Cobre Limited: Confirms Volcanogenic Massive Cu-Au-Zn Sulphides

First diamond core hole at the Schwabe Prospect confirms VMS mineralisation

Sydney, Feb 12, 2020 - Cobre Limited (ASX:CBE) is pleased to advise that the first diamond core drill hole at the Schwabe Prospect was completed yesterday. Portable XRF and visual observations have confirmed Volcanogenic Massive Sulphide (VMS) mineralisation over a 5.5m intercept from a depth of approximately 50m (see Figure 1). Further hole details are provided in Table 1 on page 4*.


Highlights

- The first diamond core drill hole at the Schwabe Prospect within Cobre's Perrinvale Project in Western Australia has been completed, and confirms the presence of the VMS mineralisation encountered during Cobre's initial exploration program in June 2019.

- Diamond drilling of two holes at the Zinco Lago Prospect is also now complete with disseminated and stockwork base metal mineralisation observed in both core samples.

This first diamond core hole at the Schwabe Prospect (20PVDD003) was drilled approximately 5m adjacent to the previous reverse circulation hole (19PVRC002) completed in June 2019. As previously reported, this initial reverse circulation hole at Schwabe intersected 5m of very-high grade VMS mineralisation, including 9.75% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50m depth.

The Company advises that specific grade data for the first diamond hole will not be available until the core is sent for assay, however these initial observations support continued drilling at the Schwabe Prospect with three more diamond holes planned (see Figure 2*). The next diamond hole will be in the centre of the prospect, with the remaining two holes on the margins to confirm the extent of mineralisation. This drilling program will be followed by a down-hole electromagnetic (EM) study to help identify further drill targets at Schwabe.


Zinco Lago diamond core drilling confirms mineralisation

Cobre is also pleased to advise that the drilling of two diamond core holes at the Zinco Lago Prospect have been completed. Geological logging has noted the presence of disseminated and stockwork base metal mineralisation in both core samples, which will now be sent for assaying. These initial drill results at Zinco Lago confirm the mineralisation discovered during historic drilling in the 1970s and from Cobre's own surface sampling more recently. Once assays are complete, the Company plans to follow up this drilling program with a down-hole EM study. Further details on the Zinco Lago diamond holes are provided in Table 1 below, with drill collar locations shown in Figure 3*.

Cobre's Executive Chairman and Managing Director, Martin Holland, said in relation to drilling results so far at the Perrinvale Project:

"While the diamond drilling results to date need to be confirmed by assaying, they represent further positive indications of the potential for significant VMS mineralisation within the Perrinvale Project.

We are especially pleased that the diamond drilling results at the Schwabe Prospect appear to be a continuation of our successful maiden drilling campaign in that location during June 2019. The early results from Zinco Lago also confirm that mineralisation is present, and we will follow up the current drilling program with down hole EM at both prospects. I look forward to updating the market as the Company's drilling program continues in the period ahead."


Cobre diamond drilling program at the Perrinvale Project

As previously announced, the initial drilling program within the Perrinvale Project will include diamond core holes at the Zinco Lago, Schwabe and Monti Prospects as shown in Figure 4. With diamond holes now completed at Zinco Lago, and currently underway at Schwabe, the final drill location will be the Monti Prospect. Monti has the same host geology as Schwabe, and Cobre has validated the presence of a surface gossan from its own sampling, and historic costeans in this area indicate the gossans extend over 700 metres of strike. Diamond core drilling at Monti will be an initial test of subsurface continuity, which should allow an understanding of the lithofacies and style of sulphide mineralisation in that prospect.


Background on the Perrinvale Project

As a private company in June 2019, Cobre undertook an initial reverse circulation drilling program within the Perrinvale tenements to investigate targets identified by earlier exploration. At that time, the drilling program intersected very high-grade VMS base metal & gold mineralisation at shallow depth. The best assayed intercept was at the Schwabe Prospect: 5m at 9.75% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50m depth1. Subsequently in August 2019, Cobre completed an airborne EM survey within the Perrinvale project area and identified a total of 10 potential VMS prospects (see Figure 4*).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/6L6YLJC7


About Cobre Limited

Cobre Limited (ASX:CBE) is a Sydney based company focused on mineral exploration in Western Australia. The company recently discovered a new high grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia from its maiden drill program in June 2019.



Contact

Cobre Limited
Martin Holland
E: info@cobre.com.au
www.cobre.com.au