Quarterly Activities Report
Sydney, July 29, 2022 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to provide the following update on its activities for the quarter ended 30 June 2022, during which the Company continued to transition its focus from its project portfolio in Australia, to its investments in Botswana and Gabon and its corporate strategy.
- Subsequent to the end of the quarter, Cobre announced significant visual copper mineralisation intersected in the first diamond drill hole at the Ngami Copper Project in the Kalahari Copper Belt, Botswana;
- Mineralisation includes chrysocolla along with fine grained disseminated copper sulphides which occur over a broad 59m interval downhole with an increase in abundance in the lower 10m;
- High-priority targets identified at the Endurance and Ngami Prospect;
- Positive drill results support KML's targeting model, increasing confidence in the project;
- Next phase advanced drilling program underway;
- Cobre signs Share Purchase deed to acquire 100% of Kalahari Metals Limited; and p Adam Wooldridge appointed CEO of KML.
- Phase 1 diamond drill program completed with a total of 3,240m having been drilled in ten drill holes at the Libonga North, Matchiti Central and Libonga South targets; and
- Drill core from the ten holes has been reviewed and geologically logged and interpreted with magmatic sulphide intersected in all holes.
- Appointment of Dr Ross McGowan as Non-Executive Director;
- Post quarter's end, Andrew Sissian transitioned to Non-Executive Director with Greg Hammond appointed CFO; and
- Reduction in Board fees resulting in an annualised saving of $300,000 plus entitlements.
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About Cobre Limited
Cobre Limited (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.