Cobre’s sixth drillhole at Ngami copper play returns thick mineralisation; second rig en route

Fri 09 Sep 22, 11:23am (AEST)
An African elephant bathing in water curiously peers at the photographer
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Key Points

  • Assay results for core samples intersecting thick copper hits will be due in the coming weeks
  • Management is currently fast-tracking delivery of a second rig on-site
  • Today’s results add further evidence mineralisation extends along the entire strike length at Ngami

Cobre Limited (ASX:CBE) continues to demonstrate its reasons for confidence in the Ngami copper play, reporting a successful hit down the sixth drillhole on-site.

That drillhole, an extension asset testing how far mineralisation extends, has returned a core sample some 18m thick and visibly mineralised with chalcocite mineralisation included. 

Chalcocite is strongly coincident with high-grade copper mineralisation. 

The company is fast-tracking its exploration activities at Ngami based on a whirlwind of continued successes, and a second diamond drill rig is currently being procured. 

Assay results to become available soon 

“We look forward to updating the market [on] assay results as these become available,” Cobre MD Martin Holland said. 

Cobre highlighted late last month the company was expecting lab data to become available in the near future. 

“Given the success  of the first six holes in this diamond drill program, the company is fast tracking exploration with a second rig mobilising to site,” Holland added.

“This significant result shows the copper mineralisation intersected so far continues along the extensive strike length of the target.” 

A timeline of work so far

In early July, Cobre shares rose 28% as the company launched drilling at the Ngami project. At the time, the company noted previous drillholes on site had intersected copper and silver. 

“The KCB is one of the most prospective copper belts world-wide,” Holland said at the time.

A month later, in early August, the company’s shares rocketed 267% as the company continued its success after previously posting photographs of cores extracted from Ngami full of visible copper mineralisation. 

Those photos alone, which showed thick blue copper mineralisation, clearly left investors' mouths watering. 

Less than a week later, Cobre got underway with a separate infill diamond rig drill run at Ngami. 

In mid-August, the company’s share price jumped 40% again as geotechs hit fresh copper mineralisation at Ngami. 

Part of investor enthusiasm for the copper project is no doubt also due to projected forecasts of the copper market.

Everybody from BloombergNEF to the Australian Chief Economist predict copper prices to continue experiencing a rally well into the 2030s.

Cobre's six month charts
Cobre's six month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Cobre Limited was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


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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