REG - Cobra Resources PLC - Boland Aircore Drill Results
25/02/2025 07:00
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RNS Number : 2564Y Cobra Resources PLC 25 February 2025
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25 February 2025
Cobra Resources plc
("Cobra" or the "Company")
Boland Aircore Drill Results
Results demonstrate rare earth enrichment across a highly scalable footprint
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, the mineral exploration and development company advancing a potentially
world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project
("Boland") in South Australia, is pleased to announce that initial results
from step-out drilling demonstrate mineralisation continuity and scale within
palaeochannel sediments amenable to low-cost, low-disturbance in situ recovery
("ISR") mining.
Results from 20 Aircore holes have been received. Results from a further 34
drillholes are imminent and will increase the tested footprint to 6km(2). This
drilling represents the first stage of step-out resource definition drilling
at Boland and is approximately 20% of a planned and funded drilling programme
that will continue through H1 2025.
Aircore drilling was used to identify broadly mineralised zones. Sonic
drilling, which is due to commence in March 2025, will precisely investigate
the mineralised interface.
Significant Intersections
· CBAC0206 intersected 9m at 1,690 ppm Total Rare Earth Oxides ("TREO")
(354 ppm Nd + Pr and 36 ppm Dy + Tb) from 38m, including 1m at 8,082 ppm TREO
(1,698 ppm Nd + Pr and 179 ppm Dy + Tb)
· CBAC0194 intersected 13m at 1,735 ppm TREO (491 ppm Nd + Pr and 17
ppm Dy + Tb) from 38m, including 3m at 4,142 ppm TREO (656 ppm Nd + Pr and 45
ppm Dy + Tb)
· CBAC0197 intersected 4m at 2,116 ppm TREO (465 ppm Nd + Pr and 12 ppm
Dy + Tb) from 50m, including 2m at 3,089 ppm TREO (1,294 ppm Nd + Pr and 45
ppm Dy + Tb)
· CBAC0191 intersected 7m at 1,572 ppm TREO (343 ppm Nd + Pr and 12 ppm
Dy + Tb) from 53m
· CBAC0199 intersected 4m at 942 ppm TREO (192 ppm Nd + Pr and 22 ppm
Dy + Tb) from 15m, including 2m at 1,350 ppm TREO (280 ppm Nd + Pr and 30 ppm
Dy + Tb)
Rupert Verco, Managing Director of Cobra, commented:
"This is exactly what we wanted to see - initial drilling results
demonstrating REE enrichment across a highly scalable footprint that can
support a significant resource.
Cobra is well positioned to capitalise on this with our current tenure
covering over 2,000km(2) of the target Pidinga Formation. We are focused on
building on these initial results with further drilling results imminent and
sonic drilling expected to commence in late March.
Rare earth investment risk typically sits with the economics of extraction,
but our metallurgical programme has substantially derisked Boland by
demonstrating at lab scale that REE extraction can be achieved through ISR.
This will result in lower mining costs and reduced environmental risk without
compromising on the quality of the product.
We have a significant programme of work underway, and shareholders should be
excited about the value that this will create as the Company looks to mature
the asset towards economic scoping."
Key Points
· REE enrichment occurs within palaeochannel sediments and into
underlying saprolite
· Mineralisation of the highest economic interest occurs within a
geological formation called the Pidinga Formation that comprises permeable
sands - Cobra has 2,000km(2) of Pidinga Formation
· REEs are mobilised from underlying saprolite and become ionically
bound to fine organic rich clays within a permeable matrix of coarse sand of
the Pidinga Formation
· Bench scale studies have successfully demonstrated that high
recoveries of REEs can be achieved by ISR (up to 68% Magnet Rare Earth Oxides
("MREO")) which supports advantageous project economics even at current REE
prices
· Sonic core drilling to commence in late March 2025 will be used to
determine the extent of mineralisation that is recoverable via ISR whilst
rapidly expanding the mineralisation footprint - notably 2024 sonic drilling
demonstrated significant grade upside compared to Aircore drilling which is a
lower cost means of locating mineralised areas
· Sonic core drilling will also enable density measurements and greater
geological definition to support the Mineral Resource Estimate
Boland Project
Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable heavy
and magnet rare earths occur concentrated in a permeable horizon confined by
impermeable clays. Bench scale ISR testing has confirmed that mineralisation
is amenable to ISR mining. ISR has been used successfully for decades within
geologically similar systems to recover uranium within South Australia.
