Drilling underway at the Perrinvale Project
Diamond Core Drilling Commenced
Commenting on the commencement of drilling at the Perrinvale Project, Cobre's Executive Chairman and Managing Director, Martin Holland, said:
"I am pleased to announce that Cobre has commenced the first stage of our exploration program in a timely manner so shortly after the Company's ASX listing last Friday. I will be travelling to site in the very near future to join the members of our team already overseeing operations and look forward to inspecting the drilling results to that point. Cobre will continue to update the market with the results of our exploration program as they are received."
Diamond Core Drilling Program
The first phase of the exploration program will include ~1000m of diamond core holes at the Zinco Lago, Schwabe and Monti Prospects (refer Figure 2 of the Company's ASX announcement of 31 January 2020).
Due to site logistics and ground conditions, the Zinco Lago Prospect will be drilled first and will investigate the historically-reported near-surface copper and zinc drilling results from the 1970s.
The drill rig will then relocate to the second of the three prospects, Schwabe, where the Company intercepted high-grade Volcanogenic Massive Sulphide (VMS) base metal & gold mineralisation in June 2019. The best assayed intercept at that time was: 5m at 9.75% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50m depth.
The Monti Prospect is the third and final prospect to be drilled and will complete the diamond drilling portion of the initial exploration program at Perrinvale. The Monti Prospect hosts similar geology to Schwabe and the Company has validated the presence of a surface gossan from its own sampling. Historic costeans in this area indicate the gossans extend over 700 metres of strike. Diamond core drilling at Monti will be an initial test of subsurface continuity, which should allow an understanding of the lithofacies and style of sulphide mineralisation in that prospect.
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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.