Quarterly Activities Report
Sydney, Oct 31, 2022 AEST (ABN Newswire) - Cobre Limited (
ASX:CBE) is pleased to provide the following update on its activities for the quarter ended 30 September 2022, a quarter in which the Company continued to unlock the potential of its copper projects within the KCB in Botswana with the discovery of two new copper zones.
Cobre's Botswana projects remained the Company's key focus during and subsequent to the end of the September quarter with the Company announcing significant copper results from its Maiden diamond drilling program completed at Ngami with the discovery of two new copper zones, Comet and Nova, (refer ASX announcement of 27 July 2022 and further announcement during the quarter in respect of the discovery of the first copper zone and the ASX announcement released subsequent to the end of the quarter on 24 October 2022 in relation to the discovery of the second copper zone).
During the quarter, Cobre aligned all of the key elements of the Company's technical and operational teams in Africa including the appointment of Adam Wooldridge as CEO of KML and the onboarding of a new discovery-focused exploration team (refer ASX announcement of 4 July 2022).
These key appointments were made after Cobre announced its right to acquire 100% ownership of KML in the June quarter (refer ASX announcement on 16 June 2022) which is subject to the approval of shareholders at the forthcoming Extraordinary General Meeting (EGM) of Cobre's shareholders scheduled for 22 November 2022 (refer EGM Notice lodged with the ASX on 21 October 2022 and the section titled "Events Subsequent to Quarter End" herein). KML is a private UK company which controls approximately 5,567 km2 of tenements within the KCB in Botswana (with 4,124 km2 owned 100%, and 1,443 km2 through Joint Venture arrangements).
This transaction is expected to unlock considerable value for shareholders, enabling Cobre to fully exploit the exploration potential of the extensive KML license package in Botswana. As stated above, the acquisition of the remaining 49% of KML is subject to the approval of Cobre shareholders at the EGM to be held on 22 November 2022.
As a result of early exploration success at NCP, Cobre successfully undertook a two-tranche placement of A$7 million (before costs) at $0.15 per share to sophisticated and institutional investors to fast-track advanced exploration on the Botswana tenements (refer ASX announcement on 4 August 2022). The second tranche of the placement, which includes the issue of shares to the Company's largest shareholder Metal Tiger plc and one of Cobre's directors, Andrew Sissian, is subject to the approval of Cobre shareholders at the EGM.
As part of the capital raise, Cobre also aligned with its Botswana-based drilling company, Mitchells Drilling, who has subscribed for US$300K in addition to the A$7 million placement for a drilling for equity swap (refer ASX announcement of 4 August 2022).
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/2A808R6O
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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