Results of this metallurgical test work support that, with minor optimisation,
ISR techniques should enable non-invasive and low-cost production of critical
REEs from Cobra's Boland discovery.
Follow this link to watch a short video of CEO Rupert Verco explaining the
results released in this announcement:
https://investors.cobraplc.com/link/lya86P
(https://investors.cobraplc.com/link/lya86P) .
Further information relating to Boland and these drilling results are
presented in the appendices.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Kendall Hill
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Wudinna Project Update: "Further Positive Metallurgy Results from
Boland Project", dated 16 December 2024
· Wudinna Project Update: "2(nd) Bench Scale ISR Study & £1.7M
Placing", dated 26 November 2024
· Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4
November 2024
· Wudinna Project Update: "ISR bench scale study delivers exceptional
results", dated 1 October 2024
· Wudinna Project Update: "ISR bench scale update - Exceptionally high
recoveries with low impurities and low acid consumption; on path to disrupt
global supply
of heavy rare earths", dated 28 August 2024
· Wudinna Project Update: "ISR bench scale update -Further
metallurgical success at world leading ISR rare earth project", dated 11 July
2024
· Wudinna Project Update: "ISR bench scale update - Exceptional head
grades revealed", dated 18 June 2024
· Wudinna Project Update: "Re-Assay Results Confirm High Grades Over
Exceptional Scale at Boland", dated 26 April 2024
Competent Persons Statement
Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify as a
Competent Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 12 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 17 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves of JORC. This includes 13 years of Mining, Resource
Estimation and Exploration.
About Cobra
In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic rare earth
discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is
Australia's only rare earth project amenable for in situ recovery (ISR) mining
- a low cost, low disturbance method enabling bottom quartile recovery costs
without any need for excavation or ground disturbance. Cobra is focused on
de-risking the investment value of the discovery by proving ISR as the
preferred mining method and testing the scale of the mineralisation footprint
through drilling.
Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by
low levels of over-burden, amenable to open pit mining.
Regional map showing Cobra's tenements in the heart of the Gawler Craton
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Engage with us by asking questions, watching video summaries and seeing what
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Appendix 1: Background information - the Boland Project and ISR
· The Boland Project was discovered by Cobra in 2023. Mineralisation is
ionically bound to clays and organics within palaeochannel sands within the
Narlaby Palaeochannel
· Mineralisation occurs within a permeable sand within an aquifer that
is saltier than sea water and is confined by impermeable clays
· ISR is executed through engineered drillhole arrays that allow the
injection of mildly acidic ammonium sulphate lixiviants, using the confining
nature of the geology to direct and lower the acidity of the orebody. This
low-cost process enables mines to operate profitably at lower grades and lower
rates of recovery
· Once REEs are mobile in solution in groundwater, it is also possible,
from an engineering standpoint, to recover the solution to surface via
extraction drillholes, without any need for excavation or ground disturbance
· The capital costs of ISR mining are low as they involve no material
movements and do not require traditional infrastructure to process ore - i.e.
metals are recovered in solution
· Ionic mineralisation is highly desirable owing to its high weighting
of valuable HREOs and the cost-effective method in which REEs can be desorbed
· Ionic REE mineralisation in China is mined in an in-situ manner that
relies on gravity to permeate mineralisation. The style of ISR process is
unconfined and cannot be controlled, increasing the risk for environmental
degradation. This low-cost process has enabled China to dominate mine supply
of HREOs, supplying over 90% globally
· Confined aquifer ISR is successfully executed globally within the
uranium industry, accounting for more than 60% of the world's uranium
production. This style of ISR has temporary ground disturbance, and the ground
waters are regenerated over time
· Cobra is aiming to demonstrate the economic and environmental
benefits of recovering ionic HREOs through the more environmentally aquifer
controlled ISR - a world first for rare earths
Figure 1: Comparison between the Chinese and the proposed Boland process for
ISR mining of REEs
Appendix 2: Boland Aircore drilling results
Results within this announcement relate to the first 20 holes of a total 54
holes drilled in step-out resource definition focused Aircore drilling at
Boland. Results confirm the presence of mineralisation within palaeochannel
sediments where ionic mineralisation is bound within permeable sands and
confined within an aquifer amenable to low cost ISR mining.
