Cobre Limited: Half Yearly Report and Accounts

Sydney, Australia - The principal activities of Cobre Ltd. (ASX:CBE) during the financial half-year was the exploration and evaluation of the assets held by Cobre's 100 per cent owned subsidiary Toucan Gold Pty Ltd (Toucan), primarily at the Perrinvale Project, which covers 408km2 of the Panhandle and Illaara Greenstone Belts in Western Australia.

The Company also continued to incur exploration expenditure under the Sandiman Farmin Agreement. The Sandiman Tenement is located in the Gascoyne Province, approximately 85km north of the town of Gascoyne Junction in Western Australia and spans across 202km2 on the eastern edge of the Carnarvon Basin.

In addition to its exploration focus, during the financial half-year the Company signed a Share Purchase Agreement (SPA) for the scrip based acquisition of up to 51% of the UK based, Kalahari Metals Limited (KML). KML is a copper exploration JV company in the highly prospective Kalahari Copper Belt (KCB) in Botswana. The consideration for the acquisition will be the issue of 21,444,582 Cobre shares and is subject to Cobre shareholder approval at an Extraordinary General Meeting (EGM) scheduled for Tuesday 6 April 2021.

During the financial half-year, the Company undertook a dual focus of continuing to concentrate on its exploration activities at the Perrinvale Volcanic-Hosted Massive Sulphide (VHMS) Project located in Western Australia and also through the geographic and strategic diversification into Botswana through the proposed acquisition of a controlling interest in KML as stated above.

Exploration activities:

During the period, the Company provided the following updates in relation to its exploration activities in Western Australia:

On 20 July 2020, the Company announced the receipt of initial assay results from the third drilling program at the Schwabe Prospect at Perrinvale. The first Diamond Core (DC) hole at Schwabe, 20PVDD007, intersected 7m of sulphide mineralisation as two sulphide zones separated by 3 metres of internal basalt, generating the following assay intervals:

- Sulphide zone: 3.5m@ 3.4% Cu, 0.8% Zn, 0.10% Co, 368 ppm Pb, 1.1 g/t Au, & 16.5 g/t Ag from 48.0m.

- Internal Basalt: 3.0m@ 0.03% Cu, 0.02% Zn, 0.00% Co, 7 ppm Pb, 0.01 g/t Au, & 0.1 g/t Ag from 51.5m.

- Sulphide zone: 3.5m@ 2.0% Cu, 1.4% Zn, 0.07% Co, 344 ppm Pb, 0.3 g/t Au, & 7.4 g/t Ag from 54.5m.

The third DC hole at Schwabe, 20PVDD014, encountered a semi massive to massive mineralised horizon. As noted in the announcement of 20 July 2020, a deeper DC hole at Schwabe was in the process of testing the down dip potential of the mineralisation (via a tail on previous drill hole 20PVRC025) with the aim of the drilling to target the mineralised horizon approximately 200m down dip of the previous DC holes at an expected depth of ~350m.

Reverse Circulation (RC) holes were also completed on 'step-out sections' located 80m north and 80m south of previous drilling at Schwabe. These RC holes confirmed strike continuity of the mineralised horizon to the north and south, as defined by interflow sediments and variable amounts of sulphides between the basalt flows. Other RC drilling at Schwabe tested Moving Loop Electromagnetic (MLEM) conductors north, west and south-west of main prospect area.

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About Cobre Limited:

Cobre Ltd. (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.

Source:
Cobre Ltd.

Contact:

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