Cobre Limited: Active Investment Update - Armada Metals

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to provide an exploration update with regard to Armada Exploration Limited (Armada) which holds two exploration licences, covering a total area of 2,991 km2, prospective for magmatic Ni-Cu sulphide, in Gabon.

The licence holding is considered to present a frontier district-scale exploration opportunity. As previously announced (ASX announcement on 22 March 2021) Cobre together with the Company's largest shareholder, Metal Tiger plc (LON:MTR), and also Resource Capital Fund (RCF), each holds a direct 18.5% interest in Armada.

Highlights:

- Armada has received the processed results from the NRG(TM) Xcite(TM) helicopter-borne timedomain electromagnetic (HTDEM) survey flown in March 2021;

- Modelling of the HTDEM survey data has identified 14 new prominent "late-time" conductive anomalies associated with the margins of interpreted mafic/ultramafic rock units;

- The 14 anomalies are distributed along the length of the 25km long Libonga-Matchiti Trend supporting the district-scale Ni-Cu potential of the target area;

- The Libonga North and Matchiti Central targets, which sit on the northern and southern ends of the Libonga-Matchiti Trend have been prioritised for planned drilling which is expected to commence later this year;

- Libonga North and Matchiti Central targets earmarked as priority for drilling, post the successful Initial Public Offering (IPO) of Armada on the Australian Securities Exchange (ASX); and

- Armada is well-funded with ~US$2.25 million in pre-IPO capital, and is well advanced, and on track for a planned ASX listing.

Cobre's Managing Director and Executive Chairman, Martin Holland commented:

"The Company is excited to report the results of Armada's recent Airborne HTDEM survey that was flown across the Libonga-Matchiti Trend. These results, which identified 14 conductive bodies distributed along the entire length of the 25km long Libonga-Matchiti Trend, provide further validation of the Ni-Cu sulphide exploration potential of the survey area. This rapid appraisal has allowed Armada to prioritise drill-ready targets for its upcoming drilling program which is planned to commence post Armada's successful listing on the ASX, with further details expected in due course."

Airborne Geophysics Survey Results

Armada has received the results of the NRG(TM) Xcite(TM) HTDEM survey that was flown across the Libonga-Matchiti Trend and the Doumvou Target in March 2021. The survey was conducted by New Resolution Geophysics (Pty) Ltd (NRG(TM)) South Africa, with 707-line kilometres completed over a total area of 203km2.

The HTDEM survey data has been processed and interpreted by Xpotential (Pty) Ltd, South Africa, who have conducted Layered Earth Inversions (LEIs) using Geoscience Australia code, inversions of magnetic data using Fullagar's VPmg code and plate modelling using Maxwell software.

The HTDEM data processing has produced 28 conductive plate models and identified 14 prominent "late-time" bedrock conductors (designated Conductors A to N), see Figure 1*, which correlate with the margins of interpreted mafic/ultramafic rock units, defined by previous magnetic, radiometric, gravity and geological mapping and sampling programs.

The LEI modelling results corroborate the HTDEM plate modelling results highlighting the priority Libonga North and Matchiti Central targets.

Where available, modelling and inversion of ground gravity and FALCONPlus(R) airborne gravity data correlates well with HTDEM results, with conductors typically occurring on the margins or within dense modelled sources.

The results provide further support for the district-scale Ni-Cu potential of the 25-kilometre long Libonga-Matchiti Trend.

Upcoming Drill Program

The results of the HTDEM survey are being incorporated into Armada's planned drill program, which is expected to commence after Armada's successful IPO on the ASX. Armada is well advanced in the IPO process, and preparation for the upcoming drill program is also underway with ranked HTDEM plates being used to prioritise the drilling.

Background on Armada

Armada was established to define new belt-scale discovery opportunities for key commodities (principally nickel and copper) in under-explored regions of Africa. With >US$10m spent targeting an area of >16,000km2, Armada is preparing to drill a multi-target project opportunity for magmatic Ni-Cu sulphides in the Nyanga area, southern Gabon. Armada is supported by a Board and Africa-based technical team, both with a track record of successful African projects. Key members of the Armada targeting team were part of the team awarded the 2015 PDAC Thayer Lindsley Award for an International Mineral Discovery (as members of the Kamoa/DRC discovery team with Ivanhoe Mines).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/06F19L8V

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