Table 1: Significant intersections >500 ppm TREO and a 350 ppm TREO cut-off
grade
Hole ID From (m) To (m) Int (m) TREO Pr(6)O(11) Nd(2)O(3) Tb(2)O(3) Dy(2)O(3) U(3)O(8) ThO(2)
CBAC0187 28 30 2 548 27 94 1 7 5 21
CBAC0187 38 41 3 523 21 68 1.4 8 3 8
CBAC0188 29 31 2 561 26 94 2.0 12 7 27
CBAC0188 43 45 2 1,096 50 164 1.4 7 2 19
CBAC0189 46 48 2 619 34 115 2.0 11 6 20
CBAC0191 53 60 7 1,572 80 262 2.1 10 6 15
CBAC0192 52 60 8 689 35 133 2.1 11 4 13
CBAC0193 43 51 8 711 30 99 0.7 3 5 28
CBAC0194 28 34 6 627 29 91 1.6 9 5 27
incl. 29 31 2 863 39 127 1.8 10 7 31
CBAC0194 38 51 13 1,735 112 379 3.1 14 5 29
incl. 44 47 3 4,142 271 943 8.3 37 6 36
CBAC0196 37 39 2 512 24 85 1.7 10 6 27
CBAC0196 46 51 5 1,003 44 140 1.1 6 3 21
incl. 48 51 3 1,376 64 210 1.5 7 4 27
CBAC0197 50 54 4 2,116 107 358 2.2 10 2 21
incl. 52 54 2 3,089 151 505 2.8 12 3 27
CBAC0198 17 22 5 699 30 109 2.3 13 6 30
CBAC0198 19 20 1 967 41 154 3.3 19 12 32
CBAC0198 31 36 5 993 48 95 0.4 3 5 35
CBAC0199 15 19 4 942 41 151 3.3 19 5 27
incl. 16 18 2 1,350 59 221 4.5 26 6 28
CBAC0199 25 30 5 569 34 93 0.9 5 5 20
CBAC0200 16 18 2 789 37 128 1.9 10 7 25
CBAC0200 25 30 5 548 23 68 1.1 6 6 17
CBAC0201 35 37 2 634 36 79 0.7 4 4 30
CBAC0204 23 24 1 528 25 88 1.6 9 4 31
CBAC0206 13 22 9 1,690 75 279 6 30 3 23
incl. 15 16 1 8,082 357 1341 29 150 3 19
CBAC0206 32 33 1 775 42 128 1 7 7 88
Figure 2: Location of new assay results from 20 Aircore drillholes within the
Narlaby Palaeochannel with results for a further 34 holes outstanding
Figure 3: Cross section through the Boland wellfield, demonstrating geological
continuity and the location of reported significant intersections
Table 2: Drill hole collar coordinates
Hole Id Easting Northing Elevation EOH Results Reported
CBAC0187 533983 6365212 84 45 Y
CBAC0188 533657 6365310 85 45 Y
CBAC0189 533498 6364984 84 68 Y
CBAC0190 533739 6364861 100 68 Y
CBAC0191 533955 6364736 100 60 Y
CBAC0192 534172 6364611 100 60 Y
CBAC0193 534388 6364486 100 51 Y
CBAC0194 534213 6365384 102 51 Y
CBAC0195 533989 6365456 123 51 Y
CBAC0196 533793 6365554 100 51 Y
CBAC0197 533590 6365626 100 54 Y
CBAC0198 533982 6365883 100 46 Y
CBAC0199 534367 6365634 70 30 Y
CBAC0200 534567 6365303 100 30 Y
CBAC0201 534226 6366276 100 39 Y
CBAC0202 534665 6366347 104 24 Y
CBAC0203 534445 6366449 100 39 Y
CBAC0204 534228 6366574 100 41 Y
CBAC0205 533892 6366452 108 45 Y
CBAC0206 534576 6366038 100 33 Y
CBAC0207 533279 6365488 112 63 N
CBAC0208 533015 6365649 113 67 N
CBAC0209 533100 6365249 115 63 N
CBAC0210 533306 6365111 113 64 N
CBAC0211 533131 6364902 108 42 N
CBAC0212 533347 6364777 116 48 N
CBAC0213 533564 6364652 118 39 N
CBAC0214 533780 6364527 115 43 N
CBAC0215 533997 6364402 114 47 N
CBAC0216 534213 6364277 107 42 N
CBAC0217 533410 6365697 109 45 N
CBAC0218 533244 6365797 108 60 N
CBAC0219 533214 6366078 112 66 N
CBAC0220 533376 6366011 105 54 N
CBAC0221 533552 6365916 104 42 N
CBAC0222 533714 6365830 110 48 N
CBAC0223 532283 6366785 114 35 N
CBAC0224 532635 6366645 111 54 N
CBAC0225 532959 6366463 111 60 N
CBAC0226 533279 6366266 103 55 N
CBAC0227 533641 6366074 102 39 N
CBAC0228 534528 6365532 107 36 N
CBAC0229 533795 6366824 102 33 N
CBAC0230 534012 6366699 105 45 N
CBAC0231 533492 6366593 102 42 N
CBAC0232 534895 6365889 104 30 N
CBAC0233 534849 6365677 105 30 N
CBAC0234 535034 6365562 111 36 N
CBAC0235 534957 6365328 108 39 N
CBAC0236 535135 6365214 119 45 N
CBAC0237 535069 6364983 119 42 N
CBAC0238 534911 6365097 114 36 N
CBAC0239 534748 6365211 108 48 N
CBAC0240 534865 6364851 111 39 N
Appendix 3: JORC Code, 2012 Edition - Table 3
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Pre 2023
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic Rotary Mud drilling targeting paleochannel hosted
instruments, etc). These examples should not be taken as limiting the broad uranium was completed. Some residue samples were retained in the Tonsley Core
