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Assay Results Confirm Regional Multi-Target Copper District
Assay Results Confirm Regional Multi-Target Copper District

Sydney, Feb 1, 2023 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to provide an exploration update on the Ngami Copper Project (NCP) and KITW projects following a recent technical review of results.

At NCP, several new targets are emerging in close proximity to the 4km strike-length Comet target which has already returned several significant downhole copper intersections including 12.2m @ 2.7% Cueq in drill hole NCP20A and 10.7m @ 1.5% Cueq in NCP08.

Commenting on current results, Chief Executive Officer, Adam Wooldridge, said:

"The Ngami Copper Project (NCP) continues to produce significant results with several compelling new targets joining the fold. Being able to rapidly identify, assess and progress these targets is key to unlocking the potential in this emerging new district on the northern margin of the KCB.

We have initiated a comprehensive drilling program in Botswana with the goal of fully assessing the district scale copper potential. The next round of drilling at NCP will focus on further developing these targets in order to identify anticipated high-grade zones. In addition, our exploration plans for Kitlanya West include AC drilling of initial soil sampling targets which is expected to commence at the end of March. We look forward to providing further exploration updates as they become available."

A total of nine targets have now been identified from the recently completed soil sampling dataset including Comet. Recent drill results, combined with historical holes, have returned positive intersections in several of the newly tested targets highlighting the success of the exploration methodology. To date, the exploration drill results have demonstrated that three of the five drill tested targets have anomalous copper-silver mineralisation- typical of halos surrounding KCB deposits, providing a significant boost to the regional potential of this emerging district.

Importantly, these are early-stage results into large new developing targets with ongoing drilling expected to discover further high-grade zones.

Results are detailed by target in the following subsections and summarised in Figure 1*.

The next phase of work will include a ~5,000m diamond drill program designed to:

1. Continue targeting high-grade copper-silver zones within drill tested targets with proven copper-silver mineralisation; and

2. Identify anomalous copper-silver mineralisation related to deposit halos in the three untested targets.

At KITW, interpretation of recently completed assay data for over 8,500 samples is ongoing in preparation for a 10,000m AC programme scheduled to commence towards the end of March.

Significant Regional Exploration Potential

The drill program at NCP has been designed to intersect sedimentary-hosted, structurally controlled, coppersilver (Cu-Ag) mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation on the moderate to steeply dipping limbs of a large anticlinal structure which extends across the southern portion of the project area under 50 to 80m of Kalahari Group cover. To date, 33 drill holes, targeted off partial digest low detection limit soil sampling, have intersected the mineralised contact along both limbs of the anticline with almost all of the holes returning anomalous copperintersections forthe KCB, demonstrating the prospectivity of the ~80 km of contact associated with the anticline. Results to date are analogous to other portions of the KCB where economic deposits are surrounded by halos of moderate grade copper-silver mineralisation which may extend several kilometers along strike.

Drill-tested Targets:

Comet: The most advanced target in the district with copper-silver mineralisation occurring over a strike length of more than 4km directly above the steep to vertical contact of the Ngwako-Pan and D'Kar Formations.

Importantly, high-grade zones of mineralisation have been identified in fold-structures above flexures in the contact demonstrating the potential for economic grades of mineralisation. Further diamond drilling will focus on identifying and delineating further zones of high-grade mineralisation expected to occur both laterally and vertically along the target length.

Helios: A recently tested fold target located on the moderately dipping portion of the southern limb of the regional anticline. The first drill hole into the target, NCP29, has intersected 19.2m @ 0.34% Cu and 8 g/t Ag from 187m to 206.15m downhole including 2.3m @ 1.1% Cu & 13 g/t Ag. Follow-up drilling consisting of an initial three diamond holes will target the extension of mineralisation into the hinge zones of the fold target where mineralisation is expected to be upgraded.

Interstellar: Located on a steeply dipping portion of the southern limb of the regional anticline, this target shares several characteristics with Comet. Historical drill hole TRDH14-07 proved the copper potential of this target, intersecting an extensive 25.5m @ 0.37% Cu and 1 g/t Ag from 62m to 87.5m downhole. Drill hole NCP34 (assays pending) intersected further mineralisation including a higher-grade zone of chalcocite mineralisation, demonstrating that mineralisation extends over a large strike extent. Five further diamond holes are planned to test the strike length of this developing target.

Luna: This target is located on a jog on the southern limb of the regional anticlinal structure. Anomalous copper mineralisation was intersected in historical hole TRD14-11, including 12.7m @ 0.44% Cu & 2 g/t Ag, as well as follow-up hole NCP27 which includes 3.8m @ 0.54% Cu & 6 g/t Ag from 152.4 to 156.2m downhole.

Nova: The target is located on a prominent structural intersection along a moderately dipping portion of the northern limb of the regional anticline. The target is also notable for its distinct associated demagnetisation zone. Drill testing identified elevated copper-silver mineralisation in both NCP21 (11m @ 0.23% Cu & 4 g/t Ag from 118m to 129m downhole) and NCP22 (5.6m @ 0.31% Cu & 15 g/t Ag from 144m to 149.6m downhole) Satellite: Discrete target located 4km to the northeast of Comet on the steeply dipping portion of the northern limb of the regional anticline. Drill testing identified a zone of elevated copper (11.3m @ 0.21% Cu and 3 g/t Ag from 180 to 191,3m downhole) above the Ngwako Pan - D'Kar formation contact.

Priority untested Targets for Future Drill-testing

Three additional priority targets have been identified for drill testing based on soil assay results:

Asteroid: Focused target with high Cu and subtle associated Ag anomaly. Based on interpretations of the detailed magnetic data, the target is located near a structural disruption and on the southwestern hinge of a subtle folded feature in the underlying Ngwako Pan Formation which appears to change the orientation of the mineralised contact and may provide a focus for fluid flow.

Meta: Small target with high Cu and Ag response located on the northeastern side of the folded feature in the Ngwako Pan Formation.

Cosmos: Discrete target with high Cu, Ag, Mo and Pb with a distinct associated Zn anomaly in a similar setting to Comet. A single diamond hole is planned to assess each of the three new targets.

*To view tables and figures, please visit:

About Cobre Limited

Cobre Pty LtdCobre 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.



Cobre Limited
Martin Holland

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