Cobre Limited (ASX:CBE) Reports New Copper Intersection at Ngami Project
Exploration Highlights
Cobre Limited (ASX:CBE) has announced the successful completion of its first exploration hole for 2024 at the Ngami Copper Project in Botswana. Drill hole NCP55, positioned 7.5 kilometres from the Comet Target, revealed a substantial 21-metre section of chalcocite-dominant mineralisation. The mineralisation displayed a visual estimate that ranged from approximately 0.3% to 5% chalcocite content, offering promising indications of continuous mineralisation along the strike.
This new discovery contributes to the already significant exploration target, estimated between 103 and 166 million tonnes at copper grades ranging from 0.38% to 0.46%. The recent findings also pinpoint potential high-grade mineralisation towards the northeast of the Comet Target in a previously unexplored area.
Future Drilling Plans
Cobre plans to advance its drilling efforts with a broader 4,800-metre diamond drill programme. This initiative will focus on further exploration and infill drilling aimed at moving portions of the exploration target into the JORC category. Upcoming sample assays, anticipated later in February 2025, are expected to enhance understanding and validation of the findings reported.
Executive Remarks
Discussing the significance of the drill results, Adam Wooldridge, Chief Executive Officer of Cobre, stated, “This is a great start to our recent phase of drilling at NCP, demonstrating the continuity of mineralisation into a previously untested portion of the contact. Not only does this intersection expand on our significant exploration target but highlights the potential for further high-grade mineralisation at NCP.” He further emphasised that the correlation with existing gravity results provides a useful future vector for target generation.
Cobre Limited continues to progress its exploration objectives in a region known for its rich copper resources, looking to validate its potential through planned strategic drilling and resource estimation efforts.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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