Cobre Limited Unveils New Copper Intersection at Ngami Copper Project
CBE (CBE) Share Update December 2024 Tuesday 3rd
Cobre Limited Announces Promising Copper Intersection at Ngami Copper Project
Cobre Limited (ASX: CBE) has announced a significant copper intersection at its Ngami Copper Project in Botswana, marking a promising development in its 2024 exploration program.
Instant Summary:
- Drill hole NCP55 intersects 21m of chalcocite mineralization.
- Copper grades increase up to 5% near the footwall contact.
- Located 7.5km from the Comet Target, expanding exploration potential.
- Further assays expected in February 2025.
Exploration Details
The Ngami Copper Project (NCP), located in the Botswana Kalahari Copper Belt, has yielded promising results with the completion of the first exploration hole, NCP55, in Cobre Limited's 2024 drilling program. This hole, situated approximately 7.5km along strike from the Comet Target, intersected a substantial 21-meter package of chalcocite-dominant mineralization.
Visual estimates supported by pXRF measurements indicate that copper grades increase significantly, reaching up to 5% near the footwall contact. This discovery underscores the continuity of mineralization along the strike and suggests the presence of high-grade copper in previously untested areas.
Geological Context
The mineralization is hosted within steeply dipping, partly overturned sandstone and siltstone sequences of the lower D’Kar Formation. The presence of chalcocite, both in veins and disseminated forms, suggests a strong potential for further exploration success.
The spatial correlation with Airborne Gravity Gradient (AGG) data indicates that dense underlying sources in the footwall may play a crucial role in focusing copper-bearing fluids along this section of the target contact. This relationship provides a potential vector for future target generation.
Future Prospects
Cobre Limited plans to continue its exploration efforts with a 4,800-meter diamond drill program targeting additional extensions of mineralization. The company is also preparing for infill drilling at the Comet Target to potentially upgrade a portion of the exploration target into a JORC-compliant category.
The discovery at NCP55 is a positive development for Cobre Limited, potentially enhancing the company's exploration profile and increasing its resource base. This could lead to a positive market reaction, as investors anticipate further high-grade findings and the eventual conversion of exploration targets into mineral resources.
Investor Reaction:
Analysts are likely to view this announcement favorably, given the significant copper grades and the strategic location of the intersection. The potential for further discoveries along the strike could boost investor confidence in Cobre's exploration strategy.
Conclusion:
Investors should keep an eye on upcoming assay results in February 2025 and monitor Cobre's progress in expanding its resource base at the Ngami Copper Project. The company's ability to convert exploration success into tangible resources will be key to maintaining investor interest.