Annual Report to Shareholders and FY2020 Accounts
Sydney, Sep 18, 2020 AEST (ABN Newswire) - FY20 was a transformative year in which Cobre Limited (
ASX:CBE) achieved a number of strategic milestones including the Company's listing on the ASX following its successful Initial Public Offering (IPO) in January 2020 which raised $10m before costs. The funds from the IPO was the catalyst which enabled Cobre to embark on a 1500-metre diamond drilling program at the Perrinvale Project in Western Australia, to confirm the high-grade Volcanogenic Hosted Massive Sulphide (VHMS) mineralization discovered in 2019 at the Schwabe prospect when Cobre was a private company with little more than a geological concept.
In May, the Company announced the completion of the acquisition of the 20% minority stake in Toucan Gold Pty Ltd (Toucan), which it did not already own. Toucan is the 100% holder of the high-grade Perrinvale VHMS Project and is now a 100% wholly owned subsidiary of Cobre.
Following this, in June, the company launched a 6000-metre combined diamond and reverse circulation drilling program with the objective of extending the mineralisation at Schwabe and testing a number of promising ElectroMagentic (EM) conductors at other areas within Perrinvale. The Board is excited with the results achieved through these programs which are detailed within this Annual Report and of the systematic step-approach to exploration.
As the company continues to advance exploration at Perrinvale, investigation will beging on the potential of a new copper opportunity announced subsequent to the end of FY20, within the underexplored Kalahari Copper Belt (KCB) in Botswana through Cobre's latest acquisition, subject to shareholder approval later this year, being a controlling interest in Kalahari Metals Limited (KML). The Board believes that this acquisition will create a stronger Company poised for international growth. By adding a stake in the prospective and underexplored KCB in Botswana, the company has broadened the project portfolio and increased the exposure to copper, a metal in strong demand.
To view the Annual Report, please visit:
https://abnnewswire.net/lnk/Z3V744LU
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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