Cobre commences diamond drilling at Okavango Copper Project

Cobre Limited (ASX: CBE) has commenced diamond drilling programme at its wholly owned Okavango Copper Project (OCP), Kalahari Copper Belt (KCB), Botswana.

The initial 2,000m programme has been designed to test for copper-silver mineralisation:

• Along strike from neighbour MMG’s Zone 5 group (166Mt @ 2.0% Cu & 26 g/t Ag) and Boseto group (126Mt @ 1.3% Cu & 17 g/t Ag) of deposits1;
• Adjacent to elevated copper intersected in an earlier 2019 drill programme;
• On the margins of an interpreted basement high, along constrained sub-basins evident in ground gravity and drill data.

Given the strategic value of the OCP, situated along strike from MMG’s recent US$1.9B Khoemacau Copper mine and exploration tenement acquisition, the Company believes successful drill testing of anomalous copper-silver mineralisation will provide significant uplift of the project value.

The project is scheduled to run for the next two months with results reported to the market on receipt of assays.

Commenting on the diamond drill programme, Adam Wooldridge, Cobre’s Chief Executive Officer, said:

“We’re excited to be drilling at OCP again. The geology on this project has always been compelling and its location has become that much more strategic with MMG entering the KCB. The objective of the current programme will be to prove that anomalous copper-silver mineralisation continues into OCP demonstrating potential for new discoveries in proximity to the Zone 5 production hub.

"This phase of work forms part of the company’s strategy to advance immediate targets while progressing its in-situ copper recovery development opportunity at the Ngami Copper Project and exploring for tier 1 targets as part of the 2024 BHP Xplor programme.”

Previous work on OCP (undertaken by Kalahari Metals now 100% owned by Cobre) includes high resolution magnetic, radiometric and electromagnetic geophysical surveys along with a 1,655m, 6- hole diamond drilling programme. The copper-silver mineralised redox contact was successfully intersected in 5 of the holes using a combination of high-resolution magnetic and electromagnetic data to map key marker units in the stratigraphy. Results from this earlier campaign identified several key controls for sedimentary copper deposits including:

1. Dark pyritic carbonaceous siltstones – source for sulphur and ideal reducing trap-site rocks;
2. Limestones and algal mats – indicative of shallow marine environment near a basin margin or intra-basinal high;
3. Possible evidence of evaporites and intense bleaching – indicators of hypersaline copper-bearing brines;
4. Elevated copper mineralisation in drill hole OCP06 and silver mineralisation in drill hole OCP02 – proof of mineralisation.

Based on the results above, OCP appears to have the ideal trap-site geology with alteration supporting the presence of an active system with copper bearing brines. The key objective of the current programme will be to identify areas of fluid focus such as long-lived basin bounding structures where KCB deposits are typically formed.

The drill programme will include an initial 5 drill holes targeting the redox contact along strike from MMG’s deposits. In addition to targeting anomalous copper-silver mineralisation, the programme will provide geological information along a traverse across the KCB, providing valuable information on basin setting for area prioritisation.

The planned drill holes are illustrated on lithological and geophysical interpretations in relation to known deposits.

Drilling will be undertaken by Mitchell Drilling International with 30% of the total cost deducted to equity.