Cobre uncovers new high-grade copper zone at Ngami project’s Comet prospect

Fri 28 Oct 22, 12:03pm (AEST)
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Key Points

  • Cobre has hit a 45m zone returning visible copper mineralisation in core samples retrieved
  • Results confirm the Comet target may be prospective for same concentrations of copper mineralisation as found elsewhere on-site
  • Management says results mean it can more seriously inspect economic potential of the Comet target

Cobre Limited (ASX:CBE) shares have jumped 36% heading towards lunchtime trades as the company reports another successful hit of high-grade copper at the Ngami Copper Project. 

Today’s results come from a new prospect target at the project, called Comet, from which cores have been extracted confirming visible copper mineralisation similar to the previous hits Cobre has intersected. 

Back in August, the company’s share price went up over 260% in one week based on multiple cores it pulled with visually striking copper mineralisation in-situ. 

45m long core  

Cobre intersected a 45m zone of chalcocite mineralisation, a type of host rock often coincident with copper mineralisation. 

Mineralisation increases with depth through the intersection, Cobre reports, with the lower portion revealing the highest concentration. 

The company has identified further targets for drilling in the coming weeks and months based on the results of an infill drilling run targeting the D’Kar Formation. 

The company believes the geology underlying the Comet target will be similar to those targets identified within the D’Kar complex. 

“Significant step forward”

“Since our initial discovery at the Ngami Copper Project, we have moved rapidly to drill out the potential of this new copper district,” Cobre Limited executive chairman Martin Holland said. 

“These results provide further evidence for the team’s current exploration model by demonstrating that high-grade zones of mineralisation occur along this extensive target.” 

“This discovery hole is a significant step forward in the company’s journey to unlocking a copper deposit in the Kalahari Copper Belt, and we look very forward to providing updates on our ongoing drilling program.” 


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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