Cobra Resources PLC on Tuesday said seven additional targets have been identified at the Wudinna project in South Australia, following a controlled source, audio-frequency magnetotellurgic survey and a natural source audio frequency magnetotellurgic survey.

The South Australia-focused gold, rare earth, and iron-oxide-copper-gold explorer said the new targets display structural similarities and correspond to anomalous gold in calcrete.

The company said an upcoming drilling programme will test the targets, with the drilling set to begin in March.

The programme will include between 2,000 and 3,000 metres of reverse circulation drilling and between 5,000 and 7,000 metres of aircore drilling.

RC drilling will target near-resource extensions at the Barns and White Tank gold prospects, and further test the Clarke prospect, while aircore drilling will seek to expand the 20.9 million tonne rare earth JORC resource at the Clarke and Baggy Green prospects.

Chief Executive Officer Rupert Verco said: ‘The CSAMT survey has enabled us to evaluate and discern differences between mineralised and un-mineralised features. We have applied these findings to our regional dataset and have defined several prospective targets that we look forward to testing in our upcoming drilling programmes.

‘RC drilling will focus on adding gold ounces to our resource, where we plan to extend mineralisation at Clarke and test extensions at Barns and White Tank. We also plan to execute a regionally extensive aircore programme targeting rare earth resource growth at Clarke and Thompson whilst testing these regional gold targets.’

Cobra shares were down 6.7% trading at 1.40 pence per share on Tuesday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.