Cobra Resources - London, page-5

I missed this one. Wudinna Project Update May 5

our JV partner Cobra Resources are most certainly value adding to ADN, yet still have a tiny MC. Their shareprice, much like nearly every other co has been hammered and is now back to 2.15 - when I posted the chart 2 months ago it was around 3.

I like this statement
"The coverage of REE results across Clarke and Baggy Green will favourably contribute to a maiden REE resource estimation, whilst the trending higher grades towards the north of Clarke provide a compelling exploration target that will be drilled for both gold and REE extensions in the Company's upcoming drilling programme.'
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Full Announcement is here -> Cobra Announcement - Wudinna Project Update

From the announcement ->

Cobra, a gold, IOCG, and rare earth exploration company focused on the Wudinna Project in South Australia, announces results from the Stage 2 and 3 re-analysis of a further 96 (of 104) drillholes from historic drilling at the Baggy Green and Clarke prospects. Drillholes were re-analysed for lanthanides following the confirmation in April 2022 of Rare Earth Elements ("REE") mineralisation at Baggy Green.

REEs have been intersected across a broad region connecting the Baggy Green and Clarke prospects and extending the defined REE mineralisation footprint at Wudinna to approximately 4 km², with mineralisation open in multiple directions.

· At a 350 ppm Total Rare Earth Oxide ("TREO") cut-over grade, 89% (85 holes) produced significant intersections where the average grade is 530 ppm TREO over an average true width of intersection of 15.4m

· At a 500 ppm TREO cut-over grade, 66% (63 holes) produced significant intersections where the average length weighted grade is 682 ppm TREO over an average true width intersection of 10.2m

· The quantity of high-value magnet rare earths is consistent with results previously reported, with the average combined neodymium/praseodymium quantity being 20% and dysprosium equating to 1.8% of the TREO

· Most samples represent composite downhole intervals of 4-6m. Compositing is not always reflective of geological zones within the saprolite, and therefore dilution is anticipated within the reported results

· A strong correlation exists between high-grade Rare Earth Oxide ("REO") intersections and their proximity to structures hosting gold mineralisation

· The highest grade intersections occur proximal to gold mineralisation at Clarke, demonstrating significant potential to define higher grade zones coincident with the priority along-strike gold target

· Metallurgical test work is underway. Independent Metallurgical Operations Pty Ltd ("IMO") has been engaged to devise a metallurgical framework to optimise recoveries

Rupert Verco, CEO of Cobra, commented:

"Results from Stages 2 and 3 of our re-analysis approach have confirmed a further significant occurrence of REEs within saprolite clays that overlie, and are proximal to, defined gold occurrences.

The coverage of REE results across Clarke and Baggy Green will favourably contribute to a maiden REE resource estimation, whilst the trending higher grades towards the north of Clarke provide a compelling exploration target that will be drilled for both gold and REE extensions in the Company's upcoming drilling programme.

The engagement of IMO to assist in metallurgical testing is a positive step towards devising a sustainable and cost-effective process of REE extraction. Initial test work aims to demonstrate the desorption and leaching potential of REE mineralisation. Once baselines are defined, various metallurgical techniques will be trialled to optimise REE recoveries. This work is ongoing, and updates will be provided when milestones are achieved."