Cobre Limited: Assay Results Confirm Significant Cu Mineralisation at Ngami

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce the first batch of assay results for drill holes NCP07, NCP08 and NCP09 from its ongoing drill programme on Kalahari Metals Limited's (KML) NCP licenses (Figure 1*).

Assay results corroborate visual estimates of anomalous copper mineralisation, with hole NCP08 proving the potential for economic concentrations of mineralisation (Figure 2). Furthermore, results broadly match typical grade vs intersection-widths from *other economic deposits in the KCB which are typically biased to structurally controlled, high-grade intersections in a broader zone of moderate grades (Figure 3 and Figure 4*).

The ongoing 500m infill drill programme has now completed drill holes NCP13 and NCP14- both of which have intersected notable copper mineralisation at the expected target depth confirming the lateral continuity of anomalous copper results which extend over >4km strike.

Highlights:

- Assay results from the first three drill holes at the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB), Botswana, have returned highly encouraging copper results.

- The thickness and grade of mineralisation intersected in drill hole NCP08 demonstrates the potential for economic concentrations of copper within the target:

o 10.7m @ 1.3% Cu and 18 g/t Ag (1.5% Cueq) from 136.2m to 146.9m downhole including:
o 4.4m @ 2.0% Cu and 25 g/t Ag (2.2% Cueq) or
o 1.0m @ 5.3% Cu and 39 g/t Ag (5.6% Cueq).

- Furthermore, intersections at both NCP07 and NCP09, along with historical drill hole TRD14-16a, all fall into the average grade vs intersection-width distribution expected in economic deposits in the KCB:

o NCP07: 11.0m @ 0.5% Cu and 16 g/t Ag (0.6% Cueq) from 250.0 to 261.0m downhole;
o NCP09: 13.1m @ 0.4% Cu and 7 g/t Ag (0.5% Cueq) from 108.2 to 121.3m downhole; and
o TRD14-16a: 2.0m @ 1.8% Cu and 8 g/t Ag (1.9% Cueq) from 171.2 to 173.2m downhole.

- In addition to the quoted intersections, drill holes have also intersected a broad low-grade zone which provides significant encouragement of the volume of copper in the system:

o NCP07: ~ 35m averaging between 0.05 - 0.1% Cu;
o NCP08: ~ 56m averaging between 0.05 - 0.1% Cu; and
o NCP09: ~ 21m averaging between 0.05 - 0.1% Cu.

- Notably, copper mineralisation consists primarily of chalcocite which is ideal for beneficiation.

Drilling will now focus on:

o completing the 500m lateral drill spacing along the target which continues to return encouraging results with recently completed drill holes NCP13 and NCP14 both intersecting visual copper mineralisation (chalcocite);
o extending the 4km target footprint to the northeast; and
o further drilling to identify possible high-grade zones within the target.

- With results to date proving copper mineralisation within this unexplored portion of the KCB, further drill testing of additional targets in NCP is planned to start shortly after receipt of soil assays in the next month.

Commenting on these assay and latest drilling results, Cobre Executive Chairman and Managing Director, Martin Holland, said:

"We're delighted to release the first batch of assay results which corroborate the visual estimates of anomalous copper mineralisation and the exciting district scale potential of this portion of the KCB. These results add weight to our conviction that this area is potentially host to one of the next big copper districts, and provides further validation for our current exploration methodology. The programme has now been significantly expanded as we start drilling for further high-grade zones within a broad footprint to include new targets in this emerging district."

The drill programme will now focus on completing the 500m spaced lateral coverage along the target and extending the target footprint to the northeast. A second rig will begin concurrently testing highgrade portions of the target (Figure 5*). This phase of drilling will include eight additional diamond drill holes totalling approximately 2400m, and is expected to be completed by the end of October 2022.

In addition to the above-mentioned work programme, further drill testing of targets in the remainder of project area will commence when partial leach low detection limit assays are completed on circa 5,000 soil samples (Figure 6*).

Future results will be announced when the planned drilling has been completed and assays received.

Target description

The drill programme at NCP has been designed to intersect sedimentary-hosted, structurally controlled, Cu-Ag mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation on the steep to vertically dipping northern limb of an anticline structure. Mineralisation consists primarily of chalcocite which occurs over a broad low-grade zone which often extends more than 50m from the redox contact with a higher-grade portion located directly above the contact. Mineralisation is expected to have local structural controls resulting in a variability in grade and intersection widths, with higher grade zones associated with dilatational trap-sites.

To date, eight drill holes have been completed, each intersecting significant copper mineralisation which extends sub-vertically under 65 - 75m of Kalahari Group cover over a > 4km strike length.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/54IM4X5X

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