Cobra Resources Plc · LSE:COBR
Cobra Resources — Investor Presentation (June 2021)
40 slides from Cobra Resources's investor presentation, Jun 3, 2021
Slide 1: Capital Markets Presentation
Capital Markets Presentation 3 JUNE 2021
Slide 2: Disclaimer
Disclaimer 1 THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, accounting, financial, credit and other related advice prior to making an Company Act of 1940, as amended. PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR investment. INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES O
Slide 3: Company overview
2 Company What we do • South Australia-focused gold and copper exploration overview • Wudinna has a 211,000 oz JORC gold resource in 3 deposits with significant upside Proven project potential • Large number of other lode gold, copper and IOCG prospects and targets • Gawler Craton hosts some of the
Slide 4: Today's presenters
3 Today’s presenters Greg Hancock Craig Moulton Peter Walker CHAIRMAN MANAGING DIRECTOR GEOCHEMICAL CONSULTANT • 25+ years’ capital markets • 25+ years' geologist and • 30+ years’ exploration and corporate finance mineral economist geologist/geochemist in • Specialises in mining and including Rio Ti
Slide 5: Non-Executive Directors
4 Non-Executive Directors David Clarke Daniel Maling • Geologist with 50+ years’ • 20+ years’ senior experience corporate and commercial • Renowned South management Australian explorer • Corporate finance, • Project vendor of Wudinna business development and strategic advice to • 25+ years’ director
Slide 6: Corporate snapshot
5 Corporate Current issued share capital 334,523,500 snapshot Warrants/Options outstanding • 2p (expiring 2021) 60,253,430 • 3p (expiring 2022) 67,543,461 • Director options 0.15p, 2p, 3p, 4p (expiring 2025) 15,672,336 Fully diluted share capital (if all warrants/options exercised) 477,992,727 Share
Slide 7: Why gold?
6 • Gold has been a strategic and valuable commodity for centuries, and still plays a vital role as a store of wealth in many cultures Why gold? • The gold price has remained resilient in the face of the global economic uncertainty and gold is seen as an effective hedge against inflation • Investors
Slide 8: Projects
Projects WESTERN NORTHERN TERRITORY QUEENSLAND PRINCE ALFRED AUSTRALIA Copper Project SOUTH AUSTRALIA NEW SOUTH WALES VICTORIA WUDINNA Gold Project
Slide 9: Overview of projects
8 Overview of Wudinna projects • 6 granted tenements (1,928km2) + 1 application (536km2) • 211,000 oz gold resource, with significant upside potential • 22 lode gold prosects, 1 copper prospect and 4 IOCG targets • Newcrest Royalty 1.5% • A$5m farm-in to earn 75% Prince Alfred • Last mined in 1907 •
Slide 10: Wudinna Gold Project earn-in stages
9 Wudinna Gold Project earn-in stages Stage 1 Stage 2 Stage 3 Spend: A$2.1 million A$1.65 million A$1.25 million Total interest: 50% 65% 75% ✓ Completion Completion Completed estimated estimated Status: 2020 H2 2021 2022 ASX: ADN Mkt cap: ~A$450m • Following completion of each stage LAM has the opti
Slide 11: Current JORC resources
10 Current JORC Deposit Classification Tonnes Grade (g/t Au) Gold ounces resources Barns Indicated 41,000 1.4 18,000 Barns Inferred 1,710,000 1.5 86,000 White Tank Inferred 280,000 1.4 13,000 Baggy Green Inferred 2,030,000 1.4 94,000 Total 4,430,000 1.5 211,000 Note: inconsistencies in totals due to
Slide 12: Strategy
11 Strategy Cobra is seeking to build its resource inventory to support the development of an economic and sustainable mining operation at Wudinna by: 1. Expanding the defined JORC resources at existing deposits 2. Defining new JORC resources at priority prospects with mineralised intercepts 3. Maki
Slide 13: Exploration model
12 Exploration Genetic model – orogenic lode gold • Lode gold deposits are structurally controlled and form as fissures or veins in host rocks model • At Wudinna the source of the metal/heat is the emplacement of the Hiltaba suite granites (plutons)/Gawler Range volcanics – melting (reprocessing) of
Slide 14: Exploration methodology
Exploration methodology 13 • The project area is covered by 1-2m of transported sand cover, and weathering can extend to more than 50m • Systematic geochemistry and geophysics play a vital role in identifying basement mineralisation targets Initial exploration surface 1. Fly detailed aeromagnetic to
Slide 15: Geochemistry
Geochemistry 14 Pathfinder geochemistry in saprolite better locates basement mineralisation than raw gold in calcrete Aeolian sand Calcrete Calcrete Au anomaly Upper Pathfinders - remain Bi + Te + W Au + Ag + Cu - removed Saprolite Lower Pathfinders + Au - remain Saprolite Ag + Cu - removed Au+ Bi +
Slide 16: IOCGs
IOCGs 15 Iron-Oxide-Copper-Gold (IOCG) deposits typically form massive world class orebodies (e.g., BHP’s Olympic Dam (300km NE) and Oz Minerals’ Carrapateena (280km NE) Known IOCGs on margins of the Gawler Range Volcanics (GRV) – indicates shallow level of exposure Olympic Dam (BHP) Discovered by W
