Cobre (ASX:CBE) release maiden Schwabe estimate

Cobre are gearing to explore monetisation options for its wholly owned Perrinvale VHMS Project in Western Australia after unveiling a hefty maiden resource from the Schwabe Prospect.

The JORC resource comes in estimated to hold 4,240t copper, 3,360t zinc, 90t cobalt, 103t lead, 54,890oz silver and 3,670oz gold of contained metal.

Tonnage, grade and contained metal at a 0.2% Cu cut-off grade

Cobre Chief Executive Adam Wooldridge said the milestone serves as a testament to the tremendous potential of Perrinvale.

“In early 2021 the Company conducted internal studies to evaluate the potential of the Schwabe
Prospect. Since then, commodity prices have significantly increased, confirming our belief in the drilled mineralisation and qualifying it for a JORC classified mineral resource estimate,” he said.

“With copper valued at $13,250/t, zinc at $4,305/t and gold at $2,932/oz, we are excited to explore monetisation options for the project.”

Cobre have taken an outside approach to VHMS potential at Perrinvale, noting that while its geological profile does not match with Western Australia’s preeminent sites, VHMS deposits are known to occur in clusters, often formed in the same stratigraphic position or at different levels, and Perrinvale would instead fit the profile of globally significant deposits, including the massive 50Mt Flin Flon deposit in Canada.

Next steps:

Metallurgical testwork has indicated conventional floatation extraction techniques would be effective for ore processing, and Cobre is now evaluating strategies to monetise the Schwabe Prospect, while considering additional work to increase the project’s resources.

COBRE FPO

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Cobre Limited engages in the exploration and evaluation of mineral properties. It explores for copper, gold, silver, and zinc deposits. The company holds 100% interest in the Kalahari Copper Belt covering an area of 5,393 square kilometers located in Botswana. It also holds 100% interest in Perrinvale project covering an area of approximately 327 square kilometers of the Panhandle and Illaara Greenstone Belts in Western Australia; and an option to earn up to 80% interests in the Sandiman tenement covering an area of approximately 202 square kilometers located in Gascoyne Province, Australia. The company was incorporated in 2018 and is based in Sydney, Australia.

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