Cobre Completes 100% Acquisition of Triprop Holdings
Sydney, Feb 27, 2023 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) is pleased to announce that it has completed the issuance of 3,001,300 sharesto various non-related parties of Triprop Holdings(Pty) Limited (Triprop) to move to 100% ownership of Triprop.
Triprop is the registered license tenement holder for Cobre's Ngami Copper Project as well as the northern portion of the Okavango Copper Project in Botswana.
Triprop is now a wholly owned subsidiary of Kalahari Metals Limited which is also a wholly owned subsidiary of Cobre.
The move to 100% ownership follows Cobre's increase in ownership from 51% to 80% as previously announced to the ASX on 30 November 2022. The shares are subject to a 12-month escrow period expiring 24 February 2024.
Commenting on the completion of the Triprop acquisition, Cobre's Chief Executive Officer, Adam Wooldridge, said:
"This is another positive outcome for Cobre to have 100% control of all its subsidiary entities and projects including the Ngami Copper Project, which sits on the prospective northern margin of the Kalahari Copperbelt in Botswana.
The Company has had a strong start to the year with solid progress on the 5,000m diamond drill program at Ngami with approximately 3000m of drilling completed ahead of schedule. Drill testing of new targets surrounding Comet is nearly complete and the programme will now focus on testing for further high-grade zones of copper-silver mineralisation at Comet following encouraging results from orientation soil and geophysical surveys. We look forward to updating the market with resultsfrom this important phase of work at the end of the programme when assay results have been completed.
In addition to the work at Ngami, a second phase of soilsampling at Kitlanya West is scheduled to start this week along with access preparation forthe upcoming 10,000m aircore drill programme. Resultsfrom these programmes, combined with the collaborative airborne gravity gradient survey being undertaken with Sandfire Resources, are expected to provide a number of priority targets for drill testing in this emerging new copper district."
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.