Annual Report to Shareholders and FY2020 Accounts
In May, the Company announced the completion of the acquisition of the 20% minority stake in Toucan Gold Pty Ltd (Toucan), which it did not already own. Toucan is the 100% holder of the high-grade Perrinvale VHMS Project and is now a 100% wholly owned subsidiary of Cobre.
Following this, in June, the company launched a 6000-metre combined diamond and reverse circulation drilling program with the objective of extending the mineralisation at Schwabe and testing a number of promising ElectroMagentic (EM) conductors at other areas within Perrinvale. The Board is excited with the results achieved through these programs which are detailed within this Annual Report and of the systematic step-approach to exploration.
As the company continues to advance exploration at Perrinvale, investigation will beging on the potential of a new copper opportunity announced subsequent to the end of FY20, within the underexplored Kalahari Copper Belt (KCB) in Botswana through Cobre's latest acquisition, subject to shareholder approval later this year, being a controlling interest in Kalahari Metals Limited (KML). The Board believes that this acquisition will create a stronger Company poised for international growth. By adding a stake in the prospective and underexplored KCB in Botswana, the company has broadened the project portfolio and increased the exposure to copper, a metal in strong demand.
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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.