors modelled from airborne electromagnetic survey has proven to be an effective targeting tool with several holes intersecting potential trap-sites in the prospective lower portions of the D'Kar Formation stratigraphy; and
- Several holes have demonstrated the existence of an active mineralised hydrothermal system, intersecting significant hydrothermal pyrite-pyrrhotite sulphide mineralisation along with trace base metal sulphides, alteration and abundant quartz-carbonate veining.
- A total of 7,852 soil and 4,708 rock chip samples have been collected across the Project; and
- Drill targets are being assessed together with priority areas for follow up work are being recognised and follow up field work is commencing.
- Armada Metals Limited is well advanced in pursuit of its planned ASX listing; and
- Subsequent to the end of the quarter, Cobre was issued 10M Armada shares and an option to acquire an additional 3.3M Armada shares at an exercise price of $0.334 each from completion of the IPO.
- Cobre invested A$1.0m into ASX listed Metal Tiger plc;
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About Cobre Limited:
Cobre Limited (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.
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