(Alliance News) – Cobra Resources PLC said on Tuesday it has acquired two rare earth mines totaling 1,512 square kilometers in South Australia.
The exploration company, which focuses on gold and rare earths in South Australia, said the rights, Smokey Bay and Pureba, are located in the Narlaby Paleochannel. The Narlaby Paleochannel area is considered “potential for ionic rare earth mineralization”, similar to the Cobra discovery at Bowland.
Cobra added that the Hiltaba ward plots contain intrusive materials, which are essential sources for enriching rare earths.
Cobra indicated that it submitted 220 historical well samples for analysis, with the aim of expanding the area tested from five square kilometers to 500 square kilometers. The company said results are expected later this month.
In Poland, the company has booked a drilling contractor for February and will drill between three and five holes to further determine the significance of the discovery.
“Demonstrating scalability is a key pillar of Cobra’s 2024 strategy, and these additional mines make it easier to achieve that goal,” said Robert Velko, CEO.
“Cobra has quickly begun re-analyzing historical samples stored at its world-class core library in South Australia. The initial assessment of historical drilling is positive for a significant increase in the size of the ionic REE discovery at Bowland, and we look forward to confirming this with re-analysis results in the weeks Coming.
Cobra shares rose 6.1% to 1.19 pence per share in London on Tuesday morning.
By Harvey Durst, News Alliance Reporter
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