- Cobre (CBE) has advised that prep work for diamond core drilling at its Perrinvale Project have been completed
- Its drilling contractor, Westralian Diamond Drilling, has started drilling the 1000-metre program
- The project targets high-grade VMS mineralisation that was identified at the Perrinvale mid-last year
- Cobre is a mineral explorer who listed on the ASX less than one week ago
- Cobre is up four per cent, with shares are trading at 26 cents each
Cobre (CBE) has advised that site preparations for diamond core drilling at the Perrinvale Project have been completed.
The mineral explorer has also announced that its drilling contractor, Westralian Diamond Drilling, has commenced onsite drilling.
The first phase of drilling will include roughly 1000 metres of diamond core holes at the Zinco Lago, Schwabe and Monti prospects within Perrinvale.
“I will be travelling on site in the very near future to join the members of our team already overseeing operations and look forward to inspecting the drilling results to that point,” Executive Chairman and Managing Director Martin Holland said.
It seems Cobre is progressing activities quickly after only listing on the ASX last Friday, January 31.
Due to site logistics and ground conditions, Zinco Lago will be drilled first. The purpose of this drilling is to investigate historical near-surface copper and zinc drilling results from the 1970s.
Following this, drilling will move to Schwabe, where the company intercepted high-grade Volcanogenic Massive Sulphide (VMS) base metal and gold mineralisation in June 2019. Best assays at the time were 5 metres at 9.75 per cent copper, 3.2g/t gold, 34g/t silver and 3.1 per cent zinc from a 50-metre depth.
The Monti prospect will be the final prospect drilled. It hosts similar geological characteristics as Schwabe and Cobre have validated the presence of a surface gossan from the previous sampling.
“Cobre will continue to update the market with the results of our exploration program as they are received,” Martin stated.
Cobre is up four per cent this morning, with shares are trading at 26 cents each at 11:43 am AEST.