Cobre Limited: Commences Stage 1 Infill Drilling at Ngami Copper Project

Sydney, Australia - Following the significant copper intersections on the NCP, and subsequent A$7m capital raise, Cobre Ltd. (ASX:CBE) is pleased to announce that it has expanded its exploration programmes on both the NCP and KITW projects.

HIGHLIGHTS:

- Infill diamond drilling will be undertaken on the rapidly developing copper target at the Ngami Copper Project (NCP). This will take place in two stages:

o 2,400m diamond drilling programme to infill the existing 1 kilometre (km)-spaced intersections at a 500 metre (m) spacing, along with selected step-out holes to establish vertical continuity of mineralisation.

o On completion of the first phase of infill, and subject to results, 250m-spaced infill diamond drilling will continue (with selected step-out holes) for an estimated further 4,800m. This phase of work is expected to be completed by year-end.

o A fourth, 1km diamond step out hole is currently in progress.

- Drill core samples of mineralised intersections from completed drill holes NCP07, NCP08 & NCP09 have been prepared and will be shipped to ALS laboratories in Johannesburg, with assay results expected in September 2022.

- Low detection mobile metal-ion geochemistry (TerraleachTM TL1) proved highly effective in delineating soil anomalies associated with the drill confirmed mineralisation at NCP, providing an ideal targeting tool for the remaining untested ~100km of prospective contact within the NCP licenses. A selection of ~5,300 historical soil samples will be sent for TL1 analysis.

- A large 7,000 sample soil programme, covering targets in the 2,000 km2 Kitlanya West (KITW) licences, has been commissioned and is scheduled to commence in late August. Given the relatively thin Kalahari cover in these licenses, soil sampling presents a cost-effective layer for further prioritising the 34 KITW targets for follow-up drill testing.

Having established the occurrence of significant concentrations of copper mineralisation at NCP, the Company can now focus on testing the extent and continuity of drill confirmed mineralisation with the aim to unlock a potential new copper deposit.

In parallel, the Company is developing additional targets using the same technical method to vector in and open up the district-scale opportunities of the Kalahari Copper Belt (KCB).

Figure 1* illustrates the approximate locations of infill drill samples at NCP.

Figure 2* illustrates the proposed soil programmes at NCP and KITW. On completion of the work programmes discussed, further drill testing of priority targets will commence.

Commenting on initial drilling results, Cobre Executive Chairman and Managing Director, Martin Holland, said: "This is a very exciting period for Cobre and all our shareholders. We are very proud of this new potential copper discovery, which was masterfully engineered by the Cobre technical team. The targeted strike length at NCP is comparable to some of the largest copper deposits in the Kalahari Copper Belt. The Company will now focus on aggressively infilling the new potential copper discovery throughout the remainder of this year. This is a significant opportunity now for the Cobre team to unlock a new deposit and a new copper district."

Ngami Copper Project and Kitlanya West Background

The NCP is located near the northern margin of the KCB (Figure 3*) and includes significant strike of sub-cropping Ngwako-Pan / D'Ka Formation contact, on which, the majority of the known deposits in the KCB occur. The project is located immediately east of Kalahari Metals Limited's (KML) KITW licenses collectively covering a significant portion of prospective KCB stratigraphy. In terms of regional prospectivity, the greater license package includes:

- Over 500km of interpreted subcropping Ngwako Pan / D'Ka Formation contact which has been divided into 57 prospective targets across the KML licenses with 43 ranked targets located in the KITW and NCP properties;

- Strategic location near the basin margin typically prioritised for sedimentary-hosted copper deposits;

- Outcropping Kgwebe Formation, often considered a key vector for deposits in the northeast of the KCB;

- Well defined gravity low anomalies indicative of sub-basin architecture or structural thickening (a number of the deposits in the KCB are hosted on the margins of gravity lows);

- Relatively shallow Kalahari Group cover (between 0m and ~60m thick); and

- Numerous soil sample anomalies identified on regional sample traverses.

KML is targeting analogues to the copper deposits in Khoemacau's Zone development (Figure 5*) in the north-eastern portion of the KCB. These include Zone 5 (92.1 Mt @ 2.2% Cu and 22 g/t Ag), Zeta NE (29 Mt @ 2.0% Cu and 40 g/t Ag), Zone 5N (25.6 Mt @ 2.2% Cu and 38 g/t Ag) and Mango NE (21.1 Mt @ 1.8% Cu and 21 g/t Ag).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/DJVU34L4

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