Cobre Limited: New Copper Zone Intersected at the Ngami Copper Project

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce results from its first diamond drill hole into a new set of exploration targets in the vicinity of the recent Comet Target on Kalahari Metals Limited's (KML) NCP licenses (Refer Figure 1*). Drill hole NCP21 intersected a 12m zone of anomalous copper mineralisation consisting of chrysocolla and fine-grained chalcocite which occurs from 117 - 129m downhole. The hole was designed to test a TerraleachTM partial digest soil anomaly which occurs in proximity to a compelling structural jog and large demagnetised zone identified in high-resolution magnetic data (Refer Figure 2*).

Commenting on the intersection of this new copper zone, Executive Chairman and Managing Director, Martin Holland, said:

"Intersecting further copper mineralisation at a distinct new target (Nova), 10km away from current drilling at Comet, is a significant exploration milestone that validates the Company's targeting strategy and methodology. In particular, the identification of anomalous copper mineralisation at the Nova Target represents an important indicator of the significant scale opportunity unfolding in this exciting new copper district.

Cobre's current focus on exploration at NCP is based on the potential we see for the expansion of our footprint in this highly prospective district as we continue to unlock multiple distinct copper targets.

We are currently undertaking a diamond drilling program to infill higher-grade portions of our Comet Target, with a second drill rig secured to test the extent of mineralisation at the newly identified Nova Target before moving onto additional new targets in the vicinity.

In addition to our ongoing drill programme at NCP, an extensive soil sampling programme on the neighbouring ~2,000 km2 Kitlanya West Project is nearing completion. This data will be used to prioritise additional new targets for our 2023 exploration campaign as we endeavour to unlock a potential new copper district in Botswana."

The demagnetised zone is potentially indicative of hydrothermal alteration associated with the mineralising event, providing support for a larger scale target. Further drilling is planned to test the extent of mineralisation across this newly identified Nova Target. Importantly, Nova is located only 10km along strike from ongoing drilling at Comet demonstrating the potential for multiple,structurally controlled copper deposits within the NCP project area.

To date, results from 55% of the ~5,000 samples submitted for partial-digest, low detection limit assays have been received with the remaining results expected by the end of November. These results will be combined with an additional ~8,500 samples from the Company's neighbouring Kitlanya West Project to assist with prioritisation of further targets across this extensive emerging copper district.

Ngami Copper Project Exploration

The drill programme at NCP has been designed to intersect sedimentary-hosted, structurally controlled, copper-silver (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 dipping limbs of anticline structures. Mineralisation intersected at NCP appears to follow the general pattern observed in the prospective north-eastern KCB, where high-grade copper deposits are surrounded by anomalous copper halos which may extend over 2 to 5 km, separated by long-tracts of low-grade background mineralisation which is pervasive along the redox contact.

Locally, Cu-Ag mineralisation is concentrated structurally, resulting in a variability in grade and intersection widths, with higher grade zones associated with dilatational trap-sites.

Target generation at NCP has relied on litho-structural interpretation of high-resolution magnetic data combined with soil sampling. Significant Cu-Ag intersections at Comet have demonstrated the existence of an active mineralising system in this relatively unexplored portion of the KCB. The recent Cu intersection at Nova highlights the effectiveness of our current exploration strategy and methodology despite the relatively thick (70 - 90m) Kalahari Group cover in the area.

Nova Target

The new Nova target is defined by a zone of demagnetisation with anomalous TerraleachTM samples occurring in proximity to a distinct structural jog along the Ngwako Pan - D'Kar Formation contact and in proximity to an interesting ENE trending fault which appears to bound the demagnetised zone. Drill hole NCP21 has intersected 93m of Kalahari Group cover underlain by a series of coarsening upward sedimentary cycles of lower D'Kar Formation. Notable copper mineralisation (confirmed by pXRF measurements), consisting of chrysocolla and fine-grained chalcocite (Refer Figure 3*), is hosted in the lowermost siltstone above the Ngwako Pan Formation contact which occurs at 131m downhole.

Importantly, post-mineralisation faulting appears to have removed the lowermost portion of D'Kar Formation stratigraphy, suggesting the higher-grade portion of mineralisation may have been displaced locally.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/9G0I9A06

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