10th Jul 2025 13:30
(Alliance News) - Cobra Resources PLC shares jumped on Thursday, after it said results from drilling at the Boland project in south Australia exceeded its expectations.
Shares in Cobra Resources were up 17% at 2.34 pence in London on Thursday afternoon.
The mining company said ten sonic holes were drilled at the site over 423 metres. It said the drilling confirms the system enrichment of dysprosium and terbium.
The company said two zones of high grade, in situ recovery mineralisation were identified flanking the main channel of the Narlaby palaeosystem.
Results from the re-analysis of historical drill samples from across recently acquired tenements are expected in the coming weeks to guide expansion drilling, Cobra noted.
The company said it has started to prepare for the next stage of resource drilling at the Boland site in August, focusing on the northern continuity of high-grade mineralisation.
"The thickness of [in situ recovery] recoverable intersections to the north of the existing Boland Wellfield have exceeded our expectations and provide a focused target zone for further resource expansion drilling," said Managing Director Rupert Verco.
"Obtaining quality core has been paramount to understanding the controls on this unique mineral system....The observed conditions are highly favourable across Boland."
The company said it is working to include the acquired exploration licenses in its maiden mineral resource estimate which would "massively" increase the project's scale.
By Michael Hennessey, Alliance News reporter
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