Cobre Limited: and Sandfire Resources Collaboration Update

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce that the joint, collaborative AGG survey undertaken with neighbours, Sandfire Resources Ltd. (ASX:SFR), has commenced following equipment related delays with results now expected in Q3 of 2023.

Commenting on current results, Chief Executive Officer, Adam Wooldridge, said:

"We are pleased to announce that the AGG survey, in collaboration with Sandfire, is finally underway. These results are expected to provide significant insights into our understanding of the regional controls for copper distribution in the KCB. They will also provide a new targeting tool to complement our other datasets. The deliverables from this survey are expected to be highly complementary to the results from our ongoing AC, RC drilling and soil sampling programmes at KITW as well as providing further context for the distribution of copper-silver grades at NCP. Additionally, the results over the KITE project will be particularly interesting given its proximity to the T3 deposit and potential for hosting similar styles of deposit."

The survey covers an extensive portion of the KCB including Cobre's NCP, KITW and KITE Projects, providing valuable information on the KCB basin architecture including location of sub-basins, intrabasinal highs, margins and controlling structures where copper-silver mineralisation may be focussed.

AGG results are expected to provide a valuable additional dataset for area and target prioritisation at KITW and NCP complementing results from the recently completed diamond drilling, ongoing soil sampling and AC and RC drill programmes. At KITE, AGG results may provide a method for detection of analogous copper-silver bearing trap-sites to Sandfire's neighbouring T3 and A4 deposits- providing new targets for drill testing.

The AGG survey is being flown by XCalibur Multiphysics using the Falcon Plus system on a traverse line-spacing of 500m. A total of 8,788km of survey will be flown for Cobre, with Sandfire Resources contributing 50% of the survey costs in exchange for the right to use the data for their own interpretation.

Background and motivation for the AGG survey

Gravity data is routinely used for mapping sedimentary basins where it provides a cost-effective method for modelling the basin architecture, often key to understanding the distribution of sedimentary copper deposits. This is clearly demonstrated in the historical regional ground gravity data over the north-eastern portion of the KCB where correlations are evident between the margins of gravity lows and known copper-silver deposits. The higher resolution AGG is expected to build on these correlations, identifying further priority sites for copper-silver deposits as well as providing important structural information and potentially identifying trap-site targets where mineralisation may be economically upgraded.

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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