Cobre Limited: NCP Exploration Target Estimate Highlights Significant Scale

Sydney, Australia - Cobre Ltd. (ASX:CBE) is pleased to announce the results from a recently completed modelling exercise at the Ngami Copper Project (NCP) in the Kalahari Copper Belt (KCB), Botswana.

* Model results have been classified into Exploration Target category (see Table 1) based on the potential to extract copper from the deposit using an In-Situ Copper Recovery (ISCR) process1 which is supported by first stage metallurgical and hydrogeological work.

* Results from the modelling provide a clear indication of the project's substantial scale, which may exceed 100 million tonnes.

* The next steps to unlocking the significant ISCR potential will include:

o Ongoing metallurgical testing designed to optimise copper recoveries with results
expected in early Q4 of 2023;

o Pumptests,designedtoestablishthehydraulicconnectivityalongthemineralisation
and prove the viability of an ISCR methodology, will commence in Q4 of 2023;

o Following successful pump test work, a diamond drilling programme totalling approximately 9,000m is planned to start in Q1 of 2024 in order to advance the Exploration Target Category 1 to Inferred Resource.

Commenting on the Exploration Target Estimate, Adam Wooldridge, Cobre's Chief Executive Officer, said:

"The completed modelling work provides us with a first pass estimate of the significant size and grade of copper mineralisation on the southern anticline structure at NCP. Our estimation models derived from drill tested mineralisation, geophysical data and geological modelling, indicate the project has a scale of between 103 and 166Mt @ 0.38 to 0.46% Cu with a relatively small drill programme required to bring the first circa 23Mt into an inferred category resource. In addition, more than 20km of untested strike from open ended targets provides significant blue sky which is expected to further extend the project scale.

Our metallurgical and high-level hydrogeological work indicates that the project is a strong candidate for ISCR which would provide a cost-effective method for beneficiating the copper from this substantial target with minimal environmental footprint. Our next steps along the ISCR journey will involve conducting pump testing to gather detailed hydrogeological information and conducting further metallurgical test work to optimise copper recoveries."

Exploration Target Estimate

Independent geological consultants, Caracle Creek International Consulting Minres (Pty) Ltd (CCIC Minres), were engaged to provide an Exploration Target estimate for the southern anticline at the NCP, Botswana. The model has been constructed based on an ISCR process that would utilise a series of injection and recovery wells to pump a weak acid solution under low pressure to dissolve the copper within the ore body (see announcement 8 August 2023 for a review of the viability of ISCR at the NCP project).

The CCIC Minres models and estimations are based on a database of 78 diamond core drill holes (totalling 16,465m) over the NCP. The focus area for the model work is the southern anticline structure which includes 49 diamond drill holes and extends for 40km across the project with anomalous copper intersections on both fold limbs.

A total of 1,907 multi-element ICP-MS and 445 ICP-AES assays accompanying lithological logging, structural and physical property measurements have been used to construct the geological and Exploration Target Category models. Two categories of results are reported based on drill data coverage (Figure 1):

* Exploration Target Category 1 focussed on areas with drill spacing between 125 and 400m apart along strike and dip including the Comet and Interstellar Targets. A further approximately 9,000m of drilling is required to upgrade this category to an Inferred Resource following completion of hydrogeological testing.

* Exploration Target Category 2 focussed on areas with limited drill control (greater than 400m, less than 1,600 m apart along strike) interpolated from geophysical and drillhole data.

Follow-up Work

A review of the hydrogeological setting combined with metallurgical test work has provided support for the application of ISCR at NCP3. Further hydrogeological test work including a series of pump tests designed to establish the hydraulic connectivity along the ore body are planned for Q4 2023. A first phase of metallurgical test work has already confirmed that the copper mineralisation is amenable to acid leaching. A second phase of metallurgical testing is currently underway to test the addition of different oxidants including ferric sulphate and chloride on copper recoveries.

Subject to the results from the pump test work, resource drilling is planned to upgrade the Exploration Target 1 category into an Inferred Resource ahead of establishing a pilot test study. It is estimated that a further 9,000m of diamond drilling will be required to achieve this.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5GQ5201J

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