Koba Resources (ASX:KOB) Announces Q4 2024 Drill Results
Operational Achievements
Koba Resources Limited (ASX:KOB) revealed significant drilling outcomes at its Yarramba Uranium Project. The Berber Prospect now shows high-grade mineralisation over 700m of strike, with notable results including 1.6m @ 1,026ppm eU₃O₈ from 91.5m. Similarly, the Chivas Prospect, located 700m east of the Oban Deposit, reported 1.0m @ 629ppm eU₃O₈ from 83.1m. Initial drilling at the Mt John Prospect also identified substantial mineralisation, expanding Koba’s exploration footprint within the project area.
Financial Performance
As of December 31, 2024, Koba Resources held approximately $2.77 million in cash. During the quarter, the company capitalised $584k in exploration and evaluation expenses, primarily allocated to the Yarramba and Harrier projects, alongside payroll and consulting costs. Total related party payments amounted to $125k for director fees, consulting services, and office fees.
Future Outlook
Koba plans to resume drilling in early February, targeting an additional 20 drill holes at the Mt John Prospect. The company aims to further explore the Berber and Chivas Prospects and leverage its extensive 250km of prospective palaeochannels for continued uranium discoveries. Preparations are underway for follow-up drilling in early 2025, underscoring Koba’s commitment to expanding its resource base.
Motley Fool contributor Kiarra Jackson 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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