Cobre Limited: Third Drill Hole Intersects Further Copper Mineralisation

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce the third intersection of copper mineralisation from its ongoing drill programme on Kalahari Metal Limited's (KML) NCP licenses.

Commenting on initial drilling results, Cobre Executive Chairman and Managing Director, Martin Holland, said:

"The ongoing hole further illustrates the strike length of intersected copper mineralisation in this exciting target which remains open-ended. The footprint of mineralisation, which now extends over more than 3km, is very much in-line with known deposits in the Kalahari Copper Belt.... "

Based on visual estimates, confirmed with pXRF readings, drill hole NCP09 has intersected a 15m zone of copper mineralisation starting from 106m downhole. Mineralisation consists of malachite, chrysocolla and fine-grained chalcocite which include vein, fracture fill and fine-grained mineralisation along bedding and foliation planes. The mineralised zone is steeply dipping and expected to sub-crop under approximately 65m of cover. The hole is still in progress having intersected further (minor) copper mineralisation in veins as well as tight folding.

Drill hole NCP09 targets the southwestern extension of anomalous mineralisation intersected in NCP08, NCP07 and historical drill hole TRDH14-16a (2m @ 1.8% Cu and 8 g/t Ag), located over a strike length of 3 km.

This initial drill programme was designed to test the first of 57 ranked targets across KML's extensive license holding on the relatively unexplored northern margin of the KCB. Proving the occurrence of a significant strike length of copper mineralisation highlights the potential of this district to deliver new discoveries.

NCP09 Results

Drill hole NCP09 is located 1 km southwest of NCP08, testing for further strike extensions to significant chalcocite mineralisation intersected in NCP08. Together with holes NCP08, NCP07 and TRDH14-16a, a total of 3km of mineralised strike length has now been established. All of the holes target mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation on the northern limb of an anticline structure. Drill hole 14-16a intersected vein hosted chalcocite mineralisation on the contact, returning assay results of 2m @ 1.8% Cu and 8 g/t Ag. The first hole in the current programme, NCP07, returned significantly better results, intersecting a broad zone of copper mineralisation which was then repeated in NCP08 which intersected a thick zone of chalcocite mineralisation.

NCP09 was drilled through a section of steeply-dipping, folded, D'Kar Formation sandstones, siltstones and breccias, possibly intersecting the contact with underlying Ngwako Pan Formation at 124m downhole. Visible mineralisation is noted from 109m downhole consisting of malachite, chrysocolla and chalcocite. Visual logs were confirmed with pXRF 1m composite samples which were taken by cutting a grove along the drill core and then analysing the composite powder with a pXRF (Figure 1*).

Plan and sections of ongoing drill hole NCP09 are illustrated in Figure 2*.

Ngami Copper Project (NCP) and Kitlanya West background

The NCP is located near the northern margin of the KCB (Figure 3*) and includes significant strike of sub-cropping Ngwako- an / D'Kar Formation contact, on which, the majority of the known deposits in the KCB occur. The project is located immediately east of KML's Kitlanya est licenses collectively covering a significant portion of prospective KCB stratigraphy. In terms of regional prospectively the greater license package includes:

- Over 500km of prospective sub-cropping Ngwako an / D'Kar Formation contact which has been divided into 57 ranked targets;

- Strategic location near the basin margin typically prioritised for sedimentary-hosted copper deposits;

- Outcropping Kgwebe Formation often considered a key vector for deposits in the northeast of the KCB;

- Well defined gravity low anomalies indicative of sub-basin architecture or structural thickening (a number of the deposits in the KCB are hosted on the margins of gravity lows);

- Relatively shallow Kalahari Group cover (between 0m and ~60m thick); and

- Numerous soil sample anomalies identified on regional sample traverses.

KML is targeting analogues to the copper deposits in Khoemacau's Zone development (Figure 3) in the north-eastern portion of the KCB. These include Zone 5 (92.1 Mt @ 2.2% Cu and 22 g/t Ag), Zeta NE (29 Mt @ 2.0% Cu and 40 g/t Ag), Zone 5N (25.6 Mt @ 2.2% Cu and 38 g/t Ag) and Mango NE (21.1 Mt @ 1.8% Cu and 21 g/t Ag).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/565A8571

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