Cobre Limited: Positive Assays Reveal Large Scale Copper Potential at Ngami

Sydney, Australia - Assay results from Cobre Ltd.'s (ASX:CBE) recently completed 5,120m drill programme at the Ngami Copper Project (NCP) have returned consistent, wide intersections of moderate-grade copper-silver (Cu-Ag) over extensive strike lengths.

Results to date point to a potentially large, moderate-grade, copper deposit/s extending over tens of kilometres on both the northern and southern limbs of the target anticline.

Cobre is currently reviewing the project and conducting metallurgical test work, along with resource modelling, to establish potential Inferred and Exploration Target category grade and tonnage estimates for the larger system, with a target of late August 2023.

Encouraging, thick copper-silver intersections found in central portion of Comet Target, located approximately 1200m along strike from discovery hole NCP20A and NCP08 intersections include:

o NCP45: 15.7m @ 0.5% Cu & 15g/t Ag from 188.9 to 204.6m downhole;
o NCP50: 14.1m @ 0.5% Cu & 11g/t Ag from 177.9 to 192.0m downhole;
o NCP49: 12.9m @ 0.5% Cu & 13g/t Ag from 177.8 to 190.7m downhole; and

Extension of mineralisation at Comet: NCP51 intersection (17.7m @ 0.4% Cu & 12g/t Ag from 221.2 to 238.9m downhole) extends mineralisation 500m southwest, with the target remaining open-ended.

Commenting on the assays results, Chief Executive Officer, Adam Wooldridge, said:

"Our team has discovered significant lateral continuity to mineralisation intersected at NCP. This provides us with the potential for larger moderate grade targets that contain structurally controlled high-grade zones. We are currently assessing our options for advancing the project and have started acid recovery tests on the unusually dominant fine grained chalcocite mineralisation which we're optimistic will open up cost effective options for beneficiation. We are excited to report back to the market once we have completed this important phase of work."

Results from the remaining batch of assay results for the recently completed 5,120m diamond drill programme at NCP have been received. Assays relate to drill holes NCP43 through to NCP52 which were designed to provide infill at the Comet Target, as well as testing the new Asteroid Target and providing stratigraphic information at the conceptual fold target, Andromeda.

The results to date have successfully demonstrated the continuity of copper-silver grades along an extensive strike on both northern and southern limbs of the target anticline at NCP supporting the potential for a large moderate-grade deposit with structurally controlled high-grade zones.

The latest batch of results includes encouraging, thick copper-silver intersections in the central portion of the Comet Target approximately 1200m along strike from promising intersections at NCP20A and NCP08 (35m @ 1.3% Cu & 16g/t Ag and 21.9m @ 0.8% Cu & 13g/t Ag downhole respectively):

- 15.7m @ 0.5% Cu & 15g/t Ag from 188.9 to 204.6m downhole at NCP45;
- 14.1m @ 0.5% Cu & 11g/t Ag from 177.9 to 192.0m downhole at NCP50; and
- 12.9m @ 0.5% Cu & 13g/t Ag from 177.8 to 190.7m downhole at NCP49.

In addition, the intersection at NCP51 (17.7m @ 0.4% Cu & 12g/t Ag from 221.2 to 238.9m downhole) has extended the mineralisation at Comet a further 500m to the southwest where the target remains open-ended.

Assay results are plotted in Figure 1* using a lower Cu% cut-off to highlight the copper-silver intersection thicknesses and continuity. 3D model results, including a long-section across the Comet Target, are presented in Figure 2*. The geological modelling scope has now been expanded, with a view to creating Inferred and Exploration Target category estimates of grade-tonnage for the greater strike extension of mineralisation. In addition, selected sample intervals of high- and low-grade copper intersections have been sent to IMO Pty Ltd in Perth for preliminary metallurgical leach test work.

Drilling at the Asteroid Target along with neighbouring targets Nova and Meta have returned relatively poor intersections suggesting that the Cu-Ag mineralisation decreases westward along the target anticline.

As part of the completed drill programme, a single stratigraphic hole was drilled into the doubly-plunging Andromeda fold target. This high-priority target shares many similarities in terms of structural setting to ASX listed Sandfire Resources Ltd.'s (ASX:SFR) 'dome-related' deposits (Figure 3*).

Drilling of this target has intersected the correct stratigraphy with elevated copper background highlighting the potential for additional styles of mineralisation on the NCP property.

Cu-Ag intersections for all the completed assay results for drill holes at NCP are provided in Appendix JORC Table 2*, with results pertaining to the current announcement highlighted.

NCP Background

The drill program at NCP has been designed to intersect sedimentary-hosted, structurally controlled, Cu-Ag 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 limbs of anticlinal structures. The recently completed diamond drill programme has focussed on testing several targets located on the steeply dipping limbs of a large anticline as well as providing further infill drilling on the more advanced Comet target.

Results have highlighted the lateral continuity of anomalous mineralisation which occurs over several 10s of kms of strike on both northern and southern limbs of the anticline.

In addition to traditional limb targets, a stratigraphic hole was drilled into the Andromeda target which represents a new potential style of mineralisation associated with doubly plunging folds where mineralisation may be upgraded along the traditional contact in the fold hinge zone and associated shear structures higher in the stratigraphy. Andromeda shares many similarities with Sandfire's 'dome' related deposits, particularly A1 which is located a similar lateral distance from the down-plunge extension of the Banana Zone anticline and Chalcocite deposit.

Target Model

The NCP area is located near the northern margin of the Kalahari Copper Belt (KCB) and includes significant strike of sub-cropping Ngwako-Pan / D'Kar Formation contact on which the majority of the known deposits in the KCB occur. The Project is located immediately east of the Kitlanya West (KITW) licenses collectively covering a significant portion of prospective KCB stratigraphy. In terms of regional potential, the greater license package includes:

- Over 500km of estimated Ngwako Pan / D'Kar Formation contact with several prospective targets located in the KITW and NCP properties;

- 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 (several deposits in the KCB are hosted on the margins of gravity lows);

- Relatively shallow Kalahari Group cover (between 0m and ~90m thick); and

- Numerous soil sample anomalies identified on regional sample traverses.

The Company is targeting analogues to the copper deposits in Khoemacau's Zone 5 development 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)1. In addition, a number of doubly-plunging anticlines have been identified offering potential trapsites for analogous deposits to Sandfire's T3 and A4 deposits (combined reserve of 49.6Mt @ 1.0% Cu and 14g/t Ag).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F655TXTN

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