Cobre Limited: Drilling to Commence in Botswana

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce the commencement of drill programmes on Kalahari Metal Limited's (KML) wholly owned Kitlanya East (KIT-E) and Kitlanya West (KIT-W) projects in Botswana.

Highlights:

- Drilling contractor mobilisation scheduled for late April

- A combined Reverse Circulation (RC) and Diamond Core (DC) programme of 7,000m

- Compelling structural trap sites and fold targets to be tested

Following a review by the new KML technical team, the joint venture (JV) board of KML has approved a major new drilling programme focussed on compelling conductive geophysics and structural targets prospective for the discovery of copper/silver deposits on the Kalahari Copper Belt ("KCB"). The KML technical team has been supplemented with additional sediment-hosted copper and drill programme management experience as the project now moves into the next stage of exploration.

A drill focussed exploration plan (table 1*) is to be implemented to test a number of compelling targets on the KIT-E and KIT-W projects, including:

- Structurally controlled trap-sites in KIT-E identified in airborne electromagnetic (AEM), magnetic, soil sampling and stratigraphic drilling programmes completed in 2020;

- Conductive fold targets in KIT-W with an analogous AEM response to Sandfire's A4 and T3 deposits.

The combined diamond core and reverse circulation ("RC") drilling programme consists of a planned total of 5,700m with an additional 1,300m available for optional follow-up diamond drilling depending on results. The drilling will focus on two of KML's four project areas; Kitlanya East Project (Kit-E); and Kitlanya West Project (Kit-W) as set out in Table 1 and Figures 1, 4, 5 & 6*.

Discovery Drilling (Pty) Ltd (Discovery Drilling), an experienced KCB drilling contractor, has been awarded the contract with drilling rigs to be mobilised in the last week of April. Drilling at Kit-E is expected to be underway by the first week of May.
Martin Holland, Cobre's Executive Chairman and Managing Director, commented:

"As we moved through formalising the deal to acquire a 51% interest in KML1 the technical team has worked hard in assessing the full project portfolio and potential next steps for exploration. This diligent process has resulted in a programme of drilling that is focused on what are considered priority targets for structural and dome style mineralisation. These styles have been shown by our neighbours in the Kalahari Copper Belt to hold the highest grade mineralisation, with the potential to be in near surface positions. I eagerly anticipate the results of this maiden drilling programme for the new KML joint venture with our partner Metal Tiger plc."

KIT-E Drill Programme

The 2021 drill programme in KIT-E will focus on mineralisation associated with structural trap-sites with parallels to neighbouring A4 and T3 deposits. A structural review of the project highlighted several potential deposit settings for targeting in both the North and South targets (Figure 2*). In each deposit model, identification of local folding and shears in the lower to mid D'Kar Formation stratigraphy provides the targets for mineralisation. Targets have been generated using a combination of AEM modelling (Figure 3*), detailed magnetic and remote sensing data with further priority placed in areas with coincident soil anomalies.

In the North Target area, 1,709m of stratigraphic drilling undertaken in 2020 (ASX announcement 16/12/2020) was able to confirm the existence of shallow lower-mid D'Kar Formation stratigraphy. Drilling further identified alteration and trace mineralisation associated with shears (often associated with distal portions of deposits in the Kalahari Copper Belt). Follow-up target drilling will include an RC programme designed to test each of the priority target areas to approximately 200m depth.

The central core of the South Target is considered a high priority area for structurally controlled mineralisation based on the interpreted stratigraphic position, existence of local folding (defined by magnetic and AEM data) and broad Cu-Zn soil anomaly (ASX announcement 5/3/2021). Follow-up drilling will include 2x stratigraphic diamond drill holes designed to confirm the position in lower-mid D'Kar Formation, identify alteration, mineralisation and potential underlying mineralised redox contact with the Ngwako Pan Formation. Based on the results of the diamond holes, further RC drilling will be employed to test a number of targets for mineralisation.

The drill programme for KIT-E is illustrated in Figure 4*. Given the generally early stage exploratory nature of most of the planned drilling, planned holes will be reviewed, and potentially modified as holes are drilled and new data becomes available.

KIT-W Drill Programme

KIT-W is located on the northern margin of the Kalahari Copper Belt (Figure 5*). The license package covers an extensive portion of prospective stratigraphy including interpreted Kgwebe Formation basement generally considered an important vector for many of the known deposits in the Kalahari Copper Belt. Potential exists for deposits on the traditional redox contact on fold limbs and closures as well as structurally controlled mineralisation more analogous to the A4 and T3 deposits. Of particular interest are the tightly folded conductors identified in reprocessed historical AEM. These conductors were further corroborated by a regional AEM survey carried out over the license in 2019. The anomalies appear as local anticlines in a broad syncline with remarkably similar response (conductivity, geometry and dimension) to Sandfire Resources T3, A4 and A1 targets (Figure 6*). Regional soil sampling traverses completed in 2019 offer further support with Cu and Zn anomalies often straddling interpreted contacts and broadly associated with AEM targets.

The upcoming drilling programme will target the AEM fold targets with several diamond holes. Drilling has been designed to confirm the source of the AEM conductors, test stratigraphy and target potential mineralisation.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/T0L13XF7

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