Slide 17: IOCGs
16 IOCGs IOCG exploration • Proximal to the Hiltaba Suite/GRV unconformity • Geochemical element suite Te, Bi, W, Cu, Mo • Discrete magnetic and gravity anomalies • These features may also Gravity represent copper/base metal high (contours) skarns Discrete • An IOCG discovery would be magnetic trans
Slide 18: Wudinna 2020/21 Exploration
Wudinna 2020/21 Exploration
Slide 19: Exploration prospects
Exploration prospects White Tank Barns @& - Chappell West 18
Slide 20: 2020 exploration programme
19 During 2020, Cobra executed its maiden exploration programme: 2020 exploration • A three-stage geochemical sampling/re-assay programme to define the geochemical relationships with mineralisation – a total of 5,185 samples were analysed programme • A 41 hole/6,090m RC drilling programme to test ex
Slide 21: 2020 exploration programme
2020 exploration programme 20 Test mineralisation at Clarke for continuity based Clarke on 300->20° model Test extensions to Barns mineralisation Baggy Green 19 holes 2,469m Clarke 3 holes 444m Barns Barns 15 holes 2,573m White Tank 4 holes 604m Total 41 holes 6,090m Test new greenfield targets prox
Slide 22: 2020 exploration results
2020 exploration results 21 CBRC009 CBRC007 31m @ 3.06g/t incl 4m @ 3.18g/t and Clarke 4m @ 1.06g/t 4m @ 2.34g/t CBRC025 15m @ 5.25g/t CBRC026 6m @ 2.3g/t Barns 1m @ 1.03g/t 5m @ 3.02g/t 1m @ 1.23m 2m @ 1.20g/t CBRC008 16m @ 1.37g/t incl 4m @ 4.19g/t and 4m @ 1.33g/t CBRC029 CBRC027 5m @ 6.28g/t 37m
Slide 23: 2021 exploration programme
22 2021 A 976 hole aircore geochemistry sampling programme began in April designed to de-risk the planned H2 2021 RC drilling programme exploration programme Objectives: Deposit Method Holes Grid Spacing Objective Barns Manual 99 50m x 10m Confirm orientation of mineralisation White Tank Auger 39 50
Slide 24: 2021 exploration programme
2021 exploration programme 23 Benaud
Slide 25: Barns
Barns 24 1 Aims: 1. Confirm orientation and continuity of mineralisation – 99 holes
Slide 26: White Tank
White Tank 25 1 Aims: 1. Confirm orientation and continuity of mineralisation – 39 holes
Slide 27: Clarke Deposit
Clarke Deposit 26 1 2 3 Aims: 1. Test geological model orientation and continuity 2. Test if regional E/W structure is mineralised 3. Define drill targets for Clarke South
Slide 28: Clarke Deposit
Clarke Deposit 27 Aims: 1. Test 288° geological interpretation at Clarke - 129 holes 2. Test mineralisation on E/W structure -14 holes 1 2
Slide 29: South Clarke
Clarke Clarke South South 28 1 Gold in calcrete > 10ppb Historic RAB fence sits either side of surface geochem anomaly Aims: 1. Define drill targets at Clarke South – 66 holes
Slide 30: Baggy Green – planned aircore geochem samples
Baggy Green – planned aircore geochem samples 29 2 3 1 Aims: 1. Test interpretation model 2. Test elevated geochem 3. Follow-up mineralisation at Hole CBRC020
Slide 31: Baggy Green North / South
Baggy Green North / South 30 315° 288° 315° 1 288° Aims: 1. Test alternate interpretation models at Baggy Green North and South 288° vs 315° – 253 holes
Slide 32: Baggy Green North
Baggy Green North 31 1 69 Gold in calcrete > 10ppb Aims: 1. Test elevated 2 geochem on NW Structure – 18 holes 2. Follow-up mineralisation at Hole CBRC020 – 18 holes
Slide 33: Benaud
Benaud 32 1 Gold in calcrete > 10ppb Aims: 1. Define priority RC drilling targets – 198 holes
Slide 34: Laker and IOCGs 1-3 overview
Laker and IOCGs 1-3 overview 33 1 2 2 Aims: 1. Laker: explore Hiltaba suite granitoid margins and establish orientation of historic RC mineralisation 3 2. Initial exploration and evaluation of IOCG prospects 3. Test regional copper anomalism
Slide 35: Laker
Laker 34 Interpreted Granitoid Margin Magnetic High Gold in calcrete > 10ppb Hiltaba WUD2c- Suite 0646 - Granitoid Hiltaba Suite 37.8g/t Granitoid 1 1 WUD2c- 0646 - 37.8g/t Embayment Surface Cu Contours Aims: 1. Explore Hiltaba Suite granitoid margins, magnetic features and embayments – 113 holes Em
Slide 36: IOCG targets 1-3
IOCG targets 1-3 35 2 2 2 2 Aims: 2. Initial exploration and evaluation of IOCG prospects – 53 holes
Slide 37: Test regional copper anomalism
Test regional copper anomalism 36 Copper in calcrete > 15ppm Aims: 3. Initial 3 exploration of elevated copper Hiltaba Suite anomalism in Granitoid historic sampling – 11 holes
Slide 38: Indicative exploration programme
Indicative exploration programme 37 DEM 138 surface Programme samples Plan RC drilling notification & approval Assay Assay return return Contractor Data analysis & availability interpretation (confirm models & define RC drill targets) Assay return 838 surface samples DEM Programme notification RC dr
Slide 39: Conclusions
Conclusions 38 • Cobra has a large land position in a fertile gold system • The JORC 211,000 oz resource indicates that the gold is shallow, non-refractory and open-pitable • There are a large number of lode gold prospects (22) and several copper prospects which could rapidly add scale to built a ne
Slide 40: Q&A
Q&A