Cobre Limited (CBE.AX) Quarterly Activities Report
Sydney, Australia, Oct 30, 2020 - (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to provide the following update on its activities for the quarter ended 30 September 2020. During the quarter, the Company undertook a dual focus of continuing to concentrate on its exploration activities at the Perrinvale Volcanic-Hosted Massive Sulphide (VHMS) Project (Perrinvale or Project) located in Western Australia and also through the geographic and strategic diversification into Botswana through the proposed acquisition of a controlling interest in Kalahari Metals Limited, a copper exploration JV company in the highly prospective Kalahari Copper Belt in Botswana.
- Drilling continued at Perrinvale with Significant High-Grade Copper Gold Results;
- Further diamond core drilling at the Schwabe Prospect has identified additional VHMS mineralisation adjacent to previous drill results, with two massive sulphide zones intercepted at shallow depth including:
o 12m@ 2.9% Cu, 1.0% Zn, 0.05% Co, 192 ppm Pb,
0.7 g/t Au, 10.2 g/t Ag from 45m (including 4m@ 8.3% Cu,
2.9% Zn, 0.12% Co, 555 ppm Pb, 2.0 g/t Au, 29.8 g/t Ag)
o 3.5m@ 3.4% Cu, 0.8% Zn, 0.10% Co, 368 ppm Pb,
1.1 g/t Au, 16.5 g/t Ag from 48m
o 5.4m@ 2.8% Cu, 1.3% Zn, 0.05% Co, 131 ppm Pb,
1.1 g/t Au, 12.1 g/t Ag from 67m
o 4m@ 2.1% Cu, 0.6% Zn, 0.04% Co, 297 ppm Pb,
0.4 g/t Au, 5.2 g/t Ag from 23m
o 3.5m@ 2.0% Cu, 1.4% Zn, 0.07% Co, 344 ppm Pb,
0.3 g/t Au, 7.4 g/t Ag from 54m
o 7m@ 2.0% Cu, 0.8% Zn, 0.04% Co, 80 ppm Pb,
0.4 g/t Au, 4.9 g/t Ag from 27m
- Follow-up RC drilling at Schwabe indicates the VHMS mineralisation horizon extends both north and south of the main prospect area;
- Assay results confirm that the mineralised horizon at Schwabe extends 500m along strike. In addition, drilling indicates mineralisation continues ~270m below surface;
- Maiden mineralisation intercepts were also discovered at the Costa del Islas, Piega del West and Ponchiera prospects within the Perrinvale tenements;
- Metallurgical test results received. 90kg metallurgical sample composite head assay:
o 3.6% Cu, 1.6% Zn, 0.08% Co, 0.03% Pb, 1.1 g/t Au, 13.1 g/t Ag
- Sulphide mineralisation predominantly pyrite, chalcopyrite, marcasite with subordinate sphalerite, and traces of galena.
- A detailed review is underway on the Schwabe mineralisation with the aim of understanding potential monetisation options, for what is an area of very shallow high grade base metals and gold mineralisation.
- Ongoing due diligence continuing - Kalahari Metals Limited acquisition.
- Signing of a Binding Heads of Agreement for a Controlling interest in 8,100km2 of the Kalahari Copper Belt in Botswana with due diligence and negotiation of a share purchase agreement continuing.
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About Cobre Limited:
Cobre Limited (ASX:CBE) is a Sydney based company focused on mineral exploration in Western Australia. The company recently discovered a new high grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia from its maiden drill program in June 2019.
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