Cobre Limited: Kalahari Metals - Botswana Exploration Update

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to provide an update after review of final drill core and Reverse Circulation (RC) results on the Endurance Prospect located on Kalahari Metals Limited's (KML) Kitlanya East Project.

The Endurance Prospect covers an area over 25 kilometres (km) containing an extensive elongated fold structure with numerous smaller doubly plunging anticlinal structures superimposed, offering excellent trap-sites for Cu-Ag mineralisation analogous to Sandfire Resources' (ASX:SFR) neighbouring T3 and A4 deposits.

HIGHLIGHTS:

- Positive drill results support KML's targeting model, increasing confidence in the Project.

- Base metal assays from priority holes corroborate geological logging results and validate the targeting methodology employed with indications of mineralisation consistently occurring below, and along breaks, in folded conductors.

- A total of 34 drill holes have been designed by KML's technical team to test new high-priority targets with an initial 14 holes (approximately 4,000m) prioritised for the next phase of drilling.

- Next phase drilling, which is subject to approvals under the KML joint venture, forms part of KML's systematic exploration programme aimed at discovering the next Cu-Ag deposit in the Kalahari Copper Belt, Botswana.

Cobre Ltd.'s Executive Chairman and Managing Director Martin Holland said:

"The next stage of proposed exploration that has been well thought out by our experienced technical team, is a significant step towards the potential discovery of a new copper orebody in the Kalahari Copper Belt, Botswana. This copper belt is gathering significant traction with Sandfire Resources Ltd. recently announcing the commencement of open pit mining at Motheo, a significant Cu/Ag mine that sits adjacent to KML's advanced exploration tenure".

During 2021, KML set out to test a targeting model based on folding, feeder structures and stratigraphy. Drilling was very broadly spaced to provide an initial insight into multiple targets across the large prospect area. A total of 3,345 meters (m) of diamond and 1,701m of RC drilling were completed on the Endurance Prospect in two stages. The first stage provided important insights into the selected targets and demonstrated key alteration assemblages at Endurance, which are known to be associated with major deposits across the Kalahari Copper Belt (KCB). Second stage drilling successfully refined the targeting model and involved an initial test of new targets and broad step out around some first stage holes (aimed at assessing alteration vectors).

Drill results provided several intersections displaying signs of encouraging alteration and intense veining with accompanying visible trace Cu, Pb and Zn mineralisation, all considered important vectors to mineralisation. Selected zones of drill core and RC samples were sent for assay to confirm the logging results and assist with further target generation.

Based on drill results to date, an expanded programme testing multiple targets on the Endurance Prospect has been designed as the next step in KML's systematic exploration programme aimed at discovering the next Cu-Ag deposit in the KCB.

UPDATED TARGETS FOR FOLLOW-UP WORK

Several new targets have been prioritised for follow-up drill testing subject to appropriate approvals by the KML JV. The new targets focus on disruptions and washouts in folded AEM conductors which, based on the 2021 drilling, appear to relate to hydrothermal fluid activity associated with introduction of Cu-Ag mineralisation. The 5km x 2km central portion of the Endurance Prospect looks particularly interesting with evidence for a degree of stratigraphic uplift in this area supported by magnetic data and drill results to date. A total of 34 drill holes have been planned to test these new targets with an initial 14 holes (approximately 4,000m) prioritised for the next phase of drilling. Targets are illustrated in Figure 2*. The exploration process to whittle down the extensive prospective areas to focussed drill targets is schematically illustrated in Figure 3*.

DRILL SAMPLE RESULTS

A total of 832 drill core and 115 RC samples along with appropriate duplicates, replicates and control source material were sent for aqua-regia ICP-AES multi-element analysis at ALS laboratories in Johannesburg. Samples were selected from zones with intense alteration and veining, often with evidence of trace base metal mineralisation in drill core. RC samples with anomalous provisional pXRF results were also included for assay.

Results were used to:

- Confirm the logging of trace base metal sulphides in drill core;

- Identify potential element assemblages which could help with identification of alteration halos associated with mineralisation; and

- Prioritise the multiple targets identified to date and refine the next phase of drilling.

Results:

- Base metal assays from priority holes corroborate geological logging results and validate target selection criteria;

- Mineralisation appears to consistently occur in breaks in folded AEM conductors as well as below the marker conductor horizon corroborating the structural model used for target generation; and

- Encouraging Cu results were returned from a doubly plunging fold target identified during progressive review of field observations and refinement of the targeting model during the 2021 drilling programme.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/Y6C4M9V1

About Cobre Limited:

Cobre Ltd. (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.

Source:
Cobre Ltd.

Contact:

Cobre Ltd. Martin Holland E: info@cobre.com.au WWW: www.cobre.com.au