meaning of sampling. Library, downhole geophysical logging was the primary data collected for these
holes.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to · Select historic sample residues over Boland were analysed as
the Public Report. reported in RNS 1834M (26 April 2024)
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire 2023
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or Aircore
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · A combination of 2m and 3m samples were collected in green bags
via a rig mounted cyclone. A PVC spear was used to collect a 2-4kg sub sample
from each green bag. Sampling commenced from the collar point with samples
submitted for analysis from the top of saprolite.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4-acid digest sample.
2024
SONIC
· Drill results are outlined in RNS 0297I (25 March 2024)
· Core was scanned by a SciAps X555 pXRF to determine sample
intervals. Intervals through mineralized zones were taken at 10cm. Through
waste, sample intervals were lengthened to 50cm. Core was halved by knife
cutting. XRF scan locations were taken on an inner surface of the core to
ensure readings were taken on fresh sample faces.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4 acid digest sample.
Aircore
· 1m sample intervals of 2-4 kg were taken via PVC spear from green
bags at the rig. All samples collected were submitted to the lab for analysis.
From 0-6 m in each hole samples were composited to 3m.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4 acid digest sample.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Pre 2023
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Drill methods include Rotary Mud and AC
whether core is oriented and if so, by what method, etc).
2023
· Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air
core drilling techniques from an ALMET aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
2024
· Sonic Core drilling completed Star Drilling using 4" core with a
SDR12 drill rig. Holes were reamed to 6" or 8" to enable casing and screens to
be installed
· Aircore Drilling completed by McLeod Drilling Pty Ltd using
75.7mm NQ air core drilling techniques from an ALMET aircore rig mounted on a
Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Aircore Sample recovery is for the style of drilling. All samples
results assessed. were recorded for sample type, quality and contamination potential and entered
within a sample log.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · In general, sample recoveries range between 5-10kg for each 1 m
interval being recovered from AC drilling.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · Mineralisation occurs within a confined aquifer where ground
fine/coarse material. water does influence sample recovery
· Mineralisation within the targeted Pidinga Formation is bound to
fine, organic rich material, the potential loss of mineralized material from
coarser host sands is possible
· Any grade bias is expected to be grade loss
· The potential loss of fine material is being evaluated by sizing
fraction analysis and follow-up sonic core drilling where aircore holes will
be twinned.
Sonic Core
· Sample recovery is considered excellent.
Logging · Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. · All drill samples were logged by a qualified geologist at the
time of drilling. Lithology, colour, weathering and moisture were documented.
· Whether logging is qualitative or quantitative in nature. Core (or All core drilled has been lithologically logged.
costean, channel, etc) photography.
· All drill metres have been geologically logged on sample
· The total length and percentage of the relevant intersections logged. intervals (1-3 m).
