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Cobre begins diamond core drilling at Perrinvale Project after ASX listing

Cobre started trading on the ASX last Friday after raising $10 million from an IPO in which Metal Tiger PLC subscribed for $2.4 million worth of shares.

Cobre Ltd - Cobre begins diamond core drilling at Perrinvale Project after ASX listing
The company owns an 80% interest in the Perrinvale Project in Western Australia

Cobre Ltd (ASX:CBE) has commenced diamond drilling at the Perrinvale Project in WA targeting an extension of the high-grade VMS (volcanogenic massive sulphide) mineralisation identified last year.

The first phase of the exploration program will include about 1000 metres of diamond core holes at the Zinco Lago, Schwabe and Monti Prospects.

Drilling at Zinco Largo Prospect

Cobre executive chairman and managing director Martin Holland: “I am pleased to announce that Cobre has commenced the first stage of our exploration program in a timely manner so shortly after the company’s ASX listing last Friday.

“I will be travelling to 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.

“Cobre will continue to update the market with the results of our exploration program as they are received.”

Due to site logistics and ground conditions, the Zinco Lago Prospect is being drilled first and will investigate the historically reported near-surface copper and zinc drilling results from the 1970s.

The drill rig will then relocate to the second of the three prospects, Schwabe, where the company intercepted high-grade VMS base metal and gold mineralisation in June 2019.

The best assayed intercept at that time was 5 metres at 9.75% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50 metres depth.

The Monti Prospect is the third and final prospect to be drilled and will complete the diamond drilling portion of the initial exploration program at Perrinvale.

Quick facts: Cobre Ltd

Price: 0.27 AUD

ASX:CBE
Market: ASX
Market Cap: $26.14 m
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