- Cobre (CBE) partners with fellow ASX-listed Sandfire Resources (SFR) to conduct survey work in the Kalahari copper belt, Botswana
- The company signed a binding agreement with a Sandfire subsidiary to jointly fund and complete an airborne gravity gradient survey in the area
- The survey will focus on Cobre’s Ngami, Kitlanya West and Kitlanya East copper projects and on finding analogues to Sandfire’s neighbouring T3 and A4 deposits
- Sandfire will have the right to use the data for its own interpretation, and Cobre will integrate the results with recent soil sampling to generate future drill targets
- CBE shares are up 11.43 per cent to 19.5 cents at 10:27 am AEDT, and SFR shares are up 3 per cent to $5.50 at the same time
Cobre (CBE) has partnered with fellow ASX-listed Sandfire Resources (SFR) to conduct survey work in the Kalahari copper belt, Botswana.
The company has entered a binding heads of agreement with Sandfire subsidiary Tshukudu Exploration (TEX) to conduct an airborne gravity gradient survey in the area.
This collaboration will focus on Cobre’s Ngami, Kitlanya West and Kitlanya East copper projects, which are all situated along the Kalahari copper belt.
Cobre CEO Adam Wooldridge said the company was “delighted” to work with Sandfire Resources and its subsidiary.
“This collaboration in exploration is extremely strategic, enabling both companies to gain access to shared data on the Kalahari copper belt in Botswana,” Mr Wooldridge said.
Cobre said it would leverage Sandfire’s “experienced” exploration team to gain a better geological understanding of the Kalahari copper belt while also improving targeting and spotting any potential analogues to Sandfire’s neighbouring T3 and A4 deposits.
The cost of the survey is expected to come to $877,800 and will be split equally between the companies. In exchange, Sandfire will have the right to use the data for its own interpretation.
Ultimately, Cobre will integrate the survey results with recently-completed soil sampling at Ngami and Kitlanya West, providing a means for generating new drill targets for copper-silver mineralisation in the area.
CBE shares were up 11.43 per cent to 19.5 cents at 10:27 am AEDT, and SFR shares were up 3 per cent to $5.50 at the same time