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Pre 2023
taken.
· Historic Residue samples were generally 2m composites and were
· If non-core, whether riffled, tube sampled, rotary split, etc and stored at the South Australian Drill Core Reference Library at Tonsley, a
whether sampled wet or dry. subsample of approximately 20g was removed for lab submission.
· For all sample types, the nature, quality and appropriateness of the · Select samples of geological interest were selected for lab
sample preparation technique. submission
· Quality control procedures adopted for all sub-sampling stages to · No QAQC samples were included in the submission of these samples.
maximise representivity of samples. Sample results were intended to indicate mineralisation potential but would
not be suitable for resource estimation
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
Post 2023
· Whether sample sizes are appropriate to the grain size of the
material being sampled. · A PVC spear was used to collect 2-4kg of sub-sample from each AC
sample length controlled the sample volume submitted to the lab.
· Additional sub-sampling was performed through the preparation and
processing of samples according to the Bureau Veritas internal protocols.
· Field duplicate AC samples were collected from the green bags
using a PVC spear scoop at a 1 in 25 sample frequency.
· Sample sizes are considered appropriate for the material being
sampled.
· Assessment of duplicate results indicated this sub - sample
method provided appropriate repeatability for rare earths.
Sonic Drilling
· Field duplicate samples were taken nominally every 1 in 25
samples where the sampled interval was quartered.
· Blanks and Standards were submitted every 25 samples
· Half core samples were taken where lab geochemistry sample were
taken.
· In holes where column leach test samples have been submitted,
full core samples have been submitted over the test areas.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or
total. · Samples were submitted to Bureau Veritas, Adelaide for
preparation and analysis. Multi-element geochemistry were digested by four
· For geophysical tools, spectrometers, handheld XRF instruments, etc, acid ICP-MS/ ICP-OES and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu,
the parameters used in determining the analysis including instrument make and Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb.
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · Field rare earth standards were submitted at a frequency of 1 in
accuracy (ie lack of bias) and precision have been established. 25 samples.
· Field duplicate samples were submitted at a frequency of 1 in 25
samples.
· Reported assays pass the companies implemented QAQC database
reports
· Internal lab blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Sample Characterisation Test Work performed by the Australian Nuclear Science
and Technology Organisation (ANSTO)
· Full core samples were submitted to Australian Nuclear Science
and Technology Organisation (ANSTO), Sydney for preparation and analysis. The
core was split in half along the vertical axis, and one half further split
into 10 even fractions along the length of the half-core. Additional
sub-sampling, homogenisation and drying steps were performed to generate ~260
g (dry equivalent) samples for head assay according to the laboratory internal
protocols.
· Multi element geochemistry of solid samples were analysed at
ANSTO (Sydney) by XRF for the major gangue elements Al, Ca, Fe, K, Mg, Mn, Na,
Ni, P, Si, S, and Zn.
· Multi element geochemistry of solid samples were additionally
analysed at ALS Geochemistry Laboratory (Brisbane) on behalf of ANSTO by
lithium tetraborate digest ICP-MS and analysed for Ce, Dy, Er, Eu, Gd, Ho,
La, Lu, Nd, Pr, Sm, Tb, Th, Tm, U, Y and Yb.
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
· Samples retained for metallurgical analysis were immediately
vacuum packed, nitrogen purged and refrigerated.
· These samples were refrigerated throughout transport.
Metallurgical Leach Test Work performed by the Australian Nuclear Science and
Technology Organisation (ANSTO)
· ANSTO laboratories prepared ~80g samples for diagnostic leaches, a
443g sample for a slurry leach and a 660g sample for a column leach.
Sub-samples were prepared from full cores according to the laboratory internal
protocols. Diagnostic and slurry leaching were carried out in baffled leach
vessels equipped with an overhead stirrer and applying a 0.5 M (NH4)2SO4
lixiviant solution, adjusted to the select pH using H2SO4.
· 0.5 M H2SO4 was utilised to maintain the test pH for the duration of
the test, if necessary. The acid addition was measured.
· Thief liquor samples were taken periodically.
· At the completion of each test, the final pH was measured, the slurry
was vacuum filtered to separate the primary filtrate.
· The thief samples and primary filtrate were analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The water wash was stored but not analysed.
