Cobre and Sandfire Resources Sign Collaboration Agreement
Sydney, Dec 14, 2022 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to announce it has entered into a binding Heads of Agreement with Tshukudu Exploration (Pty) Ltd (TEX), a subsidiary of ASX-listed Sandfire Resources Limited (ASX:SFR) to procure AGG data over its Ngami, Kitlanya West and Kitlanya East Copper Projects in Botswana. The cost of the survey will be split equally between CBE and SFR in return for SFR having the right to use the data for its own interpretation. As part of the agreement, CBE will collaborate with Sandfire in the identification of analogues to the A4 and T3 deposits within SFR's Motheo Production Hub.
- Commencing in December 2022, Cobre and Sandfire Resources will undertake a joint, collaborative, Airborne Gravity Gradient (AGG) survey providing extensive and detailed coverage over Cobre's Ngami, Kitlanya West and Kitlanya East Copper Projects in Botswana.
- The AGG survey will deliver a high-resolution understanding of density contrasts within the Kalahari Copper Belt (KCB), allowing for detailed mapping of basement architecture and enhanced target generation and testing at regional to prospect scales.
- The AGG survey over Cobre's project areas will cost a total of A$877,800, of which Sandfire will contribute 50% equating to A$438,900, in return for the right to use Cobre's data for the purpose of studying basin-scale geology of the KCB.
- Cobre and Sandfire will collaborate and share data to advance target generation around Sandfire's Motheo Production Hub. Results will be integrated with recently completed soil sampling programmes with a view to providing new targets for Cobre's 2023 drill programme.
Commenting on the signing of this collaboration agreement with Sandfire, Cobre's Chief Executive Officer, Adam Wooldridge, said:
"We are delighted to be collaborating with Sandfire on the upcoming AGG survey over Cobre's Ngami, Kitlanya West and East Copper Projects. This collaboration in exploration is extremely strategic, enabling both companies to gain access to shared data on the Kalahari Copper Belt in Botswana.
In addition to significant cost-saving, undertaking the survey jointly with Sandfire's experienced exploration team will advance our geological understanding of the KCB as a whole, while contributing significantly to improved targeting and identification of potential analogues to Sandfire's neighbouring T3 and A4 deposits."
Airborne Gravity Gradient Survey Details and Target Model
Commencing in December 2022, AGG data will be collected by XCallibur Multiphysics using the Falcon Plus system. The survey will be undertaken at a line spacing of 500m providing detailed coverage over the Ngami Copper Project (727km2), Kitlanya West (1,945km2 ) and Kitlanya East (1360km2). On a regional scale, results are expected to provide significant insight into the underlying basement architecture providing information on KCB sub-basins, intrabasin highs, basin margins and controlling structures where copper bearing fluids may be focussed. On a local scale, the detailed resolution offered by the system provides a means for targeting doubly-plunging anticlines in a similar setting to SFR's T3, A4 and A1 deposits, as well as identifying controlling structures, jogs and disruptions which may result in local upgrading of copper-silver mineralisation.
Results from the AGG survey will be integrated with recently completed soil sampling at Ngami (1634 samples) and Kitlanya West (5359 samples) providing a means for delineating new priority areas for copper-silver mineralisation in this emerging district. In the Kitlanya East Project, results will be used to identify analogues to the neighbouring T3 and A4 deposits.
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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.
Sandfire Resources Ltd