Quarterly Activities Report
Sydney, Jan 31, 2024 AEST (ABN Newswire) - Cobre Limited (
ASX:CBE) is pleased to provide a summary of activities for the Quarter ended 31 December 2023 (Q4 2023 or Q4), at its copper projects located in Botswana and Western Australia.
Corporate:
- Following the quarter's end, Cobre has been selected to participate in the BHP Xplor 2024 Program, a 6-month, accelerator program for early stage explorers looking to fasttrack and de-risk their geological concepts and increase their investment readiness.
- BHP (ASX:BHP) will provide Cobre with US$500,000 in nondilutive funding to support and accelerate its exploration plans during the Xplor Program period.
- The Xplor Program provides participants with full access to dedicated technical and commercial coaching, as well as experts across BHP's Technical, Business and Operational departments globally.
Botswana - Ngami Copper Project:
- Hydrogeological drilling designed to test the viability of an insitu copper recovery (ISCR) process to extract extensive drill tested copper-silver mineralisation commenced during the quarter.
- The potential for employing an ISCR process was further supported by results from a second stage of metallurgical test work that demonstrated high recoveries of both copper and silver are possible by adding ferric sulphate and chloride to the leach system.
Botswana - Kitlanya West Project:
- Soil sampling returned encouraging values from coherent anomalies that appear coincident with lithological and structural target areas adding further support to the developing targets on the project.
- Results were released from the 12,000m Aircore (AC) and Reverse Circulation (RC) programme designed to test for anomalous copper at the bedrock contact below cover.
- RC drilling has identified compelling copper anomalies at the Tlou fold target as well as in several hinge zones, along key contacts and major structures highlighting the prospectivity of this important project area.
Investment - Armada Metals Limited:
- Cobre has a ~14% equity stake in Armada Metals.
- During the quarter, Armada announced the results from its initial drilling programme at the Bend Nickel Project in Zimbabwe with promising intersections of high-grade nickel and copper.
- Subsequent to the end of the quarter, Armada announced further drilling results from the Bend Nickel Project with near surface nickel and copper intersections that include encouraging grades of platinum/palladium uncovering additional upside potential.
- Armada announced the signing of a binding term sheet with Antares Minerais Estrategicos Ltda; a Brazilian exploration company, to acquire legal ownership and title over certain Exploration Permits and Applications in Brazil. Subsequent to the end of the Quarter, on 30 January 2024, Armada announced that it was not proceeding with the acquisition in order to focus on its core projects in Zimbabwe and Gabon.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/5GMICP15
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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