· Column leaching was carried out in horizontal leaching column. The
column was pressurised with nitrogen to 6 bar and submerged in a temperature
controlled bath.
· A 0.5 M (NH4)2SO4 lixiviant solution, adjusted to the select pH using
H2SO4 was fed to the column at a controlled flowrate.
· PLS collected from the end of the column was weighed, the SH and pH
measured and the free acid concentration determined by titration. Liquor
samples were taken from the collected PLS and analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The column leach test has been completed. Assays of the column have
adjusted head grades of the initial bench scale study. Recoveries have been
adjusted accordingly.
Verification of sampling and assaying · The verification of significant intersections by either independent · Sampling data was recorded in field books, checked upon
or alternative company personnel. digitising and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally
on the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programs
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intersections have been prepared by Mr Robert
Blythman and reviewed by Mr Rupert Verco
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. 2021-2023
· Specification of the grid system used. · Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
· Quality and adequacy of topographic control. accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· Cased collars of sonic drilling shall be surveyed before a
mineral resource estimate
2024 Aircore
· Collar locations were initially surveyed using A mobile phone GPS
utilising the Avenza Map app. Collar points recorded with a horizontal
accuracy within 5m.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC or Sonic holes. All
holes were set up vertically and are assumed vertical.
· Higher accuracy GPS will be undertaken on soinc core drilling to
support future resource estimates
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 200 to 500m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Additional scouting holes were drilled opportunistically on
existing tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied.
· Sonic core holes were drilled at ~20m spacings in a wellfield
configuration based on assumed permeability potential of the intersected
geology
· Drillhole spacing is not expected to introduce any sample bias.
· Assessment of the drillhole spacing for resource estimation will be
made once a sufficient data set can provide statistical analysis
· .
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Aircore and Sonic drill holes are vertical.
possible structures and the extent to which this is known, considering the
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· Refrigerated transport of samples to Sydney was undertaken by a
competent independent contractor. Samples were double bagged, vacuum sealed,
nitrogen purged and placed within PVC piping.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Appendix 3: Section 2 reporting of exploration results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Boland is located on EL5953, currently owned 100% by Peninsula
agreements or material issues with third parties such as joint ventures, Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along with · In 2024, Cobra through its subsidiary Lady Alice Mines purchased the
any known impediments to obtaining a licence to operate in the area. remaining ownership of the Wudinna Project tenements.
· An application through partial surrender is currently with the South
Australian Government which will see LAM as the 100% owner of areas of the
Wudinna Project.
· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over
future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and
EL6489.
· A Native Title Agreement is in place with the Barngarla people.
· Aboriginal heritage surveys have been completed over EL5953, with no
sites located in the immediate vicinity of aircore drilling
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work was
limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
· Paleochannel uranium exploration was undertaken by various parties in
the 1980s and the 2010s around the Boland Prospect. Drilling was primarily
rotary mud with downhole geophysical logging the primary interpretation
method.
Geology · Deposit type, geological setting and style of mineralisation. · Target mineralisation is ionic rare earth mineralisation that
occurs primarily within the Pidinga Formation within the Narlaby
Palaeochannel, immediately above REE enriched Hiltaba Suite Granites
· Ionic REE mineralsiation also occurs in and adjacent to the
Garford formation clays and silty sands.
· Significant chemical (pH & eH) differences exist between
underlying saprolite and overlying Palaeochannel sediments. REEs are absorbed
to reduced organics found within the Pidinga Formation
· Benchtop metallurgy studies indicate ISR amenability of rare
earths within the Pidinga Formation basal sands summarized in RNS 1285Q (16
December 2024)
· Ionic REE mineralisation is confirmed through metallurgical
desorption testing where high recoveries are achieved at benign acidities
(pH4-3) at ambient temperature.
· QEMSCAN and petrology analysis support REE ionic mineralisation,
with little to no secondary phases identified.
· Ionic REE mineralisation occurs in reduced clay intervals that
contact both saprolite and permeable sand units. Mineralisation contains
variable sand quantities that yield permeability and promote insitu recovery
potential
· Mineralisation is located within a confined acquifer
Drillhole Information · A summary of all information material to the understanding of the · Exploration results being reported represent a small portion of the
exploration results including a tabulation of the following information for Boland target area. Coordinates for Wellfield drill holes are presented in
all Material drill holes: Table 3.
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Reported summary intercepts are weighted averages based on length.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values have been calculated.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Rare earth element analyses were originally reported in elemental
should be shown in detail. form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Element Oxide Factor
Cerium CeO(2) 1.2284
Dysprosium Dy(2)O(3) 1.1477
Erbium Er(2)O(3) 1.1435
Europium Eu(2)O(3) 1.1579
Gadolinium Gd(2)O(3) 1.1526
Holmium Ho(2)O(3) 1.1455
Lanthanum La(2)O(3) 1.1728
Lutetium Lu(2)O(3) 1.1371
Neodymium Nd(2)O(3) 1.1664
Praseodymium Pr(6)O(11) 1.2082
Scandium Sc(2)O(3) 1.5338
Samarium Sm(2)O(3) 1.1596
Terbium Tb(4)O(7) 1.1762
Thulium Tm(2)O(3) 1.1421
Yttrium Y(2)O(3) 1.2699
Ytterbium Yb(2)O(3) 1.1387
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· MREO = Nd(2)O(3) + Pr(6)O(11) + Tb(4)O(7) + Dy(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· % Pr = Pr(6)O(11)/TREO
· % Dy = Dy(2)O(3)/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Preliminary results support unbiased testing of mineralised
Exploration Results. structures.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· Most intercepts are vertical and reflect true width intercepts.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· Follow-up sonic drilling is planned to delineate portions of the
reported intersections that are recoverable and unrecoverable via ISR
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar · Exploration results are not being reported for the Mineral Resources
locations and appropriate sectional views. area.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Not applicable - Mineral Resource and Exploration Target are defined.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· Exploration results are not being reported for the Mineral Resource
area.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of REE
reported including (but not limited to): geological observations; geophysical results and metallurgical testing
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · The metallurgical testing reported in this announcement represents
extensions or depth extensions or large-scale step-out drilling). the first phase of bench scale studies to test the extraction of ionic REEs
via ISR processes.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, · ISR study 1 was performed to achieve a pH 3 whilst ISR study 2 was
provided this information is not commercially sensitive. performed at a pH of 2.
· Future metallurgical testing will focus on producing PLS under leach
conditions to conduct downstream bench-scale studies for impurity removal and
product precipitation.
· Hydrology, permeability and mineralogy studies are being performed on
core samples.
· Installed wells are being used to capture hydrology base line data to
support a future infield pilot study.
· Trace line tests shall be performed to emulate bench scale pore
volumes.
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3) + Sm(2)O(3) +
Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) +
Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· CREO = Nd(2)O(3) + Eu(2)O(3) + Tb(4)O(7) + Dy(2)O(3) + Y(2)O(3)
· LREO = La(2)O(3) + CeO(2) + Pr(6)O(11) + Nd(2)O(3)
· HREO = Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) + Dy(2)O(3)
+ Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) + Y(2)O(3)
· MREO = Nd(2)O(3) + Pr(6)O(11) + Tb(4)O(7) + Dy(2)O(3)
· NdPr = Nd(2)O(3) + Pr(6)O(11)
· TREO-Ce = TREO - CeO(2)
· % Nd = Nd(2)O(3)/ TREO
· % Pr = Pr(6)O(11)/TREO
· % Dy = Dy(2)O(3)/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
· Preliminary results support unbiased testing of mineralised
structures.
· Most intercepts are vertical and reflect true width intercepts.
· Follow-up sonic drilling is planned to delineate portions of the
reported intersections that are recoverable and unrecoverable via ISR
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for the Mineral Resources
area.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· Not applicable - Mineral Resource and Exploration Target are defined.
· Exploration results are not being reported for the Mineral Resource
area.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· Refer to previous announcements listed in RNS for reporting of REE
results and metallurgical testing
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· The metallurgical testing reported in this announcement represents
the first phase of bench scale studies to test the extraction of ionic REEs
via ISR processes.
· ISR study 1 was performed to achieve a pH 3 whilst ISR study 2 was
performed at a pH of 2.
· Future metallurgical testing will focus on producing PLS under leach
conditions to conduct downstream bench-scale studies for impurity removal and
product precipitation.
· Hydrology, permeability and mineralogy studies are being performed on
core samples.
· Installed wells are being used to capture hydrology base line data to
support a future infield pilot study.
· Trace line tests shall be performed to emulate bench scale pore
